Business Innovation stream (subclass 888)
This permanent visa stream lets holders of subclass 188 in the business innovation stream, subclass 188 in the business innovation extension stream, subclass 444, and certain holders of subclass 457 visas to apply for permanent residency and, if granted, stay in Australia and continue their business activity. Applicants must demonstrate ongoing business involvement and meet certain business requirements. The application fee for the main applicant is AUD 2,590.* Additional charges will apply to each family member included in the application. These fees do not include other costs such as medical tests and police certificates.
- You must be the holder of one of the following visas:
- Business Innovation and Investment (Provisional) visa (subclass 188) Business Innovation stream
- Business Innovation and Investment (Provisional) visa (subclass 188) Business Innovation Extension stream
- Special Category visa (subclass 444), or
- in certain cases, a subclass 457 visa
- Your nominating state or territory needs to confirm that your nomination is still current.
- For the 2 years immediately before you apply, you must
- continuously have an ownership in up to two main businesses in Australia
- have Australian Business Number for each of those businesses
- have continuously and directly been involved in the management of those businesses
- submitted Business Activity Statements to the Australian Taxation Office
- For the 2 years immediately before you apply, you must own at least:
- 51% of the business if its annual turnover is less than AUD 400,000
- 30% of the business if its annual turnover is AUD 400,000 or more
- 10% of the business if it is operated by a publicly listed company
- If you bought your business from a person who applied for or held a visa in subclasses 888, 890, 891, 892, or 893, at the time of the acquisition, you must provide evidence that you and that person co-owned that business for at least 1 year before you apply.
- In the 12 months immediately before you apply, your main business (or businesses) must had an annual turnover of AUD 300,000.
- For the 12 months immediately before you apply, you, your partner, or both of you combined must meet at least two of the following three requirements:
- the net value of your business assets in Australia must be AUD 200,000
- the net value of your personal and business assets in Australia must be AUD 600,000
- have at least 2 full-time eligible employees in your main business. They must be Australian citizens or permanent residents, or holders of valid New Zealand passport
- You must have been in Australia for at least 1 year of the 2 years immediately before you apply for this visa.
- You must have genuine commitment to continuing your business activities in Australia.
- At the time of application, you and other applicants over the age of 18 must provide proof of at least Functional English (IELTS score of 4.5 or equivalent), otherwise, you will be asked to pay extra charge.
- You must not have been involved in any unacceptable business or investment activities in Australia.
- You and your family members included in your application must meet the health and character requirements.
- You must not have any outstanding debt to the Australian Government.
- You might not be eligible for this visa if you have had your visa cancelled or a previous visa application refused while you were in Australia.
As an applicant for this visa
- You can be in or outside Australia to lodge a valid application
- You must apply online
- You must have a current nomination from an Australian state or territory government agency
- You can include members of the family unit in the application when you lodge the visa application or after that but before your visa is decided on
- When lodging your application, you must provide supporting evidence for your claims
As a holder of this visa
- You can permanently stay in Australia and continue the business activities you started under your Business Innovation and Investment (Provisional) visa subclass 188.
- You are allowed to work and study anywhere in Australia.
- You can enroll in Medicare, the Australia’s public health insurance scheme.
- You can sponsor your relatives to come to Australia.
- You are allowed to travel in and out of Australia as many times as you want for 5 years.
- If you want to travel out of Australia after the 5 initial years, you will need to apply for and granted Resident Return visa to be able to re-enter Australia.
- You must inform the Department of Home Affairs any changes to your address, phone number, passport, relationship status, or the birth of a child.
- If eligible, you can apply for and become an Australian citizen.
* Fees were true at the time of compiling this document, but they are subject to change. Please contact us for the latest updates on this visa.
Note: All documents should be originally in English or officially translated into English.
Please note that the above content is for general information only and must not be taken as immigration or travel advice. The content was up-to-date at the time of the last update but being current and accurate cannot be always guaranteed due to the frequent changes in immigration law. Please contact us for advice and information on the latest immigration laws in Australia.
Access: 16 August 2020