Business Innovation and Investment (subclass 888) visa

Publish Date: Nov 04, 2012

The subclass Business Innovation and Investment (subclass 888) visa is divided up into the business owner and investor streams. An additional stream call the “Significant investor streams” is scheduled to come into effect in November 2012; however, the criteria for that stream has not been finalised.

Business Innovation and Investment (subclass 888) visa- Business owner stream

This visa is not subject to the new Skillselect arrangements.

To move from a Business Innovation and Investment (Provisional) (subclass 188) visa to permanent residence you must prove that you have:

  • a commitment to maintaining a business in Australia
  • been sponsored by a State Government
  • complied with all State/Territory and Federal laws, including all laws relating to business ownership and taxation
  • for the year immediately before you lodge your application for a Business Innovation and Investment (subclass 888) visa your Australian business or businesses had a turnover of at least $300,000
  • for the 2 years immediately before you lodge your application for a Business Innovation and Investment (subclass 888) visa you:
    • have lived in Australia for 1 year
    • have had an ownership interest in an Australian business or businesses

In addition to the above you may also be required to prove that you (and your spouse) have personal and business assets worth a certain amount of money and that your business employed two or more Australians for a certain period.

Note:
  • only certain type of Australian businesses count for the purpose of Business Innovation and Investment (subclass 888) visa- Business owner stream
  • you must hold at least 30% and often more than 51% of the total issued capital
  • it is not enough for you to provide bank accounts as evidence of your assets or the turnover of your business
  • you must provide legal documents to prove that you own your assets / business, and audited reports prepared to international standards to prove the turnover of your business and/or value of your assets.

Our expert immigration and commercial lawyers can provide you with complete advice about whether or not you can qualify for a Business Innovation and Investment (subclass 888) visa- (Business owner stream) and the evidence that you will need to put forward in support of your application, including the application to the State or Territory government.

Business Innovation and Investment (subclass 888) visa - Investor stream

This visa is not subject to the new Skillselect arrangements.

To move from a Business Innovation and Investment (Provisional) (subclass 188) visa to permanent residence you must prove that you have:

  • a commitment to maintaining investments in Australia
  • been sponsored by a State Government
  • complied with all State/Territory and Federal laws, including all laws relating to business ownership and taxation
  • lived in Australia for 2 years in the 4 that you held your Business Innovation and Investment (Provisional) (subclass 188) visa
  • held a designated investment for 4 years.

Even though the criteria attached to this visa appear to be straightforward, it is very important that you provide acceptable evidence of your investment activities in Australia.

Our expert immigration and commercial lawyers can provide you with complete advice about whether or not you can qualify for a Business Innovation and Investment (subclass 888) visa- (Investor stream) and the types of evidence that you will need to put forward in support of your application.

Let us help you. Phone: +61 2 8268 4000 or Book a conference