The Business Innovation and Investment (Permanent) visa (subclass 888) is the second stage of the Business Innovation and Investment (Provisional) visa (subclass 188). An individual can apply for this visa after they have fulfilled the requirements of their provisional visa.
One does not need to submit a new Expression of Interest or be invited to apply for this visa. The individual must be nominated by a state or territory government agency or Austrade on behalf of the Australian government if they are seeking to satisfy the primary criteria.
Any individual applying for this visa must be nominated by the state or if they are the holder of a provisional Business Innovation and Investment visa (subclass 188) they should provide evidence that the government entity which nominated them for that visa has not withdrawn the nomination.
If the individual applying for this visa is the holder of a Special Category visa (Subclass 444), or require a nomination from a different nominator than their provisional Business Innovation and Investment visa they are required to obtain a nomination from a state or territory or Austrade on behalf of the Australian government before they lodge an application for this visa.
What this visa allows for: –
The Business Innovation and Investment (Permanent) visa allows an individual to manage their business and investments in Australia.
This is a permanent residence visa. It allows you and any member of your family unit who has also been granted this visa:
- Reside Australia indefinitely
- Work and study in Australia
- Enrol in Medicare, Australia’s scheme for health-related care and expenses
- Apply for Australian citizenship if eligible
- Sponsor eligible relatives for permanent residence
- Travel to and from Australia for five years from the date the visa is granted (after that time, a resident return visa or another visa to return to Australia will be required).
The visa application charges are listed in the Fees and charges.
Other charges that needs to be catered to by the individual are the costs of health assessments, police certificates, or any other certificates or tests. The individual is responsible for making the necessary arrangements.
Who could be eligible for this visa?
An individual might be eligible to get this visa if they:
- Are the primary visa holder of a provisional Business Innovation and Investment visa (Subclass 188) and have met all the requirements of their Business Innovation and Investment visa in the stream in which they first applied; or
- Are the secondary visa holder who is the spouse or de facto partner of a provisional Business Innovation and Investment visa (Subclass 188) holder in the Investor or Business Innovation stream and can meet all the primary criteria requirements of the permanent Business Innovation and Investment visa in the relevant stream; or
- Hold a Special Category visa (subclass 444) and have met the requirements of the business innovation stream; and
- They and their partner have not been involved in any unacceptable business or investment activities.
- The individual and their partner have a satisfactory record of complying with Commonwealth laws, and of each State or Territory in which they operate a business and employ employees in the business, relating to their business,
- They have been nominated by an Australian state or territory or by Austrade on behalf of the Australian government,
- They and all their family members meet health and character requirements – they do not need to prove this again if they have already done this for the Provisional Business Innovation and Investment visa (subclass 188),
- Have a realistic commitment to maintain business or investment activities in Australia.
Other requirements depend on the stream in which the individual held their provisional Business Innovation and Investment visa (subclass 188).
In addition to the above-mentioned conditions, there are other factors and criteria to be taken into consideration.