Business Innovation and Investment (Subclass 888) Visa

What is Business innovation and Investment 888 Visa?

The Business Innovation and Investment program is for migrants who have demonstrated experience and success in business or investment. Entrepreneurs and Business owners can continue their activity in Australia with this visa.

The program attracts prominent business people and investors from across the globe and increases economic growth and innovation in Australia.

Who can get Business innovation and Investment 888 Visa?

A state or territory nominated permanent visa that is not points tested and does not require an EOI in SkillSelect.

Applicants may be inside or outside Australia at the time of visa grant or application and must have complied with Australian taxation, workplace and relevant business laws.

What are the Streams under Business innovation and Investment 888 Visa?

Business Innovation stream 888 Visa

Applicants must have:

• Met requirements for owning and operating a business in Australia while on a provisional visa.
• A business turnover of $300 000 a year.
• Two out of three of the following:
  1. Business assets of $200 000.
  2. Net personal and business assets of $600 000.
  3. Two full-time employees.
• A genuine and realistic commitment to continue in business in Australia.
• Have held the provisional visa in Australia for at least 1 year in the last 2 years

Provide evidence that you have owned your main business or main businesses for 2 years before you apply. Evidence can include:

• Documents proving your purchase of the business.
• Partnership agreements.
• Trust agreements.
• Franchise agreements.
• Documents showing the issue, purchase or transfer of shares.
• Registration with the Australian Securities and Investment Commission (ASIC).
• Historical ASIC company extract.

Agreements must include all pages and related schedules and evidence you paid stamp duty.

Provide evidence that you have participated in the day-to-day management of the business for 2 years before you apply.

Business Investor stream 888 Visa

Applicants must have:

• Continuously held a designated investment of AUD 1.5 million for four years in the nominating state or territory.
• A genuine and realistic commitment to continue in business or investment in Australia.
• Have held the provisional visa in Australia for at least 2 years in the past 4 years.

Provide evidence from the Treasury Corporation that you have held your designated investment of AUD1.5 million for 4 years.

If the investment has already matured, the evidence can be:

• Written or emailed confirmation from the Treasury Corporation.
• Bank statements confirming repayment of the amount.

You must have been in Australia for at least 2 years in the 4 years immediately before you apply. The 2-year period in Australia does not have to be continuous.

Evidence to prove where you lived can include:

• Documents showing ownership of residential property.
• Rental receipts showing your name, residential address and the issue date.
• Utility accounts such as electricity, gas, telephone showing your name, residential address and the issue date.
• Dated correspondence addressed to you showing your name and residential address.

Significant Investor stream 888 Visa

Applicants must have:

• Continuously held a minimum of AUD5 million complying investment for at least 4 years.
• Have been in Australian for a cumulative period of 40 days for each year or part-year while holding the provisional visa..
• A genuine and realistic commitment to continue in business or investment in Australia.

The rules for complying investments changed on 1 July 2015, the evidence you need to provide depends on when you applied for your provisional visa.

If you applied for your Business Innovation and Investment (Provisional) (subclass 188) visa after 1 July 2015, evidence of your investment can include:

• Recent holding statements for each investment, showing the investor name, amount and commencement date.

If you applied for your Business Innovation and Investment (Provisional) visa before 1 July 2015, evidence of your investment can include:

• A bond holding statement from the Australian Government or an Australian state or territory government.
• Holding statements for all investments in managed funds.

Evidence must cover a period of:

• At least 2 years if your investment in the business was for 2 years or more, or.
• For the whole period of the investment in the business if it was for less than 2 years.

Premium Investor stream 888 visa

Applicants must provide:

• A summary of your current business and investment activities in Australia.
• A summary of your Australian business and investment intentions in the long-term.
• Proof that you have held complying premium investments of AUD15 million for at least 1 year and the entire time you have held your Business Innovation and Investment (Provisional) visa.
• Recent holding statements for each investment, showing the investor name, amount and commencement date.

Provide recent holding statements for each investment, showing the investor name, amount and commencement date.

If you invested in an Australian proprietary company, provide:

• Evidence that the company was operating to make a profit through providing goods or services to the public.
• Evidence that the company was not operating as a passive or speculative investment, such as a landlord of the residential property, gambling, share trading, or holding the property for capital gain.
• A shareholder certificate and a historic company extract from the Australian Securities and Investments Commission.
• Audited accounts, including profit and loss statement, balance sheet, and all notes to the accounts, for each financial year of the investment Your evidence must cover a period of:
  1. At least 2 years if your investment in the business was for 2 years or more, or.
  2. For the whole period of the investment in the business if it was for less than 2 years.

Entrepreneur Stream 888 visa

Applicants must continue their entrepreneurial activities started and provide a summary of Australian entrepreneur activities. Must have held the 188 visa continuously for 4 years.

Applicants must provide evidence of successful record of entrepreneurship in Australia. Evidence can include:

• The number of people employed by your businesses during the 12 months before you apply, their citizenship or residency status and relationship to you, if any.
• The annual turnover of your business.
• Any ongoing funding or investment in your entrepreneur activity including:
• The sale of your business for AUD2 million.
• Awards or recognition

Successful entrepreneurial activities are assessed by the following factors. You will need to show either:

• 2 key success factors, or
• 1 key success factor and 3 supporting success factors

Key success factors include:

• Employing 2 or more Australians, permanent residents or other eligible persons.
• Generating an annual turnover of at least AUD3 million.
• Filing a provisional patent or acquiring a standard or innovation patent.
• Receiving ongoing funding or investment in your entrepreneur activity.
• Entering into a partnership with a university.
• Selling an entrepreneurial venture for AUD2 million.

Supporting success factors include:

• Adapting your entrepreneurial activities into other business areas.
• Receiving a statement of success from a state or territory government nominator.
• Receiving sponsorship from the corporate sector.
• Starting at least 1 other business or contributing to at least 2 other businesses.
• Receiving formal awards or recognition.
• Raising or contributing to social capital.

Entrepreneurial activities in Australia can’t be:

• Residential real estate.
• Labour hire.
• Buying an existing enterprise or a franchise in Australia.

How long to process Business innovation and Investment 888 Visa?

The processing time is between 6-12 Months