Business Innovation and Investment (Residence) (Sub-class 888) Visa—Perfect For Those Who Want To Settle Abroad
The good news for those business personals who wish to become Australian Permanent Residents is that if you apply for Business Innovation and Investment (Residence) (Sub-class 888) Visa, the chances are that you may get an easy entry to the country, as a permanent resident. And you will be eligible to enjoy similar rights and benefits as per Australian Citizens with certain restrictions.
It is the second phase of the Business Innovation and Investment (Provisional) Visa (Sub-class 188). It has two streams and they are as follow:
Business Innovation Stream—One must own a business and have a clear intention to establish a business in the country and actively participate in its operational activities.
To become eligible, you must meet the following requirements:
- You must be residing in the country for at least one year prior from the date you submit your application.
- You must have owned the business for the last two years.
- For the last two years, your business must have an ABN and must have lodged the Business Activity Statement (BAS).
- For the last one year your business must have an annual turnover of at least AUS $ 300,000, provided you do not fall under the exceptional category, such as own a business in a regional area and state and territorial authority indicates that they are working in an exceptional circumstances.
- For the last one year you must successfully meet two out of the three following criteria –
- Have a business net asset of at least AUS $ 200,000
- You must employ at least 02 full time Australian Permanent Resident or citizens as employees in the business.
- You must have a net asset of at least AUS $ 600,000.
Investor Stream Requirements
You must already posses an Investment Stream Subclass 188 Provisional Visa, and meet the following eligibility criteria:
- You must have been living in the country for not less than two years in the last four years.
- You must have invested not less than AUS $ 1.5 Million in a state or territory bonds for at least four years in continuation.
Certain benefits enjoyed by the visa holder are as follow:
- Freely manage your business activity in the country.
- Live and work in the country indefinitely.
- Pursue higher studies and easily access Medicare healthcare facilities.
- Apply for Australian Citizenship and passport once you have lived and worked in the country for at least four years.
- Sponsor close relatives for Australian Permanent Residency.
- Multiple entries to and from Down Under.
Business innovation and investment (Residence) (Sub-class 888) Visa also covers the applicant’s family members, i.e. spouse and children, below the age of 18. It means complete family can easily move to the ‘Land of Milk and Honey’. It is the safest way to move to the beautiful country. All you have to do is to prepare a splendid business plan and initiate the Australia immigration process.