All you need to know before applying Business Innovation and Investment Permanent visa Subclass 888
If you’re an entrepreneur and want to live in Australia, you might be eligible to apply for the Business Innovation and Investment (permanent) visa 888. The Business Innovation and Investment (Permanent) visa (Subclass 888) is intended to attract skilled business people from overseas to invest in the Australian economy.
This may not be the most sought-after visa. However, it’s still worth looking into as it could allow you to become an Australian resident and have more opportunities in life than just being an immigrant working temporarily in Australia.
What is Visa 888?
Visa 888 is specifically designed for business people with access to a large pool of capital. This isn’t your regular business innovation visa; instead, it’s a direct route from investment into permanent residency in Australia. It’s also one of only two ways to get a permanent residence without living in Australia, but it’s not easy.
If successful, you will be granted a four-year temporary visa to live and work anywhere in Australia. After four years, you can apply for a permanent visa.
Business Innovation and Investment (provisional) visa Requirements
To qualify for a Subclass 888 visa, you must meet several requirements. First, you must have an AUD 3 million investment in your Australian business that you made within four years of applying. If more than 20 employees work for your business, then at least half of those employees must be engaged full-time; if fewer than 20 people work at your company, then at least 10% of those people must be employed full-time.
Additionally, you’ll need to prove that either you or one of your key employees has sufficient management experience. Finally, all applicants must demonstrate their intention to continue operating their business for at least two years after receiving their visa 188.
If successful, your family members will also receive visas to live with you in Australia.
Things to consider before applying for Business Innovation and Investment (provisional) visa
- Work experience that satisfies the training requirements
- Knowledge of Australia’s industries, commercial environment and economic conditions
- Language skills
- Commitment from an Australian-based partner, if applying with one
- A genuine plan to develop your business
- Commitment from an Australian bank or financial institution
- Evidence that you can support yourself financially
- Satisfying health, character and residency requirements
- Complying with other visa criteria
- Other visa options
- Taxation issues
How long will it take?
The wait times of your application will depend on how long it takes you to submit all your paperwork. If you have everything ready, expect at least six months, if not longer.
Keep in mind that as soon as you receive your eligibility letter from DIAC, you have 12 months to lodge an application with Immigration. However, more than 90% of applications are not lodged within their first year (some applicants are just not ready), so beware of missing out on important dates. So, you don’t have to stay for your Business Innovation and Investment (provisional) visa.
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