Business Innovation and Investment (Permanent) visa (SC 888)
The Subclass 888 Business Innovation and Investment (Permanent) Visa is the permanent residency pathway for individuals who previously held the Subclass 188 visa. It allows successful business owners, investors, and entrepreneurs to live in Australia permanently after they have met the requirements of their provisional visa under the Business Innovation and Investment Program. The visa is designed for individuals who have established or maintained successful business operations or made significant investments in Australia.
Benefits of the Subclass 888 Visa
Permanent Residency
Visa holders gain permanent residency in Australia, allowing them to live and work in Australia indefinitely.
Pathway to Citizenship
After fulfilling the residency requirements, visa holders can apply for Australian citizenship.
Family Inclusion
Eligible family members can be included in the application, allowing them to also live, work, or study in Australia.
No Need for Further Business/Investment Commitment
Unlike the provisional Subclass 188 visa, Subclass 888 visa holders are not required to make additional investments or maintain specific business operations.
Access to Medicare
Visa holders and their families gain access to Australia’s public healthcare system, Medicare.
Travel Flexibility
Visa holders can travel in and out of Australia freely for five years from the date the visa is granted
Subclass 888 Visa
MAIN REQUIREMENTS PER STREAM
Business Innovation Stream
This stream is for applicants who have successfully operated a business in Australia after holding the Business Innovation Stream of the Subclass 188 visa.
Requirements
Applicants must demonstrate ownership and active management of a business in Australia for at least two years.
- The business must have achieved an annual turnover of AUD 300,000 in at least one of the two years prior to applying.
- Applicants must also show a net business and personal asset value of at least AUD 600,000 within Australia.
Investor Stream
For individuals who held the Subclass 188 visa under the Investor Stream and maintained substantial investments in Australia.
Requirements
- Applicants must have invested AUD 2.5 million in complying investments for at least four years.
- These investments may include government bonds, managed funds, or direct ownership in Australian businesses.
Significant Investor Stream
This stream is tailored for high-net-worth individuals who held the Subclass 188 visa under the Significant Investor Stream.
Requirements
- Applicants must have maintained an investment of at least AUD 5 million in complying Australian investments for at least four years.
- The investments should be diversified across venture capital, growth private equity, emerging companies, and balanced investment funds.
Entrepreneur Stream
For applicants who successfully undertook entrepreneurial activities while holding the Subclass 188 visa under the Entrepreneur Stream.
Requirements
- Applicants must provide evidence of entrepreneurial success, such as significant revenue generation, business expansion, or the creation of new jobs in Australia.
- The venture must have delivered measurable economic benefits to the Australian economy.
Premium Investor Stream
This stream is designed for individuals who held the Subclass 188 visa under the Premium Investor Stream and made substantial investments in Australia.
Requirements
- Applicants must have invested at least AUD 15 million in complying investments, which can include Australian ventures, businesses, or managed funds.
- This stream is available by invitation only and has no residency or points test requirements.
Sponsorship Requirements for Each State and Territory
Each state and territory in Australia has its own criteria for sponsoring applicants for the Subclass 888 visa, depending on the stream under which the visa was originally granted.
New South Wales (NSW)
Applicants must demonstrate that their business or investments have made a significant contribution to the NSW economy. High turnover businesses are preferred.
South Australia
South Australia seeks applicants involved in innovation and industries like defense, space, and energy. Applicants must show business growth or economic benefit to the state.
Victoria
Victoria prioritizes applicants who contribute to innovative sectors like advanced manufacturing, health, and technology. Investors must demonstrate alignment with state economic goals.
Western Australia (WA)
Focuses on businesses and investments in the mining, agriculture, and renewable energy sectors. Applicants must demonstrate ongoing commitment to regional development.
Northern Territory
Encourages applicants who can contribute to its remote and regional economy, with a focus on tourism, mining, and energy.
Queensland
Businesses and investments in regional areas are highly encouraged. Applicants must show that their business contributes to the Queensland economy, particularly in agriculture, tourism, and energy.
Tasmania:
Tasmania focuses on businesses in regional and less populated areas, prioritizing industries such as aquaculture and agriculture.
Australian Capital Territory (ACT)
ACT focuses on innovation and research-driven businesses that contribute to the local economy. Significant investment in education, technology, and healthcare is encouraged.
Current Processing Time: Subclass 888 Visa
When it comes to the processing timeline, several factors can impact your application. These include the quality of submitted documents and the volume of applications received by the Department.
| Stream | 50% applications are processed in | 90% applications are processed in |
|---|---|---|
| Business Innovation Stream | 4 Months | 7 Months |
| Investor Stream | 16 Months | 32 Months |
| Significant Investor Stream | 29 Months | 40 Months |
| Entrepreneur Stream | N/A | N/A |
| Premium Investor Stream | N/A | N/A |
Frequently
Asked
Questions
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No, you must first hold a Subclass 188 visa to be eligible for the Subclass 888 visa.
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It depends on the stream. For example, Business Innovation Stream applicants must hold their Subclass 188 visa for at least two years, while Investor and Significant Investor Stream applicants must hold their visa for four years.
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Yes, eligible family members can be included in your application.
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Yes, once you meet the residency and other eligibility requirements, you can apply for Australian citizenship.
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No, once you are granted the Subclass 888 visa, you do not need to maintain the business or investment that qualified you for the visa.