Business Visa

Subclass 188 and 888

Subclass 188 Visa

The Government will stop offering new Business Innovation and Investment Program (BIIP) visas from July 2024, replacing them with a new National Innovation visa by the end of 2024. This decision was made because studies show that the BIIP hasn't been economically beneficial for Australia. Current BIIP applications will still be processed, but only for those with a strong business background who can bring economic benefits. If you already have a BIIP visa, you can still apply for the permanent visa or an extension. Refunds for BIIP application fees will be available starting in September 2024 if you choose to withdraw your application.

The 188 Visa is a provisional visa designed for individuals with a demonstrated history of success in business or investment. It offers a pathway to permanent residency for eligible applicants who contribute to Australia’s economy through business ownership, investment, or entrepreneurial activity.

Key Streams:

1. Business Innovation Stream: For individuals with business skills who want to establish, develop, and manage a new or existing business in Australia.
2. Investor Stream: For those who are willing to make a designated investment in an Australian state or territory and maintain business and investment activity in Australia.
3. Significant Investor Stream: For those making a significant investment of at least AUD 5 million into complying investments in Australia and want to maintain business and investment activity.
4. Entrepreneur Stream: For individuals who have a funding agreement from a third party to undertake a complying entrepreneur activity in Australia.

Eligibility Criteria:

• Must be nominated by a state or territory government or Austrade.
• Meet specific requirements for the chosen stream, including age, business experience, and financial criteria.
• Demonstrate a genuine commitment to continuing your business or investment activity in Australia.

Pathway to Permanent Residency: The 188 Visa serves as a stepping stone toward permanent residency through the 888 Visa (Permanent) once you have met the requirements of your provisional visa.

Subclass 888 Visa

if you are already holding 188 visa then your application for 888 visa will be processed if you are eligible.

The Business Innovation and Investment (Permanent) Visa (Subclass 888) is the permanent stage of the Business Innovation and Investment Program in Australia. It allows holders of the provisional Subclass 188 visa to continue their business activities in Australia and obtain permanent residency.

Key Features:

• Permanent Residency: The Subclass 888 visa grants permanent residency in Australia, allowing you to live, work, and study in the country indefinitely.
• No Points Test: Unlike some other business visas, the Subclass 888 visa does not require you to pass a points test.
• Pathway to Citizenship: This visa can be a pathway to Australian citizenship, provided you meet the residency and other requirements.
• Family Inclusion: You can include your family members in your application, allowing them to also become permanent residents.

Eligibility Requirements:

To apply for the Subclass 888 visa, you must meet the following criteria:

1. Holding a Subclass 188 Visa: You must already hold a Subclass 188 visa in the relevant stream (Business Innovation, Investor, Significant Investor, or Entrepreneur).
2. Business Performance: For the Business Innovation stream, you must have successfully operated your business in Australia for at least two years. This includes meeting specific turnover and ownership requirements.
3. Investment Compliance: For the Investor or Significant Investor streams, you must have held your investments in compliance with the visa requirements.
4. Residence Requirement: For some streams, you may need to show that you have lived in Australia for a certain period.
5. Ongoing Commitment: You must demonstrate an ongoing commitment to owning and managing a business or investment activity in Australia.

Application Process:

• Gather Required Documents: Prepare documents to prove you meet the criteria, including business and financial records, investment statements, and proof of residence.
• Apply Online: Submit your application online through the Department of Home Affairs website.
• Wait for Decision: Processing times can vary, so it’s important to check the current timelines on the Department’s website.
• Visa Outcome: If approved, you will be granted permanent residency in Australia.

Benefits of the Subclass 888 Visa:

• Access to Medicare: As a permanent resident, you and your family members will have access to Australia’s public healthcare system.
• Education: Your children can study in Australian schools and universities as domestic students.
• Work Opportunities: You can work in any profession or start a new business in Australia.
• Social Security Benefits: After a waiting period, you may be eligible for certain social security benefits.

The Subclass 888 visa is a crucial step for business migrants who wish to settle permanently in Australia and continue contributing to the economy through business and investment activities.