Business Innovation and Investment Visa Subclass 888

The Australian visa which is known as the Business Innovation and Investment Visa Subclass 888 permits business owners, entrepreneurs and investors to continue their activity in the nation. It allows the holders visa of either Business Innovation Extension stream or those who have a subclass 444 visa. Holders of a subclass 457 (Business Long Stay) visa or the Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream can also reside for an indefinite time in the country. ISA Migrations & Education Consultants has the best team of Migration Agent Australia who helps the candidate in understanding the suitability of the visa as per their requirements.

The visa 888 consists of 5 categories which are Business Innovation stream, Investor stream, Significant Investor stream, Premium investor stream, and Entrepreneur stream. With Visa subclass 888, you can reside permanently in the country and you must have an ongoing business assessment in the country. You can reside in the country and work and study under the Australian government. It also provides you with an opportunity to travel to your home country for the first 5 years after the 888 visa is granted, and if you wish to visit the country after this period, you can apply for resident Return Visa (RRV) to re-enter the country.

Who Can Apply For Business Visa Subclass 888 Australia?

• You must have a current nomination from the state or territory government agency of the nation, which has not been withdrawn. This particular aspect is common for all applicants applying for categories like Business Innovation stream, Significant Investor stream, Investor stream, Premium investor stream, and Entrepreneur stream.

Business Innovation stream

• The applicant should hold a special category visa, or a Business Innovation Extension stream visa or a Business Innovation and Investment (Provisional) visa, or in certain case a subclass 457 visa.
• Must meet the requirements that are related to the business to apply for 888 visa application.

For Investor Visa

• You must be a holder of Business Innovation and Investment (Provisional) visa in the Investor stream.
• You need to attain the investment requirements of the provisional visa for applying for Visa subclass 888.

For Significant Investor stream

• The applicant must be a holder of Business Innovation and Investment (Provisional) (subclass 188) visa in the Significant Investor Extension stream or Significant Investor stream or investment during the time period for which you are a holder of subclass 188 visa.

For Premium investor stream

• The applicant has to be a holder of a Business Innovation and Investment (Provisional) (subclass 188) visa in the Premium Investor stream.
• You must meet the requirements that are necessary for the provisional visa.

For Entrepreneur stream

• You must be a holder of a Business Innovation and Investment (Provisional) (subclass 188) visa in the Entrepreneur stream and should attain the visa continuously for at least a period of 4 years.
• While holding the provisional visa, you must have demonstrated a successful record of undertaking various entrepreneurial activities in the country.

With the Business Innovation and Investment Visa 888, you can reside in the country for an indefinite time period. You can work as well as study in the nation. You can also enroll yourself for various healthcare facilities with Visa subclass 888. Traveling to your native place is quite easy with visa 888 for the initial 5 years and if you still wish to continue you need to apply for Resident Return (RRV) to again enter in the country. You can also sponsor for your loved ones who want to come to the country and reside here. Applying for the citizenship of the country is possible with visa 888 only if you can qualify the eligibility criteria.

If you want to attain the Business Innovation and Investment Visa Subclass 888, you need to qualify for the Visa 888 eligibility criteria which are communicated below. The eligibility criteria are common for all categories which are Business Innovation stream, Entrepreneur stream, Investor stream, Premium investor stream, and Significant Investor stream.

• Sign the Value statement:
  You must sign the value statement which states that you must respect the law and order of the country and obey the Australian way of life.
• Status of the Visa:
  The visa should not have been cancelled or rejected in the past while you were residing in the country.
• Outstanding amount:
  You should not have any amount registered with your name under the Australian government. If any such amount is there, you need to pay the amount and then apply for it.
• Health and Character Requirements:
  The health and character requirements should be met as per the specifications stated by the government. If the authority asks the applicant’s extended member to come and meet the requirements then they need to do so as per the instructions.
• Have Functional English:
  You need to pay an extra amount for the applicant who is above 18 years and who can’t speak in functional English.
• Follow the Australian Laws:
  If you have operated a business in the country then you must have followed the laws of the territory where the business has been operated and you must also follow the commonwealth laws.
• Commitment of continuing the Business:
  You must be committed to continue with the business in the country.
• Not have been involved in any illegal activities:
  You must not be involved in any activity that is unacceptable according to the law and order of the country.
• Nomination Details:
  You must have the nomination details which are provided by the agency of the territory or state government.

For Business Innovation stream

• Residence Requirements:
  You must have resided in the country for at least 1 year in a span of 2 year just before applying for either subclass 457 or Special Category visa (SCV) (subclass 444) or Business Innovation and Investment (Provisional) visa Business Innovation stream or Business Innovation and Investment (Provisional) visa Business Innovation Extension stream.
• Requirements of the Employee:
  The employee must not be your family member and should be either a permanent resident of the country or an Australian citizen.
• Requirements of the Asset:
  For 1 year just before applying, you must attain at least 2 of the following criteria- Either you should have an Asset in your main business whose net value is AUD 200,000 or have a personal asset of net value of AUD 600,000 or 2 full-time employees should be in your main business.
• Requirement of the Business:
  Just before applying for 888 Visa, you must have an annual turnover of AUD 300,000 in the last 12 months. Under certain circumstances, you might not need to maintain a turnover of AUD 300,000.

Owning a Business
Just before 1 year of applying, you must have at least:

• A turnover of AUD 400,000 or more with 30% of the total value of the business.
• A public listed company should generate 10% of the total value of the business.
• A turnover of AUD 400,000 or less with 50% of the total value of the business.

Managing a Business:
For 48 months, just before applying you must have

• An Australian Business number for each and every main business.
• Must have a continuous and direct role in the management of the business.
• Must have submitted Australian Business Activity Statement in the office of Australian taxation.
• Must continue ownership interest in the business which is in the country.

Visa Holder
You must be a holder of a Special Category visa, or a Business Innovation and Investment (Provisional) visa in the Business Innovation Extension stream or a Business Innovation and Investment (Provisional) visa in the Business Innovation stream, or a subclass 457 visa.

For Investor Visa

Visa Holder
You must have a Business Innovation and Investment (Provisional) visa in the Investor stream.

Residence Requirements
You must have resided in the country for at least 2 years in a span of the previous 4 years just before applying for it.

Designated Visa
You must have an investment of AUD 1.5 Million for at least 4 years in the state or the territory of the country when you have applied for the provisional visa.

For Significant Investor stream

Visa Holder
You must be a holder of Business Innovation and Investment (Provisional) (subclass 188) visa in the Significant Investor Extension stream or have made an investment while having 188 visa.

Residence Requirement for you and your spouse
You must have been in the country for at least these number of days which can be found out by adding (1) and (2):

• 40 multiplied by the number of years you have completed while you are a holder of a 188 visa in the Significant Investor stream, and
• 40 multiplied by the number of years you are holding a subclass 188 in the Significant Investor Extension stream. Or
• Your spouse must have been in the country for at least these number of days which can be found out by adding (1) and (2):
• 180 multiplied by the number of years your spouse has completed while you are a holder of a 188 visa in the Significant Investor stream, and
• 180 multiplied by the number of years you are holding a subclass 188 in the Significant Investor Extension stream.
• Either you or your spouse’s resident requirements should be attained.

Business Investments
You must have an investment of AUD5 Million in the state or the territory of the country when you have applied for the provisional visa.

For Premium investor stream

Visa Holder
You must be a holder of a Business Innovation and Investment (Provisional) (subclass 188) visa in the Premium Investor stream.

Held the Business
You must have an investment of AUD15 Million in the state or the territory of the country when you have applied for the provisional visa.

For Entrepreneur stream

Visa Holder
You must be a holder of a Business Innovation and Investment (Provisional) (subclass 188) visa in the Entrepreneur stream and should attain the visa continuously for at least a period of 4 years.

Successful record of Entrepreneurial Activities
By looking at the success rate, the entrepreneurial activities are assessed. You must either show 3 supporting success factor and 1 or 2 key success factor.

Supporting success factor includes:

• Contributing to social capital.
• Adapting in any entrepreneurial activity.
• Getting recognized successfully by the government.
• Receiving a sponsorship from a corporate sector.
• Presently continuing with 2 businesses and starting 1 more business.
• Receiving a formal award.

Key success factor includes:

• Setting an entrepreneurial venture of AUD 2 million value.
• Associating with a university by making a partnership with them.
• A minimum annual turnover of AUD 300,000 is generated.
• Receiving an investment in the entrepreneurial activity.
• Employing at least 2 permanent residents of the country in the business.
• Filing a patent.

The 888 visa processing time is dependent on quite a few factors which are discussed below:

• Filling the details of the application form for the Australian Business visa
• Submit all the required details that are needed for the visa to be granted.
• Time is required to match the details provided by you with the application form of

Summary
Right from the initial stage in deciding the proper application form for Business Innovation and Investment Visa 888, to the final stage of getting the Visa Subclass 888, we, the best Migration Agent Australia, ISA Migrations & Education Consultants will help you to understand the terms and conditions of the visa. So, get in touch with us now for a successful visa application and approval!