Immigration Law | Subclass 888 with a Sydney-based Immigration Agent
Immigration lawyers explain Subclass 888
If you are a subclass 188 holder business owner who wants to be able to continue managing your business and investments in Australia on a permanent basis, then it is time to take things to the next level. Get in touch with your Sydney-based Immigration agent to help you start working on the second stage of the temporary Business Innovation and Investment visa.
What is Subclass 888
The subclass 888 is a permanent visa that would allow you to stay in Australia indefinitely. This also gives you access to unrestricted rights to work and study in Australia, and it also allows you to apply for a citizenship in Australia once you are considered as eligible.
Since the temporary subclass 188 visa is the first stage to a permanent visa, you must first meet the requirements for this subclass. Then you should also be nominated by an Australian state, territory or by Austrade and hold a realistic commitment to maintaining business or investment activities in Australia.
If you are a holder of the subclass 444 or the special category, then you may also apply for the subclass 888. Your immigration agent in Sydney will advise you of your options once you have given them all the necessary details.
Business Innovation Stream (BIS)
You need to be a holder of the provisional 188 visas under the equivalent stream or the special category subclass 444 visas for at least one year which is within the two years immediately before your application.
Since the subclass 888 is meant for business owners, the applicant must be able to prove that they are involved in an ongoing business, that they have met certain financial requirements, and that they have a history of employing Australian workers.
For an applicant to be able to establish their ongoing business involvement, then the applicant will need to:
Have ownership interest and held a direct and continuous management role in an actively operating business for at least two years immediately prior to applying for the subclass 888 visa
Show an annual turnover of at least AUD300,000 in the 12 months preceding application, obtain an Australia Business Number. A Sydney-based immigration agent can help you make sure that you have all the documents you need for your application.
Have submitted Business Activity Statements to the Australian Taxation Office for the past 2 years
Have a net value of business assets of at least AUD200,000 for the previous year
Have a net value of personal and business assets of at least AUD600,000 in Australia for the previous year and employ at least two full-time Australian Citizen or Australian Permanent Resident employees.
Investor Stream (IS)
If you wish to apply for the Investor stream of subclass 888, you must be a holder of the Investor Stream 188 visa for at least two of the four years before applying. You must the designated Australian investment for at least four years.
Significant Investor Stream (SIS)
Applying for the Significant Investor stream subclass 888 would require you, as an applicant, to be a holder of the Significant Investor Stream 188 Visa and complied with all conditions of the temporary visa.
You would need to have stayed at least 40 days per year for the duration in which the temporary visa is valid. You must be a holder of complying investments for at least 4 years while on the 188 visas and operated a qualifying business under a private Australian company in which there was a direct investment. If you have not met these requirements, your immigration agent in Sydney will let you know so you can do the necessary preparations.
Premium Investor Stream (PIS)
For you to be able to apply for the Premium Investor Stream of the 888, you must be nominated by the Commonwealth Government. You also need to be a holder of the provisional 188 visas for at least 1 year and this has to include the time of application.
You also need to have been complying for premium investments continuously for at least 1 year or for the entire time you have held your Business Innovation and Investment subclass 188 visas.
Entrepreneur Stream (ES)
Amongst all the streams of subclass 888, the Entrepreneur Stream has the most requirement. First and foremost, you would need to be a holder of the temporary 188 entrepreneur stream visa for at least two years within the last 4 years prior to submitting the application. You would also have been able to stay in Australia within that period of time. Your immigration agent in Sydney can only help you with the process and the documents, but requirements relating to a duration of your stay or visit is a criterion that is out of your agent’s control.
The applicant would be required to:
Be able to prove the entrepreneurial activities undertaken in Australia and have a successful record associated with said activates by demonstrating two of the following:
engaging in the employment of two or more Australian Citizens or Permanent Residents
having an annual turnover of AUD300,000
filing a provisional patent or acquiring a standard or innovation patent
entering into a partnership with a university or selling an entrepreneurial venture for AUD200,000.
Should the applicant be unable to show two of the abovementioned outcomes they can have fulfilled one of these outcomes if they can show that they have achieved three of the following:
the applicant has been able to diversify their entrepreneurial activities into other business areas
receive a statement of success from a State or Territory Government
receive sponsorship from the corporate sector
start at least one other business or contribute to at least two other businesses
receive formal awards or recognition or raising or contributing to social capital.
Other Subclass 888 Immigration Requirements
Much like the other visa applications, the subclass 888 has health, character and debt requirements.
For the health requirements, the applicant may be required to undergo some medical examinations. However, since most applicants would have accomplished this from applying to the subclass 188 visa, they may not be required to complete them again.
For the Character requirement, the DIBP may require the applicant to submit police clearances from every country that the Applicant has lived in for 12 months or more during the previous 10 years.
For the debt requirement, it is a given that having an unpaid debt to the Australian government can significantly affect your chances of being approved.
You must ensure that you have no outstanding debt or at least have a payment plan in place prior to the visa being granted. Should you need any special arrangements, let your immigration agent in Sydney know so they can advise you accordingly.