The Australian Government announced that it will close the Business Innovation and Investment Program (BIIP) from July 2024 and replace it with the new National Innovation Visa. Follow this link for more details about the National Innovation Visa.
888 Visa Overview
The permanent Australian Business Innovation and Investment visa (subclass 888) is the second stage of the 5-year temporary Australian Business Innovation and Investment visa (Visa 188).
The Business Innovation and Investment 888 Visa is for entrepreneurs and business owners to continue their activity as an Australian permanent resident.
To apply for the business visa subclass 888 you must already be holding a business visa subclass 188.
The 4 Streams of Business Investment Visa Australia
Since this is the second stage of 188 Visa, all business visa holders will have a pathway to permanent residency Visa 888 in Australia if they have met certain requirements.
The current streams available for the permanent residency 888 visas include:
Business Innovation – 188A/888A
This visa lets holders of the Business Innovation and Investment (Provisional) visa (subclass 188) continue business activities in Australia indefinitely.
Investor – 188B/888B
This visa lets holders of the Business Innovation and Investment (Provisional) visa (subclass 188) in the (subclass 188) in the Investor stream stay indefinitely. It lets you continue your investment activities in Australia.
Significant Investor (SIV) – 188/888C
This visa lets holders of the Business Innovation and Investment (Provisional) visa (subclass 188) in the Significant Investor stream stay indefinitely. It lets you continue your investment activities in Australia.
Entrepreneur
This visa lets you stay in Australia indefinitely. You can apply if you hold a Business Innovation and Investment (Provisional) visa (subclass 188) in the Entrepreneur stream. It lets you continue your entrepreneur activities in Australia.
*Click on the relevant streams to learn more about the specific criteria for each stream.
Who can apply for visa 888 - Australian Permanent Residency?
Holders of the provisional Business Innovation and Investment visa (subclass 188) will be able to apply for the permanent business visa Australia (subclass 888) upon fulfilling the required conditions for their respective streams.
The Business Innovation and Investment visa (subclass 888) grants permanent residency status. Once the subclass 888 is granted the applicant is allowed to live and work in Australia indefinitely.
How Do I Apply For The Business Innovation and Investment (Permanent) Visa (subclass 888)?
To apply for the Business Innovation and Investment visa (subclass 888) you must:
1. Check and ensure that you have met all the requirements for your subclass 188 visa stream
2. Apply for the state nomination. All states are still open for the 888 nomination, they may have specific criteria.
NSW: https://www.nsw.gov.au/visas-and-migration/business-and-investor-visas/subclass-888a
VIC: https://liveinmelbourne.vic.gov.au/migrate/business-investor-visas/888-business-innovation-stream
WA: https://www.businessmigration.wa.gov.au/business-migration/permanent-business-visas
ACT: https://www.act.gov.au/migration/businesses/888-eligibility-criteria
TAS: https://www.migration.tas.gov.au/business_migration
3. Submit an online application using the ImmiAccount system from the Department of Home Affairs
Role Swapping at the 888 Permanent Stage
Secondary visa holders (spouse or de facto partner of the main applicant) of 188 Business Innovation Steam and Investor stream can be the main applicant for the 888 application.
Role swapping could be used to overcome the residency requirements in certain scenarios.
Common Criteria for The Business Innovation and Investment (Permanent) Visa (subclass 888)
Due to there being 4 streams within the Business Innovation and Investment visa (subclass 888) it is essential that you review the criteria and requirements for your specific stream.
For example, the Australian Investor stream requirements will differ from the Australian Significant Investor visa stream.
There are 2 main types of Business and Investment visas program.
The Visa 188a and Entrepreneur will focus on business migrants opening and managing businesses in Australia to drive employment rate and support the labour market.
Investment Visa Australia including 188B Investor Stream and Visa 188c Significant Investor Stream focuses on investors who invest in Australian government bond or emerging market with trusted financial advisors of Australia.
Maintaining those activities for a certain time, plus meeting residential requirement will give visa 188 holders chance to apply for Permanent Residency Visa 888.
Visa 888 Application Processing Times
The Department of Home Affairs has listed each stream as having different processing times.
Processing times for each stream are as follows:
Subclass 888 Streams | Processing Times |
Business Innovation stream | 75% of applications in 31 months |
Investor Stream | 75% of applications in 19 months |
Significant Investor stream | 75% of applications in 37 months |
Entrepreneur stream | Processing Time is not available due to low application rate |
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How Can Work Visa Lawyers Help You?
Advising You Through The Application Process of Visa 888
The first step in the application process is the most important as many complications may arise if you have applied for the permanent 888 visa before meeting the application requirements. One such complication is, for example, you may find out that you did not meet all requirements 9-10 months after you submitted your application, and by then your provisional subclass 188 visa has already expired.
Work Visa Lawyers is conservative about your visa applications and will provide a detailed and honest assessment of your situation before advising if you should proceed with the permanent subclass 888 visa.
Ensuring You Are Eligible & Have Met The Requirements
There have been numerous occasions where clients who came to see us discovered that they were short on specific requirements. Clients who still had time to meet the requirements were then advised on what can be done to meet those requirements that are outstanding, by comprehensively explaining the criteria to apply for the permanent subclass 888 visa. We check to ensure you are eligible to apply for the visa before you submit an application.
Gathering Supporting Documents
To prepare for the visa application, Work Visa Lawyers will seek to understand the nature of your business or investment, we then advise relevant and appropriate documents to support your application.
If you have collected a large number of documents or information, we assist in filtering and compiling the most important and supportive documents for submission. If you have difficulties in obtaining certain documents to demonstrate the meeting of the visa criteria, we work together with you to find suitable alternatives to meet the requirements.
Through Our Knowledge & Experience
If you are looking to submit an application for the permanent subclass 888 visa in an efficient and accurate manner, the team of experienced Registered Migration Agents at Work Visa Lawyers can help you manage and navigate the complexities of the visa application.
Our team of experienced Immigration Lawyers and Migration Agents look forward to assisting you with your Australian visa or appeal.
Based in Adelaide South Australia, we provide Australian Immigration advice to people and businesses from all over the world.
Contact us today and let Work Visa Lawyers help you secure your permanent resident status in Australia.
