Business Innovation and Investment Permanent Visa Subclass 888
The Business Innovation and Investment Permanent Visa Subclass 888 is the second stage visa of the Business Innovation and Investment Visa Subclass 188. You can only apply for the Subclass 888 it after you have fulfilled the requirements of the provisional 188 visa. Because of this we will discuss the other visa options that will allow you to apply for the Business Innovation and Investment Visa Subclass 188. If you are strictly interested in the Subclass 888 visa please skip down to the section, “Business Innovation and Investment Provisional Visa Subclass 188”.
Purpose of an Investment Visa
An Australian investment visa is designed to give residency to people who invest in Australian businesses. Unfortunately, these visas can be complicated and time consuming to obtain. They often require a period of many years to be applicable, so it’s usually necessary to make a detailed plan early in the process. We at The Migration Place have a lot of experience helping people obtain an investment visa, and we could use our knowledge to make the process as fast and simple as possible.
There are multiple options to consider when applying for an investment visa, but there are three types that are the most popular:
- Investor visa subclass 891
- Business Innovation and Investment (Provisional) visa (subclass 188)
- Investor Retirement visa (subclass 405)
Before beginning your application, we highly recommend that you seek the advice of an immigration lawyer to make sure you’re applying for the correct type of visa for your situation.
Investor Visa Subclass 891
This type of investment visa allows you to stay in Australia for an indefinite period of time. Additionally, it allows you to work and study in Australia, and you can enrol in the Medicare system. It also can act as a path to citizenship because you may be eligible to apply after meeting some other requirements. Even before citizenship, it can usually allow for the holder to sponsor their other relatives to get permanent residence, and the partner and dependent children of the holder can come from the beginning. Furthermore, this investment visa allows the holder to travel internationally for five years, but an additional visa is required after this time period to be able to continue to do this.
Before being able to obtain this visa, there are some strict requirements that need to be met. First, the applicant must already be the holder of an Investor Provisional subclass 162 visa, and they must have lived in Australia for at least two of the last four years while holding the provisional visa. Additionally, they will have to meet standard health and character requirements, and these often include medical examinations, police reports from previous residences, and proof that there are no outstanding debts to the Australian government.
Next, the applicant must meet certain business requirements. First, you (or you and your spouse or partner together) have held an investment in Australia of AUD$1,500,000 for at least four years, and it is for the purpose of getting an investment visa. Second, you must have a realistic commitment to continue this investment or business. Finally, you must have never been involved in unacceptable investment or business activities.
In order to apply, you need to notify the appropriate business development agency and get their approval.
Business Innovation and Investment Provisional Visa Subclass 188
This is the second type of investment visa, and it there are three different streams which can be applied for:
- Business Innovation stream: For those who want to establish a business.
- Investment stream: For those who want to invest at least AUD$1.5 million in an Australian state or territory and keep business and investment activity.
- Significant Investor stream: For those who want invest at least AUD$5 million into Australian investments and keep business and investment activity.
Having a business innovation visa allows you to create or maintain your investments in Australia, and it enables you to bring your family members with you. Additionally, you are granted an unlimited amount of travel in and out of Australia for the duration of the visa. It also allows for the holder to bring their partner and dependent children. Unfortunately, this is only a temporary visa, but it allows you to seek permanent residency by applying for a Business Innovation and Investment Permanent visa subclass 888.
To be eligible for this investment visa, you will have to submit an Expression of Interest and be nominated by a state or territory government. Then you have to meet the standard health and security requirements and some additional requirements specific to each stream. These can be extremely difficult and require many different factors, such as a points test.
It’s possible to apply for this visa both inside and outside of Australia, and much of the application can be completed online.
Investor Retirement Visa Subclass 405
This is a temporary visa that allows self-funded retirees to live in Australia during retirement years, and it allows the holder to work part time while there. It’s only valid for four years, but the holder can apply for different visas after that point.
In order to meet the requirements for this type of investment visa, the applicant must be older than 55 and cannot bring any dependents (except for a partner) to Australia. They must meet all income requirements, make a significant financial investment in Australia, and have assets worth at least AUD$750,000. Furthermore, the applicant must have health insurance, and they must meet health and security requirements.
This application for this investment visa can be completed inside or outside of Australia.