Professional Australian and New Zealand immigration advice
 
     
Ranika Melal Parseh
 
Your Dream, Our Business

Professional Australian Immigration Advice

             
RanikaMelalParseh Immigration Advice Agency
Providing immigration advice regarding preparing theapplications for permanent and temporary Australian and New Zealand visas for revered applicants by registered Australian migration agent with respect to the latest applied immigration laws and regulations
 
Business Innovation and Investment

The following visa subclasses are applicable under certain conditions explained below:

 

Business Innovation and Investment (Permanent) visa (subclass 888)

This visa allows you to:
•    continue to own and manage a business in Australia (the Business Innovation stream)
continue business and investment activity in Australia (the Investor stream and the Significant Investor stream).

The Business Innovation and Investment (Permanent) visa (subclass 888) is the second stage of the Business Innovation and Investment (Provisional) visa (subclass 188). You can apply for it after you have fulfilled the requirements of your provisional visa.
You do not need to submit a new Expression of Interest or be invited to apply for this visa. You need to be nominated by a state or territory government agency if you are seeking to satisfy the primary criteria.

Requirements
You might be able to get this visa if you:
•    hold a provisional Business Innovation and Investment visa (subclass 188)
•    have met the requirements of that visa in the stream in which you first applied
are nominated by a state or territory.

This is a permanent residence visa. It allows you and any family members who have also been granted this visa to:
•    stay in Australia indefinitely
•    work and study in Australia
•    enrol in Medicare, Australia's scheme for health-related care and expenses
•    apply for Australian citizenship (if you are eligible)
•    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).

Business Innovation stream
If you are applying for the Business Innovation stream, you must have been in Australia and held:
•    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)
•    a Business (Long Stay) visa (subclass 457)
for at least one year in the two years immediately before you apply.
In addition, you must be able to show ongoing business involvement, meet certain financial requirements, and have a history of employing Australian workers.
Ongoing business involvement
You must be able to show that you (or your partner, or you and your partner together) have:
•    had an ownership interest and a direct and continuous management role in an actively operating main business (or main businesses) in Australia that had an annual turnover of at least AUD300,000 for the two years immediately before you apply
•    owned at least one of the following percentages of the main business (or main businesses) in Australia in the year immediately before you apply:
o    51 per cent of a business with a turnover of less than AUD400,000 per year
o    30 per cent of a business with a turnover of AUD400,000 or more per year
o    10 per cent of a publicly listed company
•    obtained an Australian Business Number for each of your main businesses
•    submitted Business Activity Statements to the Australian Taxation Office for the two years immediately before you apply
•    not acquired the ownership in your main business (or two main businesses) from a person who was an applicant for, or a holder of, a permanent Business Innovation and Investment visa (subclass 888) or a permanent business skills visa (in subclasses 890, 891, 892 or 893), unless you and that person had a joint interest in the main business for at least one year before you lodge your application for this visa.
You must also demonstrate that you have acheived at least two of the following requirements:
•    a net value of business assets of at least AUD200,000 in your nominated main business (or two main businesses) in Australia throughout the year immediately before you apply
•    a net value of personal and business assets of at least AUD600,000 in Australia throughout the year immediately before you apply
•    employed at least the equivalent of two full-time employees in your main business (or main businesses), throughout the year immediately before you apply who are:
o    Australian citizens, Australian permanent residents, or holders of valid New Zealand passports
o    not your family members.

Investor stream
If you are applying for this visa in the Investor stream, you must have been in Australia and held your provisional visa for at least two of the four years immediately before you apply.
In addition, you (or your partner, or you and your partner combined) must:
•    held a designated investment with an Australian state or territory for at least four years
•    a satisfactory record of complying with Australian laws, including those relating to taxation, superannuation, workplace relations and other laws relevant to your business
•    not been involved in unacceptable business or investment activities
•    a realistic commitment to maintain your business or investment activity in Australia.

Significant Investor stream
If you are applying for a permanent visa (subclass 888) in the Significant Investor stream, you must have held at the time of application:
•    a provisional visa (subclass 188) in the Significant Investor stream or in the Significant Investor Extension stream.
You must have been in Australia as the holder of a provisional visa (subclass 188):
•    in the Significant Investor stream—160 days in the past four years
•    in the Significant Investor Extension stream (one extension) —240 days in the past six years
•    in the Significant Investor Extension stream (two extensions) —320 days in the past eight years.
In addition, you (or your partner, or you and your partner combined) must have:
•    held the complying investments continuously for at least 4 years while holding your Business Innovation and Investment (Provisional) visa (subclass 188).
•    a satisfactory record of complying with Australian laws, including those relating to taxation, superannuation, workplace relations and other laws relevant to your business
•    not been involved in unacceptable business or investment activities
•    operated a qualifying business under the private Australian company in which you have made a direct complying investment
•    a realistic commitment to maintain your business or investment activity in Australia.

 

Please contact us for further information about this visa.