888 Business Innovation and Investment Permanent Visa

Business Innovation and Investment (Permanent) visa subclass 888 is the second stage of Australia’s Business and Investment (Provisional) visa subclass 188. It gives the visa holders of 188a, 188b, 188c, 188d, 188e and other visa holders for a permanent resident visa opportunity to stay permanently in Australia.

Depending on the visa holders’ previously held subclass 188 (provisional) visa circumstances; the criteria for subclass 888 may different.

Common Criteria for all applicants

Regardless of what visa streams (188a, 188b, 188c, 188d, 188d or 188e) applicants held before, they all need to meet the following common criteria.

The applicant, and the applicant’s spouse or de facto partner, do not have a history of involvement in business or investment activities that are of a nature that is not generally acceptable in Australia. (888.211)
The State or Territory or the Austrade nomination is still current or not withdrawn. (888.212)
The applicant has genuine and realistic commitment to maintain business or investment activities in Australia.(888.213)
The applicant, and the applicant’s spouse or de facto partner, have a satisfactory record of compliance with the laws of the Commonwealth , and of each State or Territory in which the applicant operates their business and employs workers. Such compliance includes taxation, superannuation and workplace relations. (888.214)
Applicant and their family members who are 18 years of age at the time of application must meet public interest criteria. This includes that the applicant is a person of good character and meet the health requirement. (888.215)
The applicant and their family members must also satisfy special return criteria. (888.216)

Criteria for 188a Business Innovation stream

The applicant has been staying in Australia for a total period of at least 12 months in the 2 years immediately before the application was made.
The applicant (the current applicant) had an ownership interest in at least one actively operating main business in Australia during the 2 years, and they continue to have the ownership interest in the business. Note: if the current applicant acquired the ownership interest from another person who was an applicant for, or held, a business Skills (permanent) (Class EC) visa or a Business Skills (Residence) (Class DF) visa, at the time of the acquisition, the current applicant must have held that ownership interest with that person as a joint interest for at least one year before the current applicant’s application was made.
An Australian business number has been applied and is still current.
Applicant must include the Business Activity Statement (BAS) reports during the past 2 years in their application.
The main business or main businesses in Australia of the applicant, had an annual turnover of at least of AU300,000 in the past 12 months immediately before the application was made.
Applicant must also meet at least 2 of the following 3 points:(1) The assets owned by the applicant (including their partner or de facto partner or together) in their main business or businesses:
had a net value of at least A$200,000 immediately before the application was made; continues to have a net value of at least A$200,000, and these assets were lawfully acquired.

(2) In the period of 12 months immediately before the application was made, the main business of the applicant must have provided employment in Australia to 2 or more employees equivalent to full-time. These two full-time employments must have been offered to Australian citizen, an Australian permanent resident of a holder of a valid New Zealand passport during that period.

(3) The business and personal assets in Australia of the applicant, including their spouse or de facto partner or together , had a net value of at least A$600,000 in the period of 12 months ending immediately before the application was made, and continue to have a net value of at least A$600,000, which was lawfully acquired.

Criteria for 188b Business Investor stream

The applicant has been living in Australia, as the holder of subclass 188 business investor stream visa for a total of at least 2 years in the 4 years immediately before the application was made. This means you must reside in Australia for a minimum of 2 years or (24 months) after your 188 visa was granted. Vis holders must pay special attention to this requirement that your 188b visa can’t be extended in Australia.
The applicant must meet either of the following two criteria:
The designated investment (usually AU$750,000) made by the applicant for the purpose of satisfying a criterion for the grant of a subclass 188 visa has been held continuously in the name of the applicant, or in the names of the applicant and the applicant’s spouse or de facto partner together for (i) at least 3 years and 11 months if the 188 visa was made before 1 July 2015, OR (ii) at least 4 years if the 188 visa was made after 1 July 2015.
If the applicant withdrew funds from, or cancelled, the designated investment during a concession period and the following requirements are satisfied: (i) the applicant holds a held a subclass 188 visa that was granted before 1 July 2019; (ii) the applicant was resident in Australia for a period of at least 2 years immediately before the applicant first withdrew funds from, or cancelled, the designated investment; (iii) the designated investment was held continuously in the name of the applicant, or in the names of the applicant and the applicant’s spouse or de facto partner together, during that period; (iv) the applicant did not withdraw funds from, or cancelled any part of, the designated investment outside of the concession period.

Criteria for 188c Significant Investor stream

The applicant has held a subclass 188C significant investor stream for a continuous period of 4 years. This period of time includes the time when the applicant had held significant investor extension stream.
The applicant also meets the following two requirements in relation to complying investment or complying significant investments:(a) For the whole period during which you held your 188C visa, you have held a “complying investment” if your subclass 188 visa was granted on the basis of an application made before 1 July 2015 and(b) You have held a “complying significant investment” if your 188 visa was granted on the basis of an application made on or after 1 July 2015;
If any part of your investment is or was a direct investment in an Australian proprietary company, then:(a) if the period of the direct investment was less than 2 years, the company must have been a qualifying business for the whole period, or(b) if the period of the direct investment was 2 years more, the company was a “qualifying business” for at least 2 years, or(c) If the company has been unable to operate as a “qualifying business”, you must have made genuine attempt to operate the business as a “qualifying business”.
Residence requirement. Unless the COVID-19 concessions apply, the applicants must meet the following residence requirements relating to the period of time you or your spouse have been in Australia while you held the Business 188C visa:(i) You must have been in Australia for at least the number of days worked out by adding the results of (a) and (b) below:(a) 40 multiplied by the number of complete years in the period in which you held a subclass 188C visa, and
(b) 40 multiplied by the number of years (if any) in the period in which you held a subclass 188C visa in the Extension stream

(ii) Your spouse or de facto partner must have been in Australia on a subclass 188C visa, granted on the basis that you held a subclass 188 visa in the Significant Investor stream or the Significant Investment Extension stream, for at least the number of days worked out by adding the results of (a) and (b) below:

(a) 180 multiplied by the number of complete years in the period in which you held a subclass 188 visa in the Significant Investor stream, and

(b)180 multiplied by the number of years (if any) (treating a part of a year as one year) in which you held a subclass 188 visa in the Significant Investor Extension stream.

Criteria for 188d Premium Investor stream

Before applying for subclass 888 visa, applicant has held a subclass 188 provisional visa in the Premium Investor stream for a continuous period of at least 12 months. Family members who apply for this visa with the primary applicant do not need to hold a Business Innovation and Investment (Provisional) subclass 188 visa.
For the whole of period during which the applicant has held the subclass 188 visa, the applicant has held a complying premium investment of A$15 million in the approved areas as described in the Premium Invest stream subclass 188d ,except any part of the investment that is a philanthropic contribution.
For any part of the complying premium investment that is, or was, a direct investment in an Australian propriety company:(a) the company was a qualifying business for the whole period, or(b) if the company has been unable to operate as a qualifying business, the Minister is satisfied that the applicant made genuine attempt to operate the business as a qualifying business.

Criteria for 188e Entrepreneur stream

At the time of application for subclass 888, the applicant (a) holds a 188e visa Entrepreneur stream and has held the visa for a continuous period of at least 4 years, and (b) has resided in Australia for at least 2 years out of the 4 years.
The applicant has demonstrated overall successful records of undertaking activities of an entrepreneurial nature whether by working alone or by participating in a business with other people in Australia while he was on the subclass 188 in the Entrepreneur stream.
In determining whether the business has been successful or not, the Minister must have regard to the following:(a) the number of job positions employed for Australian citizens or PR in relation to the business activities;
(b) The level and nature of the ongoing funding of, or investment in, the business activities;
(c) The annual turnover of the business in relation to the activities;

888 Business Permanent Visa Processing Time

According to the Department of Home Affairs’ published information, the processing time for the Business Innovation and Investment (Permanent) visa is between 21 months and 24 months. Applicant’ should seek advice from the representative agent for further advice.

Business investment visa is a very complicated process and can take years to complete. Applicants must meet a lot of criteria which can be changed and updated quite often.

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