Visa subclass 888, is a business innovation and investment visa that is issued to holders of a provisional visa 188. The difference between subclass 888 and 188, of the business visa types, is that visa 888 is permanent, while subclass 188 is temporary; valid only for a few years.
You are required to have had a provisional business visa 188 before you lodge your application for a permanent Australia business visa 888.
Business Innovation and Investment Permanent Visa 888 Streams
Within the 888 visa, there are five different streams you can apply for:
- Business Innovation stream.
- Investor stream.
- Significant Investor stream.
- Premium investor stream.
- Entrepreneur stream.
Who Can Apply for a Permanent Business Visa 888?
In order to apply for a permanent business visa 888 you must have had one of the following:
- Business innovation and investment visa 188 in the business innovation stream.
- Business innovation and investment visa 188 extension in the innovation stream.
- Business innovation and investment visa 188 in the investor stream.
- Business innovation and investment visa 188 in the significant investor stream.
- Business innovation and investment visa 188 extension in the significant investor stream.
- Business innovation and investment visa 188 in the premium investor stream.
- Business innovation and investment visa 188 in the entrepreneur stream.
- Special category visa (subclass 444).
- A 457 visa (in specific cases).
In order to apply for a permanent business visa 888, you must apply for the same stream you had under your provisional visa 188. For example, if you had a business innovation and investment visa 188 in the significant investor stream, then you must also apply for business innovation and investment visa 888 in the significant investor stream.
You may also apply for this visa if you are the secondary applicant for a provisional business visa 188.
Requirements for a Permanent Business Visa 888
You are required to prepare the documents listed below when you want to apply for business innovation and investment visa 888:
- Passport or any valid travel document.
- Current nomination form. You need to fill in this form and then send it to the state, territory, or government agency that is nominating you so they can fill it and send it back to you, only then you can include this form in the visa application.
- One page summary of your business and investment activities you did in Australia.
- One page summary of your long-term business plans in the future in Australia.
- Proof that you followed the Australian laws, including work laws, during the time you had a temporary visa 188.
- You must also present proof that you have owned your business for at least two years before you apply for the 888 visa.
- Proof that you were involved in the management of your business at least two years before you applied for the 888 visa.
- One page chart showing the details of your position, staff responsibilities, management sector, and duties. This must include information from two years before your application.
- You are required to provide for at least two years before you apply these documents:
- Australian business number (ABN) for every business you operate.
- Business activity statements (BAS) for every business you operate.
- Statement from the Australian Taxation Office if a BAS was not required.
- For at least a year before your lodge your application, you must provide evidence that you had at least 2 full-time employees (Australian citizens or permanent residents) that worked the total number of hours required.
- Bank statements covering two years before your application.
- One page summary of your entire business assets and liabilities covering a period of a year, and must be at least three months before you apply.
- Proof of any real estate holdings.
- Personal or business loans (if applicable).
- Proof of any stocks or bonds you hold.
- Evidence that you are of a respectable character, plus this form for your character assessment.
- Proof that your dependents have at least functional English level.
- Evidence that you meet the health requirements set by the Immigration Office.
- If you are applying with family members:
- Your marriage certificate or divorce certificate
- Your partner’s passport or valid travel documents.
- Proof of relationship (if applicable).
- For your dependents under 18, you must include their birth certificates and parental consent.
- For your dependents over 18, you must provide evidence that they are dependent on you and include this completed
- If you happen to appoint someone to help you with your application, then you must include form 956a and form 956.
- For your investor stream business visa 888 you will also need:
- Proof that you held your initial AUD1.5 million designated investment for at least four years or three years and 11 months, or proof that the investment has matured.
- You have to submit evidence that you were living in Australia for at least two years during the four years preceding your application.
- For your significant investment stream 888 you will also need to provide:
- Evidence that you held your complying investment of AUD5 million for the entire time you held your temporary business visa.
- For your premium investor stream:
- Submit proof that you held your premium complying investment of AUD15 million for the duration of your temporary business visa.
- For your entrepreneur stream:
- Proof of successful record of entrepreneurial activities in Australia.
Australia Permanent Business Visa 888 Application Process
You have to apply online for a business visa 888 by attaching the required documents electronically, you can’t send your documents by post for this visa. You must also pay the application fee in the payments section in your ImmiAccount. Please remember that the documents you submit must be in English.
Permanent Business Innovation and Investment Visa 888 Processing Times
A permanent business innovation and investment visa 888 is processed anywhere between a year or up to two years. However, processing times for the premium investor stream and entrepreneur stream are not available.
Remember: a complete application will take significantly less time to be processed than an application that is missing information.
How Much Does an Australia Business Visa 888 Cost?
A business visa 888 costs AUD2,590. This is only the base application fee and other fees may be required for your dependents. There is also a second installment charge for a 888 visa that costs AUD4,890.
You are required to pay this installment charge for any family members who did not pay the charge when they applied for their temporary business visa 188 and cannot provide evidence that they have functional English proficiency.
Can I Travel With an Australia Business Visa 888?
Yes, you can travel with your business innovation and investment visa 888. However, your permanent business visa comes with a travel expiry of 5 years. After 5 years are over, you must apply for a resident return visa so you can travel freely.
You can apply for an RRV as long as you need to, but, you may also apply for Australian citizenship and have an Australian passport. You can check the visa travel expiry in VEVO (Visa Entitlement Verification Online).
Business Innovation and Investment Visa 888 Denial
If your application for a business visa 888 is rejected, you may be eligible for an appeal of the denial decision. The Department of Foreign Affairs will let you know in the visa rejection letter if you can request an appeal.
Do I Get a Refund of the Visa Fee if My Application for a Business Visa 888 Is Rejected?
No, the department does not refund your visa fee even if your application is denied. However, you may get a refund of the second installment charge.
Business Visa 888 and Covid-19
From September 19, 2020, up until three months after the Covid Concession period ends in Australia, you can apply for a business visa 888 even if your provisional visa 188 or extension visa 188 expired during the concession period.