(i) Innovation and Investment Visa:
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The Business Innovation and Investment (Permanent) visa (subclass 888) can be applied after the fulfillment of the criteria of the Business Innovation and Investment (Provisional) visa (subclass 188) and hence is the second stage of visa acquirement. The new Expression of Interest (EOI) needs to be submitted or an invitation letter for visa application. If you are seeking for the initial level fulfillment you should be nominated by a State or Territory government agency or Austrade on behalf of the Australian government. If you hold Provisional Business Innovation and Investment visa (subclass 188) you must have authentic proof to demonstrate that the government entity has not withdrawn the nomination by any chance, which had nominated you for the same visa.
There are two main streams on the basis of which the provisional visa is applied:
(A.)Business Innovation Stream: It requests to have a settled business in Australia which fulfills some fixed turnover conditions.
For the application of the Business Innovation stream, you must have been in Australia and acquired the following:
-> a Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream or the Business Innovation Extension stream
-> a Special Category visa (subclass 444)
For a minimum of one year in the two years immediately before you apply for the visa.
Also, you must be able to demonstrate proof of involvement in a current business satisfying the financial conditions and have offered employments to Australian citizens.
Requirements for Business Innovation Stream:-
-> You must have been residing in Australia for at least 1 of the 2 years prior to application.
-> Posses a business ownership interest in an Australian business for the last 2 years
-> Your business has an Australian Business Number (ABN) and has embedded all the necessary Business Activity Statements (BAS) for the last 2 years
-> Your business should meet the fixed turnover requirements i.e. minimum AUD 300,000 for the last 12 months. [The State or Territory Government has indicated exceptional circumstances if you are managing the business from a regional area.]
-> At least 2 out of 3 criteria must be met by you for the 12 months prior to application:
-> Net assets in the business of at least AUD 200,000
-> 2 full-time equivalent employees working in the business – these employees must not be relatives, and must be Australian permanent residents, citizens or NZ passport holders.
-> Net personal assets of at least AUD 600,000
(B.) Investor Stream: Have a grasped investment in Australia circumscription for 4 years.
-> If you are following the visa application process via Investor stream, you must be residing in Australia and hold a provisional visa acquired via Investor stream for at least two of the four years immediately before you apply.
->Further you along with your partner must have entitled investment with an Australian State or Territory government for at least 4 years.
If you have submitted the application for a provisional visa (subclass 188) in the Investor stream prior to 1 July 2015, you are eligible to apply for a subclass 888 visa after holding your provisional visa for 3 years and 11 months. If you applied for your provisional visa after 1 July 2015, you are needed to hold your provisional visa for at least 4 years prior to the subclass 888 visa application.
Requirements for Investor Stream:
Investor stream requires you to hold an Investment Stream Subclass 188 provisional visa, and meet the below-mentioned criteria:
-> You must be a resident of Australia for at least 2 of the last 4 years
-> Meet the investment condition of AUD 1.5 million dollars in Australian State or Territory Bonds for a continuous period of 4 years
With the right of Business Innovation and Investment (Permanent) visa (subclass 888) you manage your business and investments flawlessly in Australia.
Visa Subclass 888 is a permanent residence visa that acknowledges you and your family the following benefits:
-> Live in Australia forever
-> Study and work in Australia
-> Enlisted in Australia’s Medicare scheme for health-related care and expenses
-> Apply for Australian citizenship depending upon eligibility
-> Sponsor eligible relatives for permanent residence
-> Travel to and from Australia for five years from the date the visa is granted (after that time, you will need a resident return visa or another visa to return to Australia).