888 Business Innovation (A)

Purpose

This visa lets holders of the Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream or the Business Innovation Extension stream, or holders of a subclass 444 (Special Category) visa, or certain holders of a subclass 457 (Business (Long Stay) visa, stay permanently.

In addition, you must be able to show ongoing business involvement, meet certain financial requirements, and have a history of employing Australian workers.

You must be able to show that you (or you and your partner together) have:

  • had and still have an ownership interest and a management role in a business in Australia
  • had an annual turnover of at least AUD300 000
  • owned percentages of a business  in Australia

For the 2 years immediately before you apply, you must have:

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

  • submitted Business Activity Statements to the Australian Taxation Office
  • not gained the business from a person who was an applicant for, or still hold, a permanent Business Innovation and Investment visa (subclass 888) or a permanent business skills visa (in subclasses 890, 891, 892 or 893). Conditions apply

You must also show that you have accomplished at least two of the following requirements:

  • a net worth of business assets of at least AUD200 00
  • a net worth of personal and business assets of at least AUD600 000 in Australia
  • hired two full-time employees in your main business who are Australian citizens, permanent residents, or  New Zealand and not parts of your family.