Subclass 888 Visa or Business Innovation and Investment (Permanent) Class EC Subclass 888 visa is a permanent resident visa
The Subclass 888 visa is for existing 188 visa holders or holders of the SCV 444 visa to stay in permanently in Australia.
You can only apply for the Subclass 888 visa if you currently hold a valid Business Innovation and Investment Class EB Subclass 188 visa in any of the following streams:
- 188A – Business Innovation; or
- 188B – Business Investment; or
- 188C – Significant Investor; or
- 188E – Entrepreneur; or
- 188PIV – Premium Investor.
Your partner (spouse or de facto partner) who is the secondary visa holder can also satisfy the primary criteria requirements in the relevant stream in lieu of you, the main or primary visa holder.
Subclass 888 visa under the Innovation stream or 188A
If you hold the Subclass 188 or 188A visa under the Innovation stream, you must own and operated a business for at least 2 years, and you must continue to own and operate the business (click here to learn more about 188A).
In addition, for at least 1 year in the 2 years before you apply for the Subclass 888 visa, you must be able to demonstrate ongoing business involvement, must meet certain financial requirements, and have a history of employing Australian resident workers.
Ongoing business involvement means:
- you have an ownership interest (and continue to have an ownership interest) and a direct and continuous management role in operating the main business (can be 2 main businesses) in Australia for the 2 years before applying for the Subclass 888 visa;
- you have had an annual turnover of at least $300,000 from the main business in the 1 year before applying, this may be waived by the state or territory that nominated you for the Subclass 188 visa if you live and operate your business in a specified regional area;
- you have obtained an ABN (click here to learn more) for each of the main business;
- you have submitted BAS (click here to learn more) to the ATO for the 2 years immediately before applying for the Subclass 888 visa;
- you did not purchased your main business from a person who was an applicant for, or a holder of, a Subclass 888 or 890 or 891 or 892 or 893 visa holder unless you and that person had a joint interest in the main business for at least 1 year before you lodged your application for the Subclass 888 visa;
- you have achieved at least 2 of the following requirements:
- net business assets of at least $200,000 in the nominated main business throughout the year immediately before lodging your Subclass 888 visa application;
- net value of your personal and business assets is of at least $600,000 throughout the year before you lodged your Subclass 888 visa application;
- employed at least equivalent of 2 full-time Australian resident employees (Australian citizens or permanent residents or NZ passport holders) before you lodged your Subclass 888 visa application;
- you owned at least 1 of the following percentage of the main business in Australia in the year immediately before you applied for the Subclass 888 visa:
- 51% if the business has a turnover of less than $400,000 p/a; or
- 30% if the business has a turnover of less than $400,000 p/a; or
- 10% if it is a public listed company.
Applying under other Subclass 188 streams
If you are holding a 188B or Subclass 188 under the Investment stream, you and/or your partner must hold a designated investment of at least $1.5m for the last 4 years. You must have been in Australia and held the 188B visa for at least 2 of the 4 years before applying for the permanent visa (click here to learn more about 188B visa). If the Department of Immigration (Department of Home Affairs) granted you the 188B visa before 1 July 2015, you can apply for the Subclass 888 visa after 3 years and 11 months, otherwise you can only apply after 4 years.
If you are holding a 188C or Subclass 188 under the Significant Investor stream, you must have held a complying investment of at least $5m for 4 years. You must have been in Australia as the holder of 188C visa or 188C Extension visa for at least 40 days per year calculated cumulatively for the period of time you have held your 188C. In the alternative, your partner has been in Australia for at least 180 days per year calculated cumulatively while holding the 188C visa (click here to learn more about 188C). You may also be required to operate a qualifying business in which you have made a direct complying investment, if applicable.
If you are holding a 188E or Subclass 188 under the Entrepreneur stream, you must continue with your entrepreneur activity (click here to learn more about 188E). In addition, you must have been in Australia holding the 188E visa for a continuous period of at least 4 years before you lodged your application for a Subclass 888 visa. You will be required to show a successful record of entrepreneurial activities in Australia.
If you are holding a 188PIV or Subclass 188 under the Premium Investor stream, you must hold a complying investment of at least $15m for 1 year (click here to learn more about 188PIV)
Including adult child
You can include children over 23 if they are dependent on you or your partner. They must not be working, and they are wholly or substantially relying on you for financial support to meet their basic needs for food, clothing and accommodation, or they are incapacitated for work because of the total or partial loss of their bodily or mental functions.
Difference between Business Talent Subclass 132 visa and Subclass 888 visa
Business Talent Subclass 132 visa is a single application for a permanent visa (click here to learn more). Whereas the Subclass 888 visa is the second stage application for a permanent visa for those who are holders of the temporary Business Innovation and Investment Subclass 188 visa.
Australian migration law is complex and difficult to understand, contact our immigration lawyer for a free 15 minutes consultation to help you apply for this vis (click here to find out how an immigration lawyer or registered migration agent can help you) . You may also refer to our FAQs for answers regarding visa application or visa cancellation by clicking here.
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This article is not intended to be or taken as migration legal advice. The author of this article disclaims any liability for any action or omission on the information provided or not provided in this article. You should always consult an immigration lawyer or a registered migration agent to form an informed opinion on your immigration matter.