Subclass 888 — Business Innovation and Investment (Permanent) — immi.wiki

The Subclass 888 Business Innovation and Investment (Permanent) visa is the permanent residence visa for holders of the Subclass 188 provisional visa who have fulfilled the requirements of their stream during the provisional period. The Subclass 888 grants permanent residence with no obligations to maintain business activity after grant.

Requirements depend on the stream of the Subclass 188 held. Generally:

• Business Innovation stream: must have held and operated a main business in Australia for at least 2 years of the 4-year provisional visa period; turnover requirements; net business and personal assets of at least AUD 1 million
• Investor stream: must have held the designated investments for the required period
• Significant Investor stream: must have maintained the CSIs (AUD 5 million) for 4 years; must have had 40 hours per month of engagement with Australian business activities during the provisional period
• All streams: health and character requirements at grant

Subclass 888 applications are lodged via ImmiAccount before or after the Subclass 188 expires. Supporting documents include financial statements of the business, tax returns, investment records, and employment evidence.

The Subclass 888 is a permanent residence visa. After grant, the holder has unlimited work rights and is not required to maintain any business or investment activity. Standard 5-year travel facility applies from grant date.