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The Business Innovation and Investment (Permanent) visa (subclass 888) can be applied after the fulfilment of the criteria of the Business Innovation and Investment (Provisional) visa (subclass 188) and hence is the second stage of visa acquirement. The new Expression of Interest (EOI) needs to be submitted or invitation letter for visa application. If you are seeking for the initial level fulfilment you should be nominated by a State or Territory government agency or Austrade on behalf of the Australian government. If you hold Provisional Business Innovation and Investment visa (subclass 188) you must have authentic proof to demonstrate that the government entity has not withdrawn the nomination by any chance, which had nominated you for same visa.

There are two main streams on the basis of which the provisional visa is applied:

Business Innovation Stream: It requests to have a settled business in Australia which fulfils some fixed turnover conditions.

Investor Stream: Have a grasped investment in Australia circumscription for 4 years

Investor stream

If you are following visa application process via Investor stream, you must be residing in Australia and hold provisional visa acquired via Investor stream for at least two of the four years immediately before you apply.

Further you along with your partner must have entitled investment with an Australian State or Territory government for at least 4 years. If you have submitted application for provisional visa (subclass 188) in the Investor stream prior to 1 July 2015, you are eligible to apply for a subclass 888 visa after holding your provisional visa for 3 years and 11 months. If you applied for your provisional visa after 1 July 2015, you are needed to hold your provisional visa for at least 4 years prior to subclass 888 visa application.

Requirements for Investor Stream

Investor stream requires you to hold an Investment Stream Subclass 188 provisional visa, and meet the below mentioned criteria:

You must be a resident of Australia for at least 2 of the last 4 years

Meet the investment condition of AUD 1.5 million dollars in Australian State or Territory Bonds for a continuous period of 4 years.

With the right of Business Innovation and Investment (Permanent) visa (subclass 888) you manage your business and investments flawlessly in Australia.

Visa Subclass 888 is a permanent residence visa that acknowledges you and your family the following benefits:

Live in Australia forever

Study and work in Australia

Enlisted in Australia’s Medicare scheme for health-related care and expenses

Apply for Australian citizenship depending upon eligibility

Sponsor eligible relatives for permanent residence

Travel 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).