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Summary
- The subclass 888 visa lets a subclass 188 visa holder continue their business or investment activity and live in Australia permanently.
- Each of the four streams carries its own turnover, asset, investment or residence requirements, and every applicant needs a current state or territory nomination.
- The Business Innovation and Investment Program closed to new subclass 188 applications on 31 July 2024, but the subclass 888 visa remains open to those who already hold a qualifying provisional visa.
- This guide explains who can apply for the subclass 888 visa, the requirements for each stream, and how the Business Innovation and Investment Program closure affects new applicants.
- LegalVision’s immigration lawyers advise business owners and investors on meeting subclass 888 stream requirements, securing state or territory nomination, and confirming eligibility after the Business Innovation and Investment Program closure.
Tips for Businesses
Confirm your subclass 188 grant date and stream, since the BIIP closure does not affect existing subclass 188 holders. Gather Business Activity Statements, Australian Business Number records and asset valuations, since the business innovation stream checks two years of ownership. Confirm your state or territory nomination remains current before lodging. Speak to an immigration lawyer at LegalVision about confirming your eligibility for the subclass 888 visa under your stream.
The business innovation and investment (permanent) visa (subclass 888) allows individuals to continue their business or investment activity in Australia and live here permanently. Additionally, to be eligible to apply for the permanent visa, you must hold the provisional subclass 188 visa through either the:
- business innovation stream;
- investment stream;
- significant investor stream; or
- entrepreneur stream
Accordingly, this article will discuss the essential eligibility requirements for the subclass 888 visa.
A new Migration Strategy was announced on 11 December 2023, in which the Government revealed that reviews of the Global Talent Visa and the Business Innovation and Investment Program (BIIP) indicate these may not be delivering the desired impact. The Government is considering a new, single Talent and Innovation visa (likely to begin mid-2024) and has confirmed that it will not provide any new allocations for the BIIP visa. This essentially means that the BIIP is no longer available to new applicants. For more information about these changes, visit our web article ‘The New Migration Strategy’.
Basic Requirements for Subclass 888 Visa
The subclass 888 visa allows holders of the temporary subclass 188 visa to live and stay in Australia permanently. Accordingly, you will need to meet the criteria to qualify for this permanent visa, including that you:
- hold a subclass 188 visa in the business innovation stream, investor stream, significant investor stream or entrepreneur stream;
- have fulfilled the requirements of that visa (including the specific requirements for the stream in which you applied); and
- have a current nomination from a state or territory government agency.
Furthermore, similar to the subclass 188 visa, the subclass 888 visa has different streams in which you can apply, including:
- business innovation;
- investor;
- significant investor; and
- entrepreneur.
Accordingly, you should select the same stream as your subclass 188 visa. The sections below discuss the key criteria for each stream.
Business Innovation Stream
This stream is for those who currently hold a subclass 188 visa in the:
- business innovation stream; or
- business innovation extension stream.
The subclass 888 visa allows 188 visa holders to continue their business activities started under this visa. In general, you must demonstrate that you have had ongoing involvement with your business or businesses before you apply for this visa.
The table below outlines the key requirements to qualify for this stream (NB: you may need to meet additional criteria, based on nomination by the relevant State or Territory government agency)
|
Criteria |
Details |
|
Ownership and management of a business in Australia |
For the two years before your application, you must have:
In addition, for the 24 months before your application, you must own at least:
|
|
Annual turnover |
For the 12 months before your application, you must demonstrate that your main business(es) had an annual turnover of at least $300,000 AUD. However, this may not apply if the nominating state or territory government agency has determined there are exceptional circumstances. |
|
Assets and employees requirement |
For the 12 months before your application, you or your partner (or you and your partner together) must show the following:
|
|
Residence requirement |
You must have lived in Australia for at least one out of three years before your application as a holder of the:
|
If you hold a subclass 188 visa under one of the investor streams, the subclass 888 visa allows you to continue your investment activities in Australia permanently. Generally, you must hold a subclass 188 visa in the same stream to be eligible. For example, you must have a subclass 188 visa in the investor stream to apply for a subclass 888 visa in the investor stream, and so on.
The main difference between the two investor streams is the amount of investment and duration of residency required, as highlighted in the table below.
|
Stream |
Investment Requirements |
Residence Requirements |
|
Investor |
When you applied for your subclass 188 visa, you invested $2.5 million AUD in a “complying significant investment” (for invitations received after 1 July 2021) |
You must have lived in Australia for at least two of the four years before your application. |
|
Significant Investor |
When you applied for your subclass 188 visa, you invested $5 million AUD in a “complying significant investment” (for subclass 188 applications made on or after 1 July 2015). To qualify for this visa, you must show that you have held your complying significant investment for the entire period you held your subclass 188 visa. |
Generally, you must have lived in Australia for at least 160 days in the last four years, unless you have received extensions. |
Entrepreneur Stream
This stream allows you to continue your entrepreneurial activities started under your subclass 188 visa in the entrepreneur stream.
In addition to having a current nomination, you must have a successful record of undertaking entrepreneurial activities in Australia. Thus, you must demonstrate several “success factors”, which you can find on the Department of Home Affairs website.
You must also ensure that you have resided in Australia for at least two years while you have held the subclass 188 visa.
“Clients often assume the BIIP closure ended their path to permanent residency altogether, when in fact it only closed the door to new subclass 188 applicants. If you already hold a qualifying subclass 188 visa, the subclass 888 pathway is still very much open to you, provided you keep meeting your stream's ongoing requirements. The biggest risk I see is an applicant leaving it too late to confirm their state or territory nomination is still current before they lodge.”
Additional Requirements
There will be additional requirements from the relevant State or Territory Government or Austrade nomination.
The above criteria are not exhaustive and there are additional requirements to qualify for the subclass 888 visa, including the common requirements relating to:
- English language skills;
- health; and
- character.
Furthermore, you must show a genuine commitment to continue and maintain your business or investment activities in Australia.
Key Takeaways
Once you have fulfilled the requirements of the temporary subclass 188 visa, you may be eligible to apply for the subclass 888 permanent visa. Accordingly, this visa allows you to continue your business or investment activities and live permanently in Australia. However, to qualify for the subclass 888 visa, you must ensure that you meet the requirements of one of the eligible streams.
LegalVision provides ongoing legal support for businesses through our fixed-fee legal membership. Our experienced immigration lawyers help businesses manage contracts, employment law, disputes, intellectual property, and more, with unlimited access to specialist lawyers for a fixed monthly fee. To learn more about LegalVision’s legal membership, call or visit our membership page.
Frequently Asked Questions
What is the subclass 888 visa?
The subclass 888 visa lets a Business Innovation and Investment Program participant live in Australia permanently. You must already hold a qualifying subclass 188 visa in the business innovation, investor, significant investor or entrepreneur stream, and a state or territory government agency must currently nominate you.
Do I need to hold a subclass 188 visa before I can apply for the subclass 888 visa?
Yes. You must hold, or have held, a subclass 188 visa in the same stream you apply under for the subclass 888 visa. You must also have met that visa’s specific requirements and hold a current nomination from a state or territory government agency.
How much annual turnover do I need for the business innovation stream?
For the 12 months before you apply, your main business or businesses must show an annual turnover of at least $300,000 AUD. A nominating state or territory government agency can waive this figure where it identifies exceptional circumstances.
How long must I live in Australia before applying under the business innovation stream?
You must have lived in Australia for at least one of the three years before you apply, while holding a subclass 188 visa or another eligible visa. This residence requirement sits alongside the ownership, turnover and asset requirements for the stream.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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