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What is Business Innovation and Investment 888 Visa?
The Business Innovation and Investment program is for migrants who have demonstrated experience and success in business or investment. Entrepreneurs and Business owners can continue their activity in Australia with this visa. The program attracts prominent business people and investors from across the globe and increases economic growth and innovation in Australia.
Who can get Business Innovation and Investment 888 Visa?
This visa lets holders of the Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream or holders of a subclass 444 (Special Category) visa stay permanently.
Applicants may be inside or outside Australia at the time of visa grant or application and must have complied with Australian taxation, workplace and relevant business laws.
What are the Streams under Business Innovation and Investment 888 Visa?
Business Innovation stream 888 Visa
Applicants must have:
- met requirements for owning and operating a business in Australia while on a provisional visa
- a business turnover of AUD $300 000 a year
- two out of three of the following:
- business assets of AUD$200 000
- net personal and business assets of $600 000
- two full-time employees
- a genuine and realistic commitment to continue in business in Australia.
- have held the provisional visa in Australia for at least 1 year in the last 2 years
If you bought your main business (or businesses) from a person who applied for or held:
- a Business Innovation and Investment (Permanent) visa or
- a permanent business skills visa (in subclasses 890, 891, 892 or 893)
At the time of the acquisition, you must show that you and that person co-owned the business for at least 1 year before you apply.
Business Investor stream 888 Visa
When you applied for your provisional visa, you invested AUD1.5 million in an Australian state or territory. Department of Home Affairs call this a ‘designated investment’. You must have held your designated investment for at least 4 years if the provisional visa was granted on the basis of an application made on or after 1 July 2015.
Applicants must have:
- continuously held a designated investment of AUD 1.5 million for four years in the nominating state or territory
- a genuine and realistic commitment to continue in business or investment in Australia.
- lived in Australia for at least 2 of the 4 years immediately before you apply.
Provide evidence from the Treasury Corporation that you have held your designated investment of AUD1.5 million for 4 years.
Significant Investor stream 888 Visa
Applicants must have:
- continuously held a minimum of AUD5 million complying investment for at least 4 years
- have been in Australian for a cumulative period of 40 days for each year or part-year while holding the provisional visa.
- a genuine and realistic commitment to continue in business or investment in Australia.
The rules for complying investments changed on 1 July 2015, the evidence you need to provide depends on when you applied for your provisional visa.
Premium Investor stream 888 visa
Applicants must provide:
- a summary of your current business and investment activities in Australia
- a summary of your Australian business and investment intentions in the long-term
- proof that you have held complying premium investments of AUD15 million for at least 1 year and the entire time you have held your Business Innovation and Investment (Provisional) visa
- recent holding statements for each investment, showing the investor name, amount and commencement date
Provide recent holding statements for each investment, showing the investor name, amount and commencement date.
Entrepreneur Stream 888 visa
Applicants must continue their entrepreneurial activities started and provide a summary of Australian entrepreneur activities. Must have held the 188 visa continuously for 4 years.
Applicants must provide evidence of successful record of entrepreneurship in Australia. Evidence can include:
- the number of people employed by your businesses during the 12 months before you apply, their citizenship or residency status and relationship to you, if any
- the annual turnover of your business
- any ongoing funding or investment in your entrepreneur activity including:
- the sale of your business for AUD2 million
- awards or recognition
Official website: Business Innovation and Investment (Subclass 888) Visa
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