Business Innovation and Investment (Permanent) visa (Subclass 888) is the permanent stage of the initial Subclass 188 visa, allowing applicants to manage their business and investments in Australia for an indefinite period. The applicants are eligible to apply for this visa only after fulfilling the requirements of the provisional visa. Depending on level of contribution to the Australian economy, this visa has five streams:
- Business Innovation Stream where the applicant must have ongoing business involvement, history of employing Australian workers and meet certain financial requirements
- Investor Stream where the applicant must have required investment with an Australian state or territory for at least 4 years
- Significant Investor Stream where the applicant must held complying investments continuously for at least 4 years and operated a qualifying business in which you have direct investment in Australia
- Premium Investor Stream where the applicant must have required premium investment for at least 1 year in Australia, and
- Entrepreneur Stream where the applicant must demonstrate successful record of entrepreneurial activities in Australia.
To provide assistance to temporary and provisional visa holders, who have been affected by the COVID-19 pandemic due to travel restrictions, the Migration Amendment (COVID-19 Concessions) Regulations 2020 dated 17 September 2020 [“the Instrument”] was passed to amend the provisions related to Subclass 888 visa. The following changes are brought by the Instrument, effective from 19 September 2020:
- Subclass 888 visa applicants, whose Subclass 188 visa expired during the Concession Period, may apply for Subclass 888 visa within 3 months after the end of Concession Period
- Concession for Subclass 188 visa holders from meeting the Australian residency requirements for Subclass 888 visa
- Concession for Business Innovation stream to apply for Business Innovation Extension stream
- Subclass 188 visa holders may apply for up to two extension visas
- Investment requirements modified for Subclass 888 Investor stream and Significant Investor Stream
For this purpose, the Instrument defines Concession Period as ‘the initial concession period’ commencing from 01 February 2020, being the date when first travel restriction was announced in response to COVID-19 by the Australian Government.
Advantages of Subclass 888 Visa
- Stay in Australia indefinitely
- Work and study in Australia
- Enrol in Medicare
- Apply for Australian citizenship once you become eligible
- Sponsor eligible relatives for permanent residence
- Travel to and from Australia
To know more common eligibility requirements for Subclass 888 visa and other additional primary requirements to qualify for Subclass 888 visa, visit our website. If you have any questions or are seeking assistance for migrating to Australia, call us on (+61) (02) 4626 100 to speak to one of our Registered Migration Agents in Sydney.