Business Innovation, Investment and Business Talent, Entrepreneur Streams
Subclass 888

WHO IS ELIGIBLE FOR THIS VISA?

• You are the primary or secondary visa holder (partner) of a provisional Business Innovation or Investment visa (subclass 188), which are:
  • Business Innovation Stream – Subclass 188
  • Investor Stream – Subclass 188
  • Significant Investor Stream- Subclass 188
  • Business Talent – Entrepreneur subclass 188
• Have met all the requirements of your provisional Business Innovation and Investment visa in the stream in which you first applied.
• Hold a current nomination by a state or territory government.

1. For 188 Business Innovation Stream Visa holders:

In the 2 years immediately before you apply, you must have:

• Owned and continue to have an ownership interest in up to 2 businesses in Australia;
• Had a direct and continuous management role in that business or businesses;
• Your main business has an Australian Business Number (ABN) and you have submitted Business Activity Statement (BAS) regularly to the Australian Taxation Office in the last two years

For the 24 months immediately before you apply you must own at least:

• 51% of the total value of a business with a turnover of less than $400,000 or
• 30% of the total value of a business with a turnover of $400,000 or more per year, or
• 10% of the total value of a business that is operated by a public company.

• Your main business or businesses (or the businesses of your spouse or de facto partner, or of you and your spouse or de facto partner together) had an annual turnover of at least AUD300,000 in the last 12 months immediately before the application is made.;
• You or your partner (or you and your partner together) must also have achieved at least 2 of the following 3 business requirements for the last 12 months prior to lodging the application:
  • main business (or businesses) has net business assets of at least AUD 200,000 in Australia continuously
  • Held net personal and business assets of at least AUD 600,000 in Australia
  • Have employed two full-time employees, who are Australian citizens, permanent residents, or eligible NZ citizens, in your main business.

• You must have been physically present in Australia for at least 1 year in the 2 years immediately before you apply.

2. For 188 Investor Stream Visa holder:

You must hold a current State or Territory Nomination

• You, or your spouse or de-facto, must have been in Australia and held an Investment (Provisional) visa 188 for at least 2 of the 4 years. This does not need to have been continuous stay;
• You must have maintained your designated investment of AUD1,500,000 with an Australian State or Territory for at least 4 years. This must be held in your own name, or in the names of yourself and your spouse or defacto partner together.

3. For 188 Significant Investor Stream Visa holders:

• You must be the primary holder of a subclass 188 visa in the Significant Investor stream Visa for a continuous period of at least four years;
• This visa was granted when you were the spouse or de-facto partner of a person who was the primary applicant and that relationship has ceased or the primary holder has died;
• You must hold a current State or Territory Nomination or from Austrade;
• You must have held your AUD5,000,000 in complying investments over the 4 years;
• You must have been in Australia on Significant Investor stream Visa for a minimum of 160 days, or the equivalent of 40 days per year the visa was held.
• Alternatively, if your spouse or de facto partner is the main applicant they must have been in Australia on a Business 188 visa, granted on the basis that you held a subclass 188 visa in the Significant Investor stream or the Significant Investor Extension stream, for at least the number of days worked out by adding the results of paragraphs (a) and (b) as follows:

(a) 180 multiplied by the number of complete years in the period in which you held a subclass 188 visa in the Significant Investor Stream, and

(b) 180 multiplied by the number of years (if any) (treating a part of a year as one year) in which you held a subclass 188 visa in the Significant Investor Extension stream.

For 188 Entrepreneur Stream Visa Holders:

This Visa lets people who have held a BIIP visa in the Entrepreneur stream, stay permanently.

• Hold a current nomination by a state or territory government.

You will need to show either:

• 2 key success factors
• 1 key success factor and 3 supporting success factors;

Key success factors include:

• Employing 2 or more Australians. Permanent residents or eligible NZ citizens;
• Generating an annual turnover of at least AUD300,000
• Filing a provisional patent or acquiring a standard or innovation patent
• Receiving ongoing funding or investment in your entrepreneurial activity
• Entering into a partnership with a university;
• Selling an entrepreneur venture for AUD2 million

Supporting success factors can include:

• Adapting your entrepreneurial activities into other business areas;
• Receiving a statement of success from a state or territory government nominator;
• Receiving sponsorship from the corporate sector;
• Starting at least 1 other business or contributing to at least 2 other businesses;
• Receiving formal awards or recognition;
• Raising or contributing to social capital

Entrepreneurial activities in Australia can’t be:

1. Residential real estate;
2. Labour hire
3. Buying an existing enterprise or franchise.

• • You must have resided in Australia for at least 2 years of the 4 years that you have held the provisional visa.