The Business Innovation and Investment (Permanent) Visa (Subclass 888) is designed for individuals who have successfully held the temporary Business Innovation and Investment Visa (Subclass 188) and have met the necessary requirements for business or investment activity in Australia. This permanent residency visa allows applicants to continue their business or investment operations in Australia as permanent residents. Upon receiving the Subclass 888 visa, individuals can live, work, and study in Australia indefinitely. Additionally, the Subclass 888 visa offers a pathway to Australian citizenship.
The Subclass 888 visa is available through various streams based on the Subclass 188 visa that the applicant previously held. These streams include Business Innovation, Investor, Significant Investor, and Entrepreneur streams. To transition from the Subclass 188 visa to the Subclass 888, applicants must demonstrate they have fulfilled the business or investment performance and compliance requirements established by the Australian government.
The Subclass 888 visa grants permanent residency, which allows holders to live, work, and study in Australia without any time restrictions. Applicants must ensure they continue their business or investment activities in compliance with Australian law, including meeting specific business turnover or investment performance requirements.
The application process for the Subclass 888 visa requires applicants to have held the Subclass 188 visa for the necessary period (typically two years or more) and to have met the business or investment activity requirements. After preparing the required documents, including evidence of business or investment activities and compliance with regulations, applicants can submit their application online through the Department of Home Affairs’ website. Once the application is processed, applicants may be asked for additional documentation. If successful, they will be granted the Subclass 888 visa and will be able to continue their business or investment in Australia as permanent residents. The cost of this visa starts at AUD 3,400.
Applicants should be aware of the importance of maintaining a compliant business or investment during the Subclass 188 visa period, as failure to do so may result in visa refusal. Additionally, applicants must meet performance metrics for investment streams, including job creation and financial turnover. If an application is refused, applicants may be eligible for other visa options.