Business Innovation Stream (Permanent) Visa
Visa overview
This permanent visa is perfect for entrepreneurs who have already conducted business activities in Australia under their provisional visa. By providing an avenue to sustain a thriving enterprise, this visa grants an indefinite stay in Australia.
Benefits of this visa
Australia’s strong economy creates countless opportunities for foreign investors who are seeking to build a mark in their industry.
Pathway to Australian citizenship
Aside from staying in Australia permanently, you will be granted a pathway to Australian citizenship.Eligible to Australia’s public health care
You are now eligible to enroll in Australia’s public health scheme - Medicare.Be with your family
Operating and managing a business is not an easy route to take especially if you’re doing it in a foreign country. However, with this visa, you can sponsor your eligible family and relatives to live with you in Australia.
Visa processing time
The processing time for the Business Innovation Stream (Permanent) Visa (SC 888A) can vary and it's important to understand that the it can be affected by many factors. Factors can include if documents provided is sufficient to volume of applications received by the Department. To give you an idea of what to expect, here's an estimated timeline of how long your visa application may take to process.
50% of applications: Processing time is 31 months
90% of applications: Processing time is 36 months
To avoid any delays in your application, ensure that all the essential documents are accurately and promptly submitted. Also, make sure that you are updated with any visa policy changes as Australia’s immigration directives are changing over time.
Application process
Here’s a simplified breakdown of the Business Innovation Stream (Permanent) Visa (SC 888A) application process. If you’re having difficulty understanding this process, you can send your questions here.
Check your qualifications
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Unless COVID-19 concessions apply, you must be the primary holder of a:
Business Innovation and Investment (Provisional) visa,
Special Category Visa (SC 444),
Business Innovation and Investment (Provisional) visa Business Innovation Extension,
Temporary Work (skilled) visa (SC 457)
If COVID-19 concession applies, these visa holders are eligible for Subclass 888A (this will only be available until February 2024):
Primary visa holders of Business Innovation and Investment (Provisional) visa (subclass 188A), or Business Innovation Extension stream whose visa expired during the concession period.
Secondary visa holders of Business Innovation and Investment (Provisional) visa (subclass 188A), or Business Innovation Extension stream. These should conditions apply:
The primary holder’s visa expired during the concession period
You are the spouse or de facto partner of the primary visa holder
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Part of your qualification for this visa is to demonstrate a successful entrepreneurial activity. To assess the standings of your business ventures, you must have the following qualities.
For the 2 years immediately before you apply:
had, and continue to have, an ownership interest in up to two main businesses in Australia
had a direct and continuous management role in that business or businesses
submitted Business Activity Statements to the Australian Taxation Office
an Australian Business Number for each of your main businesses
For the 24 months immediately before you apply, you must own at least:
51% of the total value of a business with a turnover of less than AUD400,000 per year, or
30% of the total value of a business with a turnover of AUD400,000 or more per year, or
10% of the total value of a business that is operated by a publicly listed company
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12 months leading up to your application, you (or your partner, or both of you) need to demonstrate at least two of the following:
assets of AUD200,000 net value in your main business (or 2 main businesses) in Australia
personal and business assets in Australia of AUD600,000 net value
Have at least 2 full-time eligible employees in your main business
They must be Australian citizens, Permanent Residents, or New Zealand passport holders
Must not be members of your family
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You need to fulfill one of the residency conditions outlined below.
If your visa is granted before 1 July 2021, you must be physically in Australia for at least 1 year in the 2 years immediately before you apply for this permanent visa.
If your visa is granted on or after 1 July 2021, you must be physically in Australia for at least 1 year in the 3 years immediately before you apply for this permanent visa.
Gather your documents
You will need to prove your identity and provide documents about your business and assets. Although you don’t need to write another expression of interest, the state or territory needs to confirm that your nomination is still current.
Cost
This visa costs AUD3,310.00 for the main applicant, and you will be charged for each family member who applies for this visa with you.
Any applicant 18 years old or older who has less than functional English must also pay an extra charge which is called the second instalment charge. The second instalment charge will cost you AUD4,890.
Accreditation
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