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.
Business Innovation and Investment (Permanent) visa (subclass 888) – Business Innovation Stream
This visa is meant for visa holders of the Business Innovation and Investment (Provisional) visa (subclass 188) - Business Innovation stream. You will need to meet the following requirements to apply for the permanent subclass 888 visa:
- you must have lived in Australia for at least one cumulatively in the two years immediately before you apply
- you have owned and directly managed a business in Australia for the two years immediately before you apply
- the annual turnover for your Australian business in the 12 months immediately before you apply is at least AUD 300,000
- have the following ownership interests in the 12 months immediately before you apply:
- 51 per cent of a business with a turnover of less than AUD400 000 per year
- 30 per cent of a business with a turnover of AUD400 000 or more per year
- 10 per cent of a publicly listed company
- achieve at least two of the following three conditions:
- a net value of AUD 200,000 for your business assets
- a net value of AUD 600,000 for your business and personal assets
- your Australian business has employed at least two full-time employees for at least 12 months immediately before you apply. The employees must be Australian citizens or permanent residents and not be a member of your family
You must have submitted Business Activity Statements (BAS) to the Australian Taxation Office (ATO) for the two years immediately before you apply. Your business should not be acquired from a person/owner who was an applicant or holder of a subclass 888, 890, 891, 892 or 893 permanent visa.
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