Business innovation and investment{Permanent} Visa{Subclass888}

The second stage visa for your permanent residency has obligations and eligibility to match as well


In the article before this we discussed about the Subcalass{188} visa and now lets talk about the Business innovation and investment{Permanent} Visa{Subclass888} 

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The following are the prerequisits to apply for this visa

  • Should be resident atleast 1 year out of the 2 years  prior to applying for this visa

  • Main business should not have been acquired from any other 888/891/892/893 visa holder and should have ownership interest in 1 or more main businesses in Australia

  • Needs to be actively involved in the management of the main business 

  • Annual turnover atleast $300,000 from the main business in the year before application. Timely submission of Business Activity Statement{BAS} to Australian Tax Office{ATO}  in the 2 years before application.

  • Meet 2 out of the 3 requirements 

  • Net value atleast $200,000 for upto 2 businesses  before the application 

  • Net value of personal and business  assets of atleast $600,000 in Australia in the year before the application is made

  • Employed atleast 2 full time employee in the main business throughout the year who are Australian PR, Permanent residents or eligible New Zealand citizens 

  • Genuine desire to continue and grow the business with no involvement in unacceptable business or investment activities 


Applicant 

The  applicant can either be the main applicant or the secondary holder. But must fulfill all requirements.

Residence 

The applicant must have resided in Australia at east 1 year prior to lodging the application. The time can be collected cumulatively in the 2 years. Time counted is as a 188 visa holder.

Main business 

The application must hold ownership interest as follows 

Atleast 51% if the business has turnover of less than AUD$400,000 a year

Atleast 30% if the business has turnover of more than AUD$400,000 a year

Atleast 10% if its a publicly listed company 


Ownership and role

The applicant must have maintained consistent involvement in the buisness through the 2 years before applying for the permanent residency. Ownership must be in 1 or 2 actively operating businesses through the 2 years before the time of the lodgment of Subclass{888} as well.

Employees

The business should have employed no less than 2 Australian Citizens, permanent residents or eligible New Zealand citizens for the equivalent of 2 years full time. If the employees are not full time the hours will be pro rated, this means that if there are 2 employees working part time for a year that will be equal to  1 year of full time work.

Business and personal assets 

Business and personal assets of the primary applicant and/or the partner amount to be net value of at-least AUD$600,000 in the year before the application is made.

If you have any questions, feel free to contact us