The Business Innovation and Investment (Permanent) visa (subclass 888) is the pathway to permanent residency for successful holders of the provisional Business Innovation and Investment (subclass 188) visa.
Frequently Asked Questions
What is the Subclass 888 Visa?
The Business Innovation and Investment (Permanent) visa (subclass 888) is the pathway to permanent residency for successful holders of the provisional Business Innovation and Investment (subclass 188) visa. This visa allows you and your family to live, work, and study in Australia permanently, and is a key step for business owners, investors, and entrepreneurs seeking long-term opportunities in Australia.
Who is Eligible for the 888 Visa?
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To apply for the subclass 888 visa, you must:
- Hold a relevant stream of the subclass 188 visa (or, in some cases, a subclass 444 or 457 visa)
- Have met all requirements of your provisional visa stream
- Be nominated by an Australian State or Territory government agency or Austrade (for some streams)
- Demonstrate a genuine commitment to continuing your business or investment activities in Australia
- Comply with Australian laws and have a valid nomination at the time of application
Streams of the Subclass 888 Visa
1. Business Innovation Stream
For business owners who have successfully operated a business in Australia.
Requirements:
- Hold a subclass 188 Business Innovation stream visa (or eligible 444/457 visa)
- Own and manage a business in Australia for at least 2 years before applying
- Meet minimum business turnover (AUD $300,000) and asset requirements
- Create at least two full-time jobs for Australian citizens or permanent residents
- Demonstrate business growth or innovation
- Hold a valid State or Territory nomination
2. Investor Stream
For those who have made a designated investment in Australia.
Requirements:
- Hold a subclass 188 Investor stream visa
- Maintain a designated investment of at least AUD $2.5 million for the required period (usually 4 years)
- Reside in Australia for at least 2 of the 4 years before applying
- Hold a valid State or Territory nomination
3. Significant Investor Stream
For applicants who have made a significant investment in Australia.
Requirements:
- Hold a subclass 188 Significant Investor stream visa
- Maintain a complying investment of at least AUD $5 million for the duration of your provisional visa
- Meet residence requirements
- Hold a valid State or Territory nomination
4. Premium Investor Stream
For those who have made a premium investment in Australia.
Requirements:
- Hold a subclass 188 Premium Investor stream visa
- Maintain a complying premium investment of at least AUD $15 million for at least 1 year
- Be nominated by Austrade
5. Entrepreneur Stream
For entrepreneurs who have undertaken successful entrepreneurial activities in Australia.
Requirements:
- Hold a subclass 188 Entrepreneur stream visa
- Reside in Australia for at least 4 years while holding the provisional visa
- Demonstrate a successful record of entrepreneurial activity
- Hold a valid State or Territory nomination
Additional Information
- Role Swapping: In some streams, a secondary applicant (such as a spouse) can become the primary applicant for the 888 visa if they have taken the lead in business or investment activities
- Including Family Members: You can include eligible family members in your application
- Permanent Residency Benefits: The 888 visa grants you and your family permanent residency, with a pathway to Australian citizenship
How to Apply
- Ensure you meet the eligibility criteria for your stream
- Obtain nomination from a State or Territory government or Austrade
- Prepare supporting documents (business records, investment evidence, proof of residence, etc.)
- Lodge your application online via the Department of Home Affairs
Subclass 888 Visa State and Territory Nomination Requirements (Innovation Stream)
New South Wales (NSW)
- Minimum net assets of AUD $1.5 million (Sydney) or AUD $600,000 (Regional NSW) for the 12 months before applying
- Business assets of at least AUD $600,000 (Sydney) or AUD $200,000 (Regional NSW)
- Minimum investment of AUD $500,000 (Sydney) or AUD $300,000 (Regional NSW) into your business
- Create at least two new full-time equivalent jobs for Australian citizens, permanent residents, or eligible New Zealand citizens (not family members)
- Show at least a 10% increase in annual turnover or a 25% increase in business assets if purchasing an existing business
- Exemptions available for innovative businesses or those in Regional NSW target sectors
- Letter of release required if previously nominated by another state or territory
Queensland (QLD)
- Transfer a minimum of AUD $1.25 million to Queensland after your 188 visa grant (for EOIs after 1 July 2021)
- Invest at least AUD $400,000 in Greater Brisbane or Gold Coast, or AUD $300,000 in regional Queensland
- Must have lived in Queensland for at least one year
- Export businesses must export Queensland products/services
- General importing businesses accepted only if highly innovative or technologically advanced
- Property development businesses are not accepted
- Evidence of genuine commitment to Queensland required (e.g., property purchase, study, or additional investment)
Victoria (VIC)
- Meet Department of Home Affairs requirements and demonstrate business activity benefiting Victoria
- Operate a business that provides economic benefit to Victoria (e.g., job creation, export activity, investment in priority sectors)
- Reside in Victoria for at least one year prior to application
- Additional requirements may apply depending on business sector and regional location
South Australia (SA)
- Undertake a complying business activity in South Australia that meets the ‘benefit to state’ requirement
- Had your primary residence and business location in South Australia for a minimum of two years prior to your subclass 888 nomination application
- Investor Stream: Minimum AUD $2.5 million investment (AUD $3.75 million if over 55 years old) in a complying fund
- Significant Investor Stream: Minimum AUD $5 million investment in a complying fund
- Entrepreneur Stream: Continue to operate your business and meet nomination obligations
- Meet any special requirements set by South Australia
Western Australia (WA)
- At least AUD $600,000 in total net assets in WA, with at least AUD $200,000 as net business assets
- Submit a business proposal showing positive economic contribution to WA
- Export businesses must export WA products/services
- Property development cannot be undertaken in partnership with any other party and must involve at least three dwellings
- Investor Streams: Agree to reinvest complying investments into WA assets upon maturity
- No job creation requirement unless needed by the business activity
Tasmania (TAS)
- Operate a business that provides significant economic benefit to Tasmania
- Reside in Tasmania for at least one year prior to application
- Meet Department of Home Affairs requirements and any additional state-specific criteria
Australian Capital Territory (ACT)
- Meet the Department of Home Affairs criteria for Business Innovation and Investment visa
- Provide evidence that you have invested in the ACT and conducted business activity in accordance with the approved ACT business proposal
- Show that you have complied with your ACT nomination obligations to settle in Canberra as the holder of a subclass 188 visa
Northern Territory (NT)
- Operate a business that provides significant economic benefit to the NT
- The applicant continues to meet investment, business activity or entrepreneurial activity that they undertook to perform, or, any substantive change to investment, business activity or entrepreneurial activity has received approval by MigrationNT
- Meet Department of Home Affairs requirements and any NT-specific nomination criteria
Book a free 10 minute consultation with one of our expert immigration lawyers to discuss your options, eligibility and application process for the Business Innovation and Investment (Permanent) visa (subclass 888).
