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VEM provides you with useful information about a Subclass 888 visa

 

 

What is a Subclass 888 visa?

Business Innovation and Investment (Permanent) VisaSubclass 888 is the second stage of business/investment visa process for those who are holding a Subclass 188 (temporary) visa. This 888 visa allows its holders to stay in Australia as permanent residents.

Business Innovation and Investment (Permanent) Visa – Subclass 888 has 4 main streams including:

  • Business Innovation Visa Stream – Subclass 888A.
  • Investor Visa Stream – Subclass 888B.
  • Significant Visa Stream – Subclass 888C.
  • Premium Investor Visa Stream – Subclass 888D.
  • Entrepreneur Visa Stream – Subclass 888E.

Benefits when holding a Subclass 888 visa

  • Staying in Australia as a permanent resident.
  • Having full working and studying rights.
  • Being entitled Australian medicare.
  • Being able to sponsor your relatives to Australia.
  • Having multiple travels for up to 5 years.
  • Applying for Australian citizenship if you meet the requirements.

Requirements of a Subclass 888 visa

To be able to apply for this visa, applicants must meet the requirements that they have agreed with the state/territory on their nomination approval for the first stage of subclass 188.

Each stream of a Business Innovation and Investment (Permanent) Visa has different requirements corresponding with each stream of a Business Innovation and Investment (Provisional) Visa.

Requirements of a Business Innovation (Permanent) Visa Stream – Subclass 888A

  • Must have an eligible visa (Subclass 188A or Subclass 444) or Subclass 457 visa in certain circumstances.
  • Must have a current nomination from an Australian State or Territory government agency.
  • Must own and manage a business in Australia
  • Must have an annual business turnover of 300,000AUD in the last 12 months (there are exceptional circumstances), and/or.
  • Must provide 1 or 2 full-time jobs.
  • Must have followed Australian laws (Commonwealth laws, taxation, superannuation and workplace relations laws, laws of states or territory where your business operated).
  • Must meet the assets and employees requirements.

Requirements of an Investor (Permanent) Visa Stream – Subclass 888B

  • Must hold an Investor (Provisional) Visa Stream – Subclass 118B.
  • Must currently have a nomination from an Australian State or Territory government agency.
  • Must meet 4 years of designated investment.
  • Must have followed Australian laws (Commonwealth laws, taxation, superannuation and workplace relations laws, laws of states or territory where your business operated).

Requirements of a Significant Investor (Permanent) Visa Stream – Subclass 888C

  • Must hold a Significant Investor (Provisional) Visa Stream – Subclass 188C.
  • Must currently have a nomination from an Australian State or Territory government agency.
  • Must meet 4 years of complying investment

Requirements of a Premium Investor (Permanent) Visa Stream – Subclass 888D

  • Must hold a Premium Investor (Provisional) Visa Stream – Subclass 188D.
  • Must currently have a nomination from an Australian State or Territory government agency.
  • Must have held complying premium investments for a specific time depending on each circumstance.

Cost of a Subclass 888 visa

The visa application fee for the main applicant is the same for every stream which is 2,590AUD (not including 1.4% surcharge). Beside, there is an additional fee for each family member who applies for this visa with you.

 

Furthermore, there is an extra fee for applicants who are at least 18 years old but do not meet the functional English requirements. This is called a second instalment: 4,890AUD (not including 1.4% surcharge).

 

You are also required to pay for health and police checks.

Processing time of a Subclass 888 visa

There is no standard processing time currently available on this visa. However, you must prepare your documents properly to avoid visa refusal. Contact VEM for more assistance.

The process of applying for a Subclass 888 visa

  • Step 1: Checking if you meet the requirements.
  • Step 2: Preparing your documents.
  • Step 3: Submitting your visa application.
  • Step 4: Preparing for the interview (if required).
  • Step 5: Being granted a visa.

Q&A about a Business Innovation and Investment (Permanent) Visa – Subclass 888

How can I get my assets valued?

Your common assets such as land, property, company, etc must be valued by an independent valuator who has qualified licenses.

Contact our consultants directly for more information.

Can I be offshore when applying for this visa?

You and your included family members can be both onshore and offshore when lodging your visa application.

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