Business Innovation and Investment (Permanent) Visa

(Subclass 888) under the Entrepreneur stream

Navigation

1. What is the business innovation and investment (permanent) visa (subclass 888) under the entrepreneur stream?
2. What can you do on the subclass 888 visa?
3. Am I eligible for the subclass 888 entrepreneur stream?
4. Successful record of entrepreneurial activities
5. Residence requirements on the subclass 888 visa under the entrepreneur stream
6. How much does the 888 Visa cost?
7. How long can you stay on the 888 Visa?
8. What is the processing time for the 888 Visa?
9. What are my obligations on the 888 Visa?
10. Health insurance on the subclass 888 Visa

Overview

The Business Innovation and Investment (Permanent) Visa (Subclass 888) under the Entrepreneur Stream allows holders to continue entrepreneurship activities undertaken while holding a Business Innovation and Investment (Provisional) Visa (Subclass 188) under the Entrepreneur Stream permanently.

This visa allows you to:

• Live in Australia permanently
• Find employment
• Study in Australia
• Enrol in Enrol in Australia’s public healthcare scheme (Medicare)
• Sponsor eligible family members to come to Australia
• If eligible you can apply for Australian citizenship
• Travel to and from Australia as many times as you’d like within the first 5 years of the visa being granted. After this you may need to apply for a resident return visa to re-enter Australia as a permanent resident.

Eligibility

• Hold a Business Innovation and Investment (Provisional) Visa (Subclass 188) under the Entrepreneur Stream for a continuous period (unless covid-19 concessions apply)
• If you were invited to apply for this visa on or after 1 July 2021, you must have held this visa continuously for at least 3 years or
• If you were invited to apply for this visa before 1 July 2021, you must have held this visa continuously for at least 4 years.
• Be nominated by an Australian state or territory
• Have a successful record of entrepreneurial activities
• Meet the residence requirements
• Have functional English
• Have followed all Australian law while on your current visa
• Not have been involved in unacceptable business or investment activities
• Have genuine intention to realistically continue business and investment activities in Australia
• Meet health and character requirements
• Not have had any previous visa application refused or cancelled
• Have signed the Australian values statement
• Have paid back any outstanding debt to the Australian government
• Be in Australia at the time of application (secondary applicants you are including in your application can be in or outside Australia at the time of application but cannot be in immigration clearance

Successful record of entrepreneurial activities

The Department of Home Affairs assess an applicant’s entrepreneurial activities by looking at certain success factors.

To be eligible you need either:

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

Key success factors

• Employment of 2 or more Australian citizens, permanent residents or other eligible employees
• annual turnover generated of at least AUD300,000
• filing a provisional patent or acquiring a standard or innovation patent
• having ongoing funding or investment
• entering a partnership with a university
• selling an entrepreneurial venture for at least AUD2 million

Supporting success factors

• adapting your entrepreneurial activities into other business areas
• A state or territory government giving you a statement of success
• Sponsorship from the corporate sector
• Starting 1 or more other business or contributing to at least 2 other businesses
• Formal awards or recognition
• You have raised or contributed to social capital

Note: Entrepreneurial activities in Australia can’t be residential real estate, labour hire or buying an existing enterprise or a franchise in Australia

Residence requirements

Unless COVID-19 concessions apply, You must have been in Australia for either:

• A minimum of 2 out of 4 years on a Business Innovation and Investment (Provisional) Visa (Subclass 188) under the Entrepreneur stream, if you were invited to apply for this visa before the 1^st of July 2021

Or,

• A minimum of 2 years on a Business Innovation and Investment (Provisional) visa (subclass 188) under the Entrepreneur stream, if you were invited to apply for this visa on or after the 1^st of July 2021.

COVID-19 concessions;

The Department of Home Affairs has arrangements in place for provisional visa holders if you were disadvantaged as a result of the COVID-19 pandemic. If you hold a Business Innovation and Investment (Provisional) visa (subclass 188) under the Entrepreneur Investor stream time spent outside of Australia during the Covid-19 concession period will count as time in Australia. You may also be eligible if you or your spouse/de facto partner held a Business Innovation and Investment (Provisional) Visa (Subclass 188) Entrepreneur Stream or if your provisional visa expired during this period.

Note: Your Business Innovation and Investment (Provisional) visa (subclass 188) under the Entrepreneur stream that expired during the concession period must have been granted on or before 30 June 2019.

Cost

AUD 3310

Secondary applicants: This amount does not include cost of your partner, any family members or children applying with you

Additional costs: You might also have to pay other costs for each applicant for health checks, police certificates and biometrics

Stay

This is a permanent visa; it allows indefinite stay in Australia.

Processing Time

• 25% of applications: 29 Months
• 50% of applications: 31 Months
• 75% of applications: 34 Months
• 90% of applications: 35 Months

Obligations

• You must obey all Australian laws and meet all visa conditions attached to your 888 Visa
• You are expected to continue the business and investment activity evidenced in your application
• Inform the department if anything changes. This includes changes to your relationship status, the birth of a child (or stepchild) and any changes to personal details such as phone number, address or passport.

Health insurance

Holders of a Subclass 888 Visa are eligible to enrol in Australia’s public-health cover (Medicare).