Subclass 888 - Business Innovation And Investment (Permanent) visa

Applicant        

At the time that you lodge your visa application, you must:

• be the primary holder of a subclass 188 Business Innovation & Investment visa in the Significant Investor Stream or the Significant Investor Extension stream, which you have held for at least the last four years

NOTES: If you applied for your subclass 188 Significant Investor stream visa prior to 1 July 2015, and you have not since held a subclass 188 Significant Investor Extension stream visa, you are eligible to apply for the subclass 888 visa after holding your visa for 3 years and 11 months.

You may be the secondary holder of this visa if you have ceased to be the spouse or de facto partner of the primary visa holder, or that person has since died.

• have been in Australia for 40 days per year (calculated cumulatively) for the period of time that you have held a subclass 188 visa in the Significant Investor and Significant Investor Extension streams. Alternatively, your spouse or de facto partner must have been in Australia for 180 days per year (calculated cumulatively)
• be nominated by an Australian State or Territory government agency, or by Austrade
• have a satisfactory record of complying with Australian laws, with no involvement in unacceptable investment activities (this also applies to your spouse/de facto partner)

Australian Investments

• If you applied for your most recent Significant Investor stream visa BEFORE 1 July 2015: you (or you and your spouse/de facto partner combined) must have continuously maintained your complying investment of AU$5 million in Australia for the life of your subclass 188 Significant Investor stream/Significant Investor Extension stream visa(s)

NOTE: A ‘complying investment’ includes Commonwealth, State or Territory government bonds; ASIC regulated managed funds with a mandate for investing in Australia; and direct investment into Australian proprietary companies in which you have an ownership interest.

• If you applied for your most recent Significant Investor stream visa AFTER 1 July 2015: you (or you and your spouse/de facto partner combined) must have continuously maintained your complying significant investment of AU$5 million in Australia for the life of your subclass 188 Significant Investor stream/Significant Investor Extension stream visa(s)

NOTE: A ‘complying significant investment’ must include: at least AU$500,000 invested in venture capital funds/growth private equity funds; at least AU$1.5 million invested in emerging companies; and a ‘balancing investment’ of up to AU$3 million that may include company securities, bonds or notes, real property, cash and derivatives.

• If any part of your complying investment (or complying significant investment) was a direct investment in an Australian proprietary company:
• where the period of direct investment was less than 2 years, the company must have been operated as a qualifying business during that entire period
• where the period of direct investment was 2 years or more, the company must have been operated as a qualifying business for at least 2 years

NOTE: A ‘qualifying business’ is operated for profit by providing goods and/or services to the public. It is not operated for speculative or passive investment.