Business Innovation Stream Criteria
A future applicant for the 888 Business Innovation and Investment Visa should ensure that he/she will be eligible to apply for the visa.
- Primary holder – Business Innovation and Investment (subclass 188) visa
- In Australia (1 of 2 years )
- Ongoing business involvement (2 years)
- Annual turnover – AUD 300K
- Own either:
- 51 % of the business – turnover < AUD400K per annum
- 30 % of business – turnover > AUD400 K per annum
- 10 % of a publicly-listed company
- Business Activity (TAX) Statements
- Not acquired ownership from a previous applicant of the permanent Business Innovation and Investment visa (subclass 888) or a permanent business skills visa (in subclasses 890,891,892 or 893)
- Net assets – AUD 200K
- Net Personal and Business assets in Australia – AUD 600K
- 2 full-time employees (Australian citizens, Australian permanent residents, or New Zealand passport holders, not family)
Our business advisors can help evaluate your circumstance around these criteria and let you know if you have the capacity to apply for the visa.
Provisional business visa holders seeking State Nomination for an 888 Business Innovation and Investment Visa must have implemented their original business proposal or an amended business proposal approved by the Business Migration Centre.
Our business advisers can assist you in formulating this proposal to adhere to Australian standards and the economic conditions in Australia.
Applying for the Permanent Visa
A significant step in the process includes the submission of relevant legal, financial and organisational documents.
- Summary of business activities and assets in Australia
- Ownership interest
- Australian business activities
- Management role (2 years)
- Net assets of your business(es) (12 months)
- Turnover (12 months)
- Number of employees (12 months)
- Net assets in Australia
- Purchase of the business
- partnership, trust or franchise agreements
- Issue, purchase or transfer of shares
- Day to day management (2 years), including:
- Business contracts
- Business communications (letters, emails)
- Business meetings
- Independent third-party business references
- Strategic management, recruitment, price structure, business profitability, expenditure.
- Decision making.
- Organisational chart
- ATO Portal lodged Business Activity Statement (BAS)
- Personal taxation returns and notices of assessment by the ATO (2 years)
- Financial statements, including:
- Balance sheet
- Profit and loss statement
- Notes to the accounts
- Signed by directors and the accountant
- Prepared by an accountant to Australian Accounting Standards
- Cover the beginning and end of a 12-month period ending no more than three months prior to date of application
- 2 or more full-time employees
- 12 month period ending no more than three months prior to the date of application.
- Australian residence or citizens
- Organisational chart