Permanent Business Visa (subclass 888)

After holding visa 188, you can apply the permanent visa 888.

Permanent Visa 888 for Australia

Granted Permanent Business Visa 888,

  • stay in Australia permanently
  • work and study in Australia
  • enrol in Australia’s public health care scheme, Medicare
  • sponsor your relatives to come to Australia
  • travel to and from Australia
  • if eligible apply for Australian citizen
  • continue your business activities
  • bring your family

The Business Innovation and Investment (Permanent)  visa 888 is the only subclass of the Business Skills (Permanent Visa)

Visa 888  has five streams:

  • the Premium Investor stream: Business visa 188D
    • applicants who invest at least AUD15 000 000 into complying premium investments in Australia
  • the Entrepreneur stream: Business visa 188E

Business Innovation stream applicants 188A – Permanent residency

The residence requirement

At the time of application, the applicant must have been in Australia as an 188 visa holder, for a total of at least 1 year in the 2 years prior to the visa application.

Note: There is no requirement of continuous stay on any one visit and the aggregate period may be composed of any number of shorter visits.

This requires the applicant to demonstrate their ownership interest in one or more main businesses throughout the 24 month period prior to application

Period Of Ownership

The 24 month period of ownership can be satisfied through consecutive ownership of businesses if a main business has not been owned for the full 24 month period. For example, the applicant may have owned “Business A” for 15 months and “Business B” for 9 months.

Ownership Percentage

the applicant must have owned at least:

  • 51% of a business for which turnover is less than AUD400 000 or
  • 30% of a business for which turnover is at least AUD400 000 or
  • 10% of a business if the business is a publicly listed company.

The applicant must also have maintained direct and continuous involvement in the management of the business from day to day and in making decisions affecting the overall direction and performance of the business.

The business must also have been actively operating and the business activity was of a repetitive, continuous, and permanent nature.

Applicants Should Avoid

Applicants should make every effort to ensure that when they purchase a business the previous owner was not:

  • an 888 or Business Skills visa holder or
  • an applicant for an 888 visa or a Business Skills visa.

Note: confirmation in the form of an Australian statutory declaration completed by the seller.

Taxation requirements

Australian Business Number (ABN) and The Business Activity Statement (BAS)

Cover at least 2 years before the application is made must be provided to the Department before a visa can be granted.

If an applicant has nominated two businesses, copies of the BAS should be submitted for the periods in which the businesses have been operating over the 2 year period.

To demonstrate that assets have been held throughout a 12-month period applicants have to provide evidence covering the beginning and the end of the specified period

Employees

  • two full-time employees (or parttime equivalents) over the period in visa 888 and visa 890 applicants, or
  • one full-time employee (or parttime equivalents) over the period in visa 892 applicants.

Business Turn Over

Your main business or businesses (or the business or businesses of your spouse or de facto partner, or of you and your spouse or de facto partner together), had an annual turnover of at least AUD300,000 in the last 12 months.

For the business, not meet the turnover and employment requirement

For this provision to be invoked, the State/Territory government agency must determine that there are ‘exceptional circumstances’.

Investor stream primary applicants Visa 188B – Permanent residency

The residence requirement

The applicant must have been in Australia as an 188B visa holder for a total of at least 2 years in the 4 years prior to the visa application.

(Note: There is no requirement of continuous stay on any one visit and the aggregate period may be composed of any number of shorter visits.)

Designated investment

Maturity of not less than 4 years with repayment of principal explicitly guaranteed on maturity and that do not expose the Australian Government to any financial liability.

  • 3 years and 11 months for applicants who hold an 188B Investor stream visa for which application was made before 1 July 2015 or
  • at least 4 years for applicants who hold an 188B Investor stream visa for which application was made on or after 1 July 2015.

Significant Investor stream 188C – Permanent Residency

The residence requirement

The applicant must have been in Australia for a cumulative period of 40 days for each year or part-year that the applicant has been the holder of an 188C Significant Investor/Significant Investor Extension stream visa.

Alternatively the residence requirement can be met by the secondary applicant (spouse or de facto partner only), who is required to reside in Australia for a cumulative period if 180 days for each year of holding an 188C Significant Investor/Significant Investor Extension stream visa.

Significant investment and complying investment criteria

  • has held Investment for a continuous period of 4 years or more
  • has held for a continuous period of 3 years and 11 months that was made before 1 July 2015

Premium Investor stream 188D – Permanent Residency

No resident requirement

the applicant is required to have held an 188D Premium Investor visa for a continuous period of at least 12 months.

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