Business Innovation and Investor (Permanent) Visa – SC888

This is a permanent visa which allows you to continue to manage a business or invest in Australia.

You must be nominated by a State or Territory Government in Australia and have met the requirements under your provisional visa or have held a special category visa.

The visa allows you to:

  • stay in Australia indefinitely
  • Ÿwork and study in Australia
  • Ÿenrol in Medicare, Australia’s scheme for health-related care and expenses
  • Ÿapply for Australian citizenship (if you are eligible)
  • Ÿsponsor eligible relatives for permanent residence
  • Ÿtravel to and from Australia for five years from the date the visa is granted (after that time, you will need a resident return visa or another visa to return to Australia).

You can include the following members of your family unit in your visa application:

  • your partner (married or de facto)
  • your or your partner’s dependent children
  • your or your partner’s children who were granted the provisional visa (subclass 188) on the basis that they were dependent children
  • dependent relatives who are single, dependent on you or your partner and usually reside in your or your partner’s household.

All applicants must meet health and character requirements.

The visa has four different streams:

BUSINESS INNOVATION STREAM – If you are applying for the Business Innovation stream, you must have been in Australia and held:

  • a Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream or the Business Innovation Extension stream
  • a Special Category visa (subclass 444)
  • a Business (Long Stay) visa (subclass 457IE)

for at least one year in the two years immediately before you apply.

In addition, you must be able to show ongoing business involvement, meet certain financial requirements, and have a history of employing Australian workers.

You must be able to show that you (or you and your partner together) have:

  • had an ownership interest (and continue to have an ownership interest) and a direct and continuous management role in an actively operating main business (or main businesses) in Australia for the two years immediately before you apply.
  • had an annual turnover of at least AUD300 000 from the main business (or businesses) in the 12 months before you apply. (A nominating state or territory might agree to waive the requirement to show an annual turnover of AUD300 000 if you live and operate business in a specified regional area of Australia)
  • owned at least one of the following percentages of the main business (or main businesses) in Australia in the year immediately before you apply:
    • 51 per cent of a business with a turnover of less than AUD400 000 per year
    • 30 per cent of a business with a turnover of AUD400 000 or more per year
    • 10 per cent of a publicly listed company
  • obtained an Australian Business Number for each of your main businesses
  • submitted Business Activity Statements to the Australian Taxation Office for the two years immediately before you apply
  • not acquired the ownership in your main business (or two main businesses) from a person who was an applicant for, or a holder of, a permanent Business Innovation and Investment visa (subclass 888) or a permanent business skills visa (in subclasses 890, 891, 892 or 893), unless you and that person had a joint interest in the main business for at least one year before you lodge your application for this visa.

You (or your partner, or you and your partner together) must also demonstrate that you have achieved at least two of the following requirements:

  • a net value of business assets of at least AUD200 000 in your nominated main business (or two main businesses) in Australia throughout the year immediately before you apply
  • a net value of personal and business assets of at least AUD600 000 in Australia throughout the year immediately before you apply
  • employed at least the equivalent of two full-time employees in your main business (or main businesses), throughout the year immediately before you apply who are:
    • Australian citizens, Australian permanent residents, or holders of valid New Zealand passports
    • not your family members.

Note that different States or Territories may have different nomination criteria.

ŸINVESTOR STREAM – If you are applying for this visa in the Investor stream, you must have been in Australia and held your provisional visa in the Investor stream for at least two of the four years immediately before you apply.

In addition, you (or you and your partner combined) must have held a designated investment with an Australian state or territory for at least four years.

ŸSIGNIFICANT INVESTOR STREAM – If you are applying for a permanent visa (subclass 888) in the Significant Investor stream, you must have held at the time of application:

  • a provisional visa (subclass 188) in the Significant Investor stream or in the Significant Investor Extension stream.
  • You must have been in Australia as the holder of a provisional visa (subclass 188) in the Significant Investor stream or the Significant Investor extension stream for at least 40 days per year (calculated cumulatively) for the period of time you have held your provisional visa(s), or your spouse has been in Australia for at least 180 days per year (calculated cumulatively) on the basis of the period of time the primary applicant has held their provisional visa(s).

In addition, you (or you and your partner combined) must have:

  • held complying investments continuously for at least 4 years while holding your Business Innovation and Investment (Provisional) visa (subclass 188).
  • operated a qualifying business under the private Australian company in which you have made a direct complying investment if applicable.

Note that the rules in force at the time you applied for you original subclass 188 visa in the Significant Investor stream will apply to you when your application for a subclass 888 visa is assessed.

ŸPREMIUM INVESTOR STREAM – If you are applying for a permanent visa (subclass 888) in the Premium Investor stream, you must have held a provisional visa (subclass 188) in the Premium Investor stream at the time of application and be nominated by the Commonwealth government.

  • You must have held your provisional visa for a minimum of 1 year.
  • You (or you and your partner combined) must have held complying premium investments continuously for at least 1 year, and for the entire time you have held your Business Innovation and Investment (Provisional) visa (subclass 188).