Subclass 888 Visa – Business Innovation and Investment (Permanent)

The Business Innovation and Investment (Permanent) visa (subclass 888) is a permanent visa that allows holders of specific provisional visas, such as the subclass 188 visa, to transition to permanent residency in Australia. It recognizes individuals who have successfully established or managed businesses, made eligible investments, or undertaken entrepreneurial activities within Australia.

Key Details about the Subclass 888 Visa:

1. Purpose: The subclass 888 visa is designed for individuals who have demonstrated their commitment and success in contributing to Australia’s economy through business ownership, investment, or entrepreneurship. It allows them to become permanent residents and continue their business or investment activities in Australia.
2. Eligibility: To qualify for the subclass 888 visa, applicants must hold a qualifying provisional visa (such as the subclass 188 visa) and meet specific requirements based on their visa stream:
   • Business Innovation Stream: Must have owned and operated a business in Australia and meet turnover, asset, and employment benchmarks.
   • Investor Stream: Must have held a designated investment in Australia for the required period and maintained investment activity.
   • Significant Investor Stream: Must have maintained a complying significant investment of at least AUD 5 million in Australia for the specified duration.
   • Entrepreneur Stream: Must have undertaken entrepreneurial activities in Australia with the required funding and business performance outcomes.
3. Permanent Residency Benefits: The subclass 888 visa grants permanent residency in Australia, allowing holders and their families to:
   • Live, work, and study in Australia indefinitely.
   • Access Medicare, Australia’s public healthcare system.
   • Apply for Australian citizenship once eligible.
   • Sponsor eligible family members for permanent residence.
4. Application Process: Applicants must submit an online application through the Department of Home Affairs portal. Supporting documents such as business records, investment evidence, financial statements, and proof of compliance with the visa’s eligibility criteria must be provided.
5. Business or Investment Obligations: Successful applicants may need to demonstrate ongoing engagement in business or investment activities after obtaining permanent residency, as part of compliance with Australian business laws and regulations.
6. Pathway from the Subclass 188 Visa: The subclass 888 visa serves as the permanent stage of the Business Innovation and Investment Program. It provides a route for successful business owners, investors, and entrepreneurs who have met all performance and residency conditions under the subclass 188 visa.