Business Innovation and Investment – Subclass 888

Who is the Business Innovation and Investment (Permanent) Visa Subclass 888 for?

The second stage of the Business Innovation and Investment (Provisional) visa subclass 188 is the Business Innovation and Investment (Permanent) visa subclass 888. This visa is the permanent stage for the initial 188 visa, allowing applicants to manage their business and investments in Australia for an indefinite period.

 

Like its prerequisite, the 888 visa has five streams depending on your businesses level of contribution to the Australian economy. Depending on which stream your 188 visa was granted under will determine which stream of the 888 visa you qualify for. These include the Business innovation stream, Investor stream, Significant Investor stream, Premium Investor stream and the Entrepreneur stream.

 

Am I Eligible for a 888 Visa?

In order to apply for the 888 visa, you will not have to sit an additional Points Test (Business Innovation and Business Investor stream applicants only), nor will you have to submit a new EOI or be invited to apply by the Department. You will still need to be nominated by an Australian State or Territory, or by Austrade on behalf of the Australian government.

 

In comparison to it’s prerequisite visa, to obtain the 888 visa you may be either a primary holder of a provisional 188 visa, be a secondary visa holder who is a spouse, or de facto partner, of a provisional 188 holder in the Investor or Business Innovation stream, or hold a Special Category visa (subclass 444) and have met the requirements of the business innovation stream.

 

Additional primary requirements to qualify for the 888 visa include:

  • You and your partner have a satisfactory record, of that you have complied with Commonwealth laws and the State or Territory where your business operates;
  • You and your partner meet Australian health and character requirements; and
  • Have a genuine and realistic commitment to continuing your business and investment activity in Australia after the original investment has matured.

 

You will also be subjected to additional requirements, depending on the stream you held in your original 188 provisional visa.

 

Business Innovation Stream

Under the Business Innovation stream, you must have held a provisional 188 visa in the Business Innovation or Business Innovation Extension stream, or a Special Category (subclass 444) visa in Australia for at least one year, two years immediately before lodging your application.

Investor Stream

Applicants in the Investor stream must have the provisional Investor stream visa for at least two years within the four years immediately before lodging their application. They must also, or in combination with their partner, have held a designated investment with an Australian State or Territory for at least four years.

 

Please note that if you applied for your 188 visa in the Investor stream prior to 1 July 2015, you may apply for the 888 visa after three years and 11 months. If you applied post 1 July 2015, you will need to have held your 188 visa for at least four years prior to applying for a 888 visa.

Significant Investor Stream

Under the 888 Significant Investor stream, to become a permanent resident you must have held a 188 visa in either the and Significant Investor or the Significant Investor Extension stream, for at least 40 days per year the visa was held, or their partner be in Australia for at least 180 days per year while on the visa. Applicants must also have held their 188 visa for a continuous period of at least four years, and have complying investments with the private Australian company you operated your qualifying with.

 

Please note that if you applied for your 188 visa in the Investor or Significant Investor stream prior to 1 July 2015, you may apply for the 888 visa after three years and 11 months. If you applied post 1 July 2015, you will need to have held your 188 visa for at least four years prior to applying for a 888 visa.

 

Premium Investor Stream

To become a permanent resident within the Premium Investor stream, you must have held the 188 Premium Investor visa for a minimum of one year.

Entrepreneur Stream

Applicants in the Entrepreneur stream wishing to apply for permanent residency must be able to demonstrate a successful record of entrepreneurial activities in Australia and be on the 188 visa for a continuous period of at least four years immediately before lodging their application.

 

888 Visa Checklist

 

How Long Does it Take?

As assessment of eligibility occurs on a case-by-case basis and vary on the applicant’s circumstances, the time it takes for the Department to process you application will vary.

 

It is understandable that there are circumstances that impact the processing time of your visa applications which are out of your control. These include the time for external agencies, namely health and police services, and the Government to conduct checks and provide supporting information.

 

While the above circumstances are unavoidable, there are some factors which will ensure you a faster processing time. These include:

  • Lodging a complete application, attached with all of the necessary supporting documents.
  • Being prompt in responding to any additional information the Department requests.

 

Fees & Costs

The cost of this visa is from $2,350. Please note this is only the flat rate and you may be asked to pay additional costs to cover requirements such as health assessments, police certificates and biometrics.

 

If you wish to add additional family members to your application, an extra fee will be imposed upon your visa application.

 

Please note that members of your family who are added after your visa has been granted will be subjected to pay for an additional full visa application.

 

What Steps Should I Take to apply for a 888 Visa?

Unlike other Migration law firms, Results Migration makes the process of applying for visas straightforward. Our team of expert lawyers will work with you every step of the way and has devised a step-by-step process to ensure your application is processed as fast as possible.

 

  1. Come in for a free consultation where our team of expert lawyers will assess and advise you on the Australian visa option that best suits your needs.

 

  1. At this stage, we will gather and prepare all of the documentation as well as perform any additional checks that are required to lodge a visa application. Please ensure that you notify us if you have a ‘No further stay’ condition attached to your current visa so we can arrange for this condition to be waived.

 

  1. We will then begin to prepare and then lodge your application in a timely manner.

 

  1. Finally, we will notify you of the outcome. If granted, you will receive the rights listed below.

 

Entitlements of the Business Innovation and Investment (Permanent) Visa

The Business Innovation and Investment (Permanent) visa will grant you permanent residence in Australia. It will allow you and your eligible family members:

  • The right to stay in Australia indefinitely.
  • Work and study rights in Australia.
  • The opportunity to enrol in Medicare – Australia’s scheme for health-related care and expenses.
  • Apply for Australian citizenship once you become eligible.
  • Sponsor eligible relatives for permanent residence.
  • Travel to and from Australia for up to five years.

 

888 Visa FAQs

Can I include my family members on my application?

Upon lodging your application you may include your partner, child, step-child or your partner’s child or step child on your application. You will need to provide evidence of their relationship to you in your application and they must meet the relevant health and character requirements. If your family members are not included on your application and your visa has been granted, they will need to lodge a separate application under the Business Innovation and Investment (Subsequent Entrant) Visa.

 

Where do I have to be when my visa is granted?

When you and any family member included in your application apply and when your visa is granted, you may be in or outside of Australia.

 

What are my obligations under this visa?

As will all Australian visas, you and your family must comply with all of the visa conditions and Australian laws. If, at the time your visa was granted, outside of Australia you must enter Australia by a date set by the Department. It should also be noted that the Department may prohibit any members included in your application may from marrying or entering into a de facto relationship prior to entering Australia.

 

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October 14th, 2015|0 Comments

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