Business Innovation and Investment (permanent) Visa (Subclass 888)

Unless COVID-19 concessions apply, you must be the primary holder of a:

• Business Innovation and Investment (Provisional) visa (subclass 188) Business Innovation stream: Need to have held for 3 years if invited on or after 1 July 2021.
• Special Category visa (SCV) (subclass 444): Must have held for at least 3 years if granted on or after 1 July 2021.
• Business Innovation and Investment (Provisional) visa (subclass 188) Business Innovation Extension stream.
• In specific cases, a subclass 457 visa.

COVID-19 Concessions:

• Between 19 September 2020 and 3 months after the ‘COVID-19 concession period,’ you can apply if your subclass 188 Business Innovation stream or Business Innovation Extension stream expired during the concession period.
• During the same period, secondary visa holders of a subclass 188 visa can apply if their visa expired during the COVID-19 concession period and their spouse or partner holds a primary visa in the Business Innovation stream or Business Innovation Extension stream.

Nomination Requirement:

Business Ownership and Management:

• For 2 years before applying, you must have owned and managed up to two main businesses in Australia.
• A direct, continuous managerial role in the business is required.
• Business Activity Statements must have been submitted to the Australian Taxation Office, and each main business must have an Australian Business Number.
• Ownership criteria based on business turnover: 51% ownership of businesses with turnover less than AUD 400,000 per year, 30% ownership of businesses with turnover of AUD 400,000 or more per year, or 10% ownership of a business operated by a publicly listed company.

Business Acquisition:

Annual Business Turnover:

• Main business (or spouse/partner’s business) must have had an annual turnover of at least AUD 300,000 in the 12 months preceding the application.
• Exceptions possible based on exceptional circumstances as determined by the nominating State or Territory government agency.

Assets and Employees Requirement:

• In the 12 months before applying, you or your partner must demonstrate at least 2 of the following:
  • Assets worth AUD 200,000 net value in your main business(es).
  • Personal and business assets worth AUD 600,000 net value in Australia.
  • Equivalent of 2 full-time eligible employees in your main business(es).
• Employees must meet specific citizenship or residency criteria and not be family members.
• Exceptions might apply based on exceptional circumstances as determined by the nominating State or Territory government agency.

Specific Eligibility Requirements

• To qualify for the visa, you must be the primary holder of a Business Innovation and Investment (Provisional) visa (subclass 188) in the Investor stream.
• If invited after 1 July 2021, you need to have held this visa for a minimum of 3 years.
• Secondary visa holders can apply if their spouse or de facto partner holds the primary visa, and if the primary holder was invited after 1 July 2021, the secondary holder must have held the visa for at least 3 years.

COVID-19 Concessions:

• Special provisions are in place for visa holders affected by the COVID-19 pandemic.
• Applicants whose visa expired during the ‘COVID-19 concession period’ can apply for this visa.
• Secondary visa holders who meet specific criteria can also apply if their spouse’s or partner’s visa expired during the concession period.

Nomination Requirement:

Investment Requirements:

• If invited after 1 July 2021, you must have invested AUD2.5 million in a ‘compelling significant investment’ to be eligible for the visa.
• For those invited before 1 July 2021, a ‘designated investment’ of AUD1.5 million in an Australian state or territory is required.
• Continuous ownership of the investment is necessary, either personally or jointly with your partner.

COVID-19 Concessions for Investments:

• COVID-19 concessions also apply to designated investments.
• Meeting specific criteria allows continued compliance with designated investment requirements, even if funds were withdrawn during the ‘COVID-19 concession period’.

Residency Requirements:

• If invited before 1 July 2021, you need to have been physically present in Australia for at least 2 years out of the 4 before applying.
• If invited on or after 1 July 2021, the requirement is 2 years out of the 3 immediately before applying.
• Secondary visa holders have specific physical presence requirements based on when their partner was invited for the primary visa.

Specific Eligibility Requirements

• To apply for the permanent visa, you must have held a Business Innovation and Investment (Provisional) (subclass 188) visa in the Significant Investor or Significant Investor Extension stream.
• There are specific time requirements for holding the provisional visa, which depend on the date of invitation.
• Secondary visa holders can also apply if the primary holder meets certain criteria.

• Temporary arrangements are in place for visa holders who were impacted by the COVID-19 pandemic.
• Visa holders whose visas expired during the ‘COVID-19 concession period’ may still apply for the permanent visa.

• To be eligible for the permanent visa, you need to have made a ‘complying investment’ or ‘complying significant investment’ when you were granted the provisional visa.
• Transfers of funds between investments need to be reported.
• If your investment involves a direct investment in an Australian proprietary company, certain conditions regarding the company’s status as a ‘qualifying business’ apply.

Investment Rule Changes:

• Investment rules for the Significant Investor stream changed on 1 July 2015.
• The rules that were in place when you applied for the provisional visa will continue to apply to the permanent visa.

Primary Applicant or Secondary Applicant (If Partner Holds Primary Visa in Significant Investor Stream):

• Hold Business Innovation and Investment (Provisional) visa (subclass 188) in Significant Investor stream for 4 years, or
• Hold subclass 188 in Significant Investor stream and 1+ Significant Investor Extension streams for 4 years, or
• Applied for subclass 188 in Significant Investor stream before 1 July 2015, for 3 years and 11 months.

Residence Requirement:

• (a) 40 multiplied by years in subclass 188 Significant Investor stream, and
• (b) 40 multiplied by years in subclass 188 Significant Investor Extension stream.

• (a) 180 multiplied by years in subclass 188 Significant Investor stream, and
• (b) 180 multiplied by years in subclass 188 Significant Investor Extension stream.

COVID-19 Concessions for Provisional Visa Holders

Concession applies if:

• Visa expired during the concession period and holder’s partner had a Business Innovation and Investment (Provisional) visa under Significant Investor stream.
• Business Innovation and Investment (Provisional) visa (subclass 188) in Significant Investor stream expired during the concession period and was granted by 30 June 2019.

Specific Eligibility Requirements

Eligibility:

• Primary applicants must hold a Business Innovation and Investment (Provisional) visa (subclass 188) in the Premium Investor stream or meet specific criteria as a former partner such as provided the relationship has ended or the person holding the visa has passed away.
• Must have held the provisional visa for a continuous 12-month period and for at least 1 year.

Nomination:

Complying Premium Investments:

• Initial investment of AUD15 million should be made in a ‘complying premium investment’ for subclass 188 visa.
• To be eligible for subclass 888 visa, must have held the provisional visa for 12 months and the complying investment (excluding philanthropic contributions) for the entire provisional visa period.
• Complying investments include various options like listed assets, government bonds, corporate bonds, profitable businesses, real property (excluding residential), deferred annuities, and approved philanthropic contributions.
• Cash should be no more than 20% of a fund’s net assets; derivatives for risk management.
• Option to invest part or all of the amount via philanthropic donation endorsed by a government.

Specific Eligibility Requirements

• Holding the Visa:  Held Business Innovation and Investment (Provisional) visa (subclass 188) in Entrepreneur stream for 3 years (if invited after 1 July 2021) or 4 years (if invited before).  
• Residence: Stayed in Australia for 2 years out of 4 (if invited before 1 July 2021) or 2 years (if invited after). 
• COVID-19 Concessions: Apply if visa expired during ‘COVID-19 concession period’, overseas time counted as stay.
• Nomination: State/Territory government agency nomination based on initial expression of interest.
• Entrepreneurial Success: Demonstrate 2 key success factors or 1 key factor and 3 supporting factors. Factors include:
  • Key Success Factors:

• • • • Employing 2+ Australians, residents, or eligible individuals.
      • Generating ≥ AUD300,000 annual turnover.
      • Filing provisional/standard/innovation patents.
      • Receiving ongoing funding or investment.
      • Partnering with a university.
      • Selling venture for AUD2 million.

• • Supporting Success Factors:

• • • Adapting activities into other sectors.
    • Receiving state/territory endorsement.
    • Corporate sector sponsorship.
    • Starting ≥ 1 other business or contributing to 2.
    • Receiving awards/recognition.   
    • Boosting social capital.

• • Excluded Entrepreneurial Activities:

• • • No residential real estate.   
    • No labor hire.   
    • No buying existing enterprise/franchise.

• Unacceptable Activities: No involvement in unacceptable business or investment activities.
• Commitment: Genuine intent to continue business or investment activities in Australia.
• English, Laws, Health, and Character: 
  • Functional English might require extra charge. Compliance with Australian laws, health, and character requirements. 
  • Includes laws about taxation, superannuation and workplace relations.
• Australian Values Statement: Sign Australian Values Statement if applicant and family are 18 or older.
• Debt and Immigration History: If you or any family members owes the the Australian Government you need to Clear debts
• Immigration history: considered; limitations might apply.