Business Innovation and Investment (Permanent) Visa (subclass 888)

Business Innovation and Investment (Permanent) visa (subclass 888) is the second stage of the 188a visa. You can apply for it after you have fulfilled the requirements of your provisional visa.

 

To be eligible to apply, you must hold a relevant stream of the subclass 188 visa and meet the following requirements.

Basic Requirements

  • Business Innovation Stream
    • Residence Requirement: for at least one year in the two years immediately before you apply you must been in Australia
    • Residence Requirement: for at least one year in the two years immediately before you apply you must been in Australia  You
    • have owned and operated a business in Australia for at least 2 years,  Your business has an ABN and has lodged the necessary
    • Business Activity Statements (BAS) for at least 2 years The business has had turnover of at least AUD 300,000 for the last 12 months You must meet 2 of the following 3 criteria for the 12 months prior to application
      1. Net assets in the business of at least AUD 200,000
      2. Two Full Time Equivalent employees working in the business – these employees must not be relatives, and must be Australian permanent residents, citizens or NZ passport holders
      3. Net personal assets of at least AUD 600,000
  • Investor Stream: You must hold an Investment Stream Subclass 188 visa
    • Residence Requirement: you must have been in Australia for at least 2 of the last 4 years Residence Requirement: you must have been in Australia for at least 2 of the last 4 years
    • You must have maintained the AUD 1.5 million investment in Australian State or Territory Bonds for a continuous period of 4 years
  • Significant Investor Stream: You must hold an Significant Investor Stream or Significant Investor Extension Stream (Subclass 188 visa)
    • Residence Requirement: You must have been in Australia as the holder of a provisional visa (subclass 188) in the Significant Investor stream or the Significant Investor extension stream for at least 40 days per year (calculated cumulatively) for the period of time you have held your provisional visa(s), or your spouse has been in Australia for at least 180 days per year (calculated cumulatively) on the basis of the period of time the primary applicant has held their provisional visa(s).
    • You have held a complying investment for at least 4 years whilst on your 188 visa

Tip. Australian Business visas can be very complex and it is crucial to get accurate advice from highly experienced registered migration agents to determine which pathway is best for you before you apply.

How can we help?

During the process of your visa application

The conditions for migration to Australia differ in the various business visa streams and for several pathways, audit of financial reports by certified Australian Accountants are required. With extensive experience in audit for the purpose of migration to Australia, Southern Stone performs the audit under the latest immigration laws and requirements in Australia, providing a stream-lined service in preparation for your business visa migration documentation.

 

After your Visa approval when settling in Australia

After your visa grant and upon arriving in Australia, we can provide ongoing support to you in an accounting, taxation, investment and visa compliance capacity as you establish and develop your business in Australia, particularly if your objective is to secure permanent residency status in due course.

 

Specifically, we will provide the following services:

  • Establishing your Australian business entity
  • Advising you on all Taxation and Accounting matters
  • Preparation and lodgment of Annual Financial Statement for your business in accordance with requirement of migration law and accounting standards
  • Preparation and lodgment of annual income tax returns for your business and all your family members
  • Business investment due diligence

 

The Southern Stone team offers professional consultation and guidance for all Australian Business investment visas. Call us immediately on 03 9419 3188 or email contact@southernstone.com.au to book a consultation with one of our expert registered migration agents in Melbourne