What is the Business Innovation Stream of the 888 Visa?

The Business Innovation Stream of 888 Visa is a permanent residency visa that allows Provisional Business Innovation Stream of the 188 Visa holders to continue their investment activities and live in Australia indefinitely. You can either be in or outside Australia when applying and when the decision is made.

 

Am I eligible to apply for the Significant Investor Visa?

What are the requirements for the Business Innovation Stream? You may meet the requirements if you

  • are nominated by an Australian State or Territory government agency before applying for the visa
  • hold the Business Innovation Stream of the Business Innovation and Investment (Provisional) Visa or its extension stream
  • have owned and directly managed a business in Australia for 2 years before you apply
  • you have at least AUD $300,000 of net personal and business assets
  • have followed Commonwealth and States or Territories laws where your business operated
  • do not have any previous visa cancellations and have complied with conditions of your previous visa
  • meet health and character requirements
  • meet functional English language requirements. See below tab for more information on this requirement
  • you own a business at least
    • 51%, of the total value of the business if the business has a turnover of less than AUD $400,000 per year
    • 30%, of the total value of the business if the business has a turnover of AUD $400,000 or more per year, or
    • 10%, of the total value of the business if the business is operated by a publicly listed company

 

Functional English Evidence Requirements

You will meet the functional evidence requirement if you meet one of the following:

  • hold a valid passport issued by the United Kingdom, the United States of America, Canada, New Zealand or the Republic of Ireland
  • Your English has been assessed as functional by an Australian Adult Migrant English Program service provider
  • You completed a degree, a higher degree, a diploma or a trade certificate in an institution in or outside Australia that required at least 2 years of full-time study in English
  • you undertook your education at:
    • Institution: a primary school and secondary school where all instruction was in English in or outside Australia

Study Time: All years of primary and at least 3 years of secondary study

  • Institution: a secondary school in or outside Australia where all instruction was in English

Study Time: At least 5 years of study

  • Institution: an institution in Australia where all instruction was in English

Study Time: At least 1 year of full-time study towards an award

  • Institution: an institution in Australia where all instruction was in English Study Time: The part-time equivalent of 1 year of full-time study towards an award
  • in the 12 months before you applied for the visa, you scored one of the following:
  • IELTS: An average band score of at least 4.5 based on the 4 test components
  • TOEFL iBT: A total band score of at least 32 based on the 4 test components of speaking, reading, writing and listening
  • PTE Academic: An overall band score of at least 30 for each of the 4 test components
  • CAE: An overall band score of at least 147 for each of the 4 test components

 

What are the benefits of the 888 Visa?

With the Business Innovation Stream of the Business Innovation and Investment (Permanent) Visa you can:

  • live, work and study in Australia permanently
  • enrol in Australia’s public health care scheme (Medicare)
  • sponsor eligible relatives to come to Australia
  • travel to and from Australia for 5 years
  • apply for Australian Citizenship if you are eligible

 

What are the costs of the 888 Visa?

The Department of Home Affairs visa cost for the main applicant of the Business Innovation and Investment (Permanent) Visa is AUD $2,590

 

How long does it take to get the Investment Stream of the 888 Visa?

The Department of Home Affairs assesses applications on a case-by-case basis and processing times are not available for this stream. Completing application with necessary documents, responding to any requests quickly and providing required information can help expedite the process.

 

Frequently Asked Questions for the Business Innovation Stream

Can I include my family members to Australia on the 888 Visa - Business Innovation Stream?

Yes, you can include your family members when you apply or any time before a decision is made.

 

Why choose Withstand Lawyers for the Business Innovation Visa?

At Withstand Lawyers we have had many 888 Visa applications in NSW and Victoria. Our firm specialises in immigration law and has experienced legal professionals and resources required to provide you with the guidance for the Permanent Business Innovation Visa. Please call us on 1800 952 901 or book a meeting online or for professional assistance.

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