Business Innovation and Investment Permanent Visa (Subclass 888)

On 14 May 2024, the Department of Home Affairs of the Australian Government announced the closure of all categories of 188 visas in July of the same year. Applicants who have already been approved for the 188 visas can still submit a subsequent application for an Australia 888 Permanent Residence Visa.

 

The Australia 888 Permanent Resident Visa is a visa for applicants who hold the Australia 188 visa (188A, 188B, 188C) to transfer to Permanent Residence when fulfilling the requirements.

 

 

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Below are the conditions for transferring 188A, 188B and 188C visas to Australia 888 permanent residence visas.

 

1. Own and operate a business in Australia for 2 years during the period of holding the 188 visa, with the turnover of the business reaching more than 300,000 Australian dollars one year before applying for permanent residence
2. Having lived in Australia for 1 year during the 2-year period of operating the business
3. In addition to the above requirements, 2 of the following 3 conditions must be met 1 year prior to application:
A) A$200,000 of company net assets;
B) A$600,000 of net personal AND company assets in total;
C) Employment of two full-time local employees.

*In addition, some states have specific requirements to be met.

1. Holding the 188B visa for at least 3 years before applying for permanent residence.
2. In possession of A$2.5 million in complying investment during the 188B visa period (before getting 888B approval).
3. A cumulative total of 2 years of residence by the main applicant/spouse in the nominating state within the 3-year period prior to the permanent residence application
4. Investment Compliance Requirements.
(a) At least 20% of the capital, i.e. not less than A$0.5M in Venture Capital and Development Private Equity (VCPE) funds;
(b) At least 30% of the capital, i.e. not less than A$0.75M, in Emerging Business;
(c) At least 50% of capital, i.e. not less than A$1.25M in Balancing Investment

1. Holding the 188C visa for at least 3 years before applying for permanent residence
2. In possession of A$5 million in complying investment during the 188C visa period (before getting 888C approval).
3. Residential requirements: (choose one)
While holding a 188C visa,
(a) The 188C main applicant must reside in Australia for an average of 40 days per year (cumulative).
(b) The spouse of the 188C main applicant must reside in Australia for an average of 180 days per year (cumulative).
4. Investment Compliance Requirements.
(a) At least 20% of the capital, i.e. not less than A$1M in Venture Capital and Development Private Equity (VCPE) funds;
(b) At least 20% of the capital, i.e. not less than A$1M in Venture Capital and Development Private Equity (VCPE) funds;
(c) At least 20% of the capital, i.e. not less than A$1M in Venture Capital and Development Private Equity (VCPE) funds;

Why should you choose John Hu Migration Consulting?

 

• We have 2 Registered Migration Agents to provide you with professional assessment. 
• Provide applicants with a wide range of industries to choose from in various regions of Australia based on their investment in Australian businesses.
•  Provide comprehensive business consultancy and support, including assist in investment plan writing, acquisitions, investments, accounting and taxation all in one stop.
• Over 20 years of experience in management and business consultancy, providing personalised professional guidance and satisfying experience to each 188A client.
• Over 10 years of experience in handling 188 investment visa applications for more than 100 individuals with different investment backgrounds.

Australia 888 Visa

Want to ensure a smooth process to obtain the ‘Australian 888 Permanent Residency Visa’? Contact us now for a ‘free 1-on-1 assessment’ with a registered Australia Migration Agent!