The Business Innovation and Investment (subclass 888) visa is a permanent pathway for individuals who want to continue their business or investment activity in Australia after holding a provisional visa, such as the subclass 188. There are several streams under this visa category, each catering to different types of business innovation and investment activities:
1. Business Innovation Stream:
- For individuals who have established and operated a successful business in Australia while holding a subclass 188 visa (provisional) for at least two years.
- Requires a demonstrated commitment to maintaining business ownership and management in Australia.
2. Investor Stream:
- Must have a current nomination from a state or territory.
- Designed for individuals who have maintained the ‘complying significant investment’ of at least AUD 2.5 million, for the whole period during which the individual held Business Innovation and Investment (Provisional) Visa (subclass 188).
- Applicants must meet certain residency requirements and have a genuine commitment to continue business or investment activity in Australia.
3. Significant Investor Stream:
- Must have a current nomination from a state or territory.
- Designed for individuals who have maintained the ‘complying significant investment’ of at least AUD 5 million, for the whole period during which the individual held Business Innovation and Investment (Provisional) Visa (subclass 188).
- Applicants must meet certain residency requirements, have a genuine commitment to continue business or investment activity in Australia and have functional English.
4. Premium Investor Stream:
- The primary applicants must be the holder of Business Innovation and Investment (Provisional) visa (subclass 188) in the Premium investor stream.
- For high-net-worth individuals willing to invest at least AUD 15 million in Australian investments.
- Designed to attract exceptionally talented individuals and entrepreneurs who can make a significant economic contribution to Australia.
5. Entrepreneur Stream:
- Must have a current nomination from a state or territory.
- The applicant must have held Business Innovation and Investment (Provisional) visa (subclass 188) in the Entrepreneur stream for at least 3 years.
- Requires active participation in the management of the business and a genuine intention to continue business activity in Australia.
Each stream has its own specific eligibility criteria and requirements, but they all aim to attract individuals who can contribute to Australia’s economy through business innovation and investment.
Do you have a business in Australia? Have you been investing in Australia? Contact the best Migration Lawyers in Melbourne to discuss your eligibility to permanent residency pathway.
