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.
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:
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.
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
As of the 13th of January 2022, The Department of Home Affairs does not publish processing times for the subclass 888 visa under the entrepreneur stream as this visa stream is assessed on a case-to-case basis. Individual cases processing time can vary depending on circumstance, i.e.,
whether you have lodged a complete application, including all relevant supporting documents
the time you take to respond to any requests from the department for additional information
the time it takes for any required checks on the supporting evidence provided
the time it takes to receive additional information from external agencies, particularly in relation to health, character, and national security requirement
Your application’s processing time may be longer if:
Your application is not filled in correctly
All necessary documents aren’t included in your application or more information is requested by the Department of Home Affairs
Information about you needs to be verified
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).