The Innovation and Investment Visa (Subclass 888) is a permanent visa that offers high-net-worth individuals the opportunity to invest and manage a business in Australia while gaining permanent residency. This visa is available to those who already hold a Business Innovation and Investment Visa (Subclass 188) and have met the requirements for permanent residency.
The Innovation and Investment Visa in Australia is divided into five streams: the Business Innovation stream, Investor stream, Significant Investor stream, Premium Investor stream, and Entrepreneur stream. Each stream has its own eligibility criteria and investment amounts.
This article will provide an overview of the Innovation and Investment Visa 888, its eligibility requirements, benefits, and how to apply for the visa. Whether you are a business owner or an investor looking to gain permanent residency in Australia, the Innovation and Investment Visa 888 offers an excellent opportunity to achieve your goals.
Here are ten things to know about the Innovation and Investment Visa 888:
Eligibility:
To be eligible for the Innovation and Investment Visa 888, you must have held a Business Innovation and Investment Visa (Subclass 188) for at least two years and meet the requirements for permanent residency.
The requirements for eligibility on the Innovation and Investment Visa 888 are quite stringent, but this visa is an excellent step towards permanent residency in Australia. Those who are able to meet these requirements will benefit from a number of advantages that this visa offers, including access to welfare payment options and the ability to join Australia’s skilled worker migration program.
This is an exciting investment opportunity for those who qualify and wish to take advantage of the many benefits living in Australia offers.
Streams:
The Innovation and Investment Visa 888 has five streams: the Business Innovation stream, Investor stream, Significant Investor stream, Premium Investor stream, and Entrepreneur stream.
Business Innovation Stream:
The Business Innovation Stream is for people who want to own and manage a new or existing business in Australia. You need to have a successful business career with business and investment activity and be able to demonstrate that your business is innovative and can create jobs in Australia with exceptional economic benefits.
Investor Stream:
The Investor Stream is for people who want to make a significant investment in an Australian state or territory. You need to have a net worth of at least AUD 2.25 million and have invested at least AUD 1.5 million in an Australian state or territory for at least four years.
Significant Investor Stream:
The Significant Investor Stream is for people who want to make a significant investment in Australia. You must have invested at least AUD 5 million in complying investments in Australia, including Australian securities, eligible managed funds, and direct investments in Australian companies.
Premium Investor Stream:
The Premium Investor Stream is for people who want to make a significant investment in Australia and have a net worth of at least AUD 15 million. You must have invested at least AUD 15 million in complying premium investments in Australia, including Australian securities, eligible managed funds, and direct investments in Australian companies.
Entrepreneur Stream:
The Entrepreneur Stream is for people who have a business idea or innovation that has the potential to create jobs in Australia. You need to have a funding agreement from a third party for at least AUD 200,000 to undertake the entrepreneurial activity in Australia.
Nomination:
To apply for the Innovation and Investment Visa 888, you need to be nominated by a state or territory government agency or Austrade on behalf of the Australian government.
Benefits:
One of the major benefits of obtaining the Innovation and Investment Visa 888 is that it grants you the permanency to remain in Australia, so you can take full advantage of everything the country offers. This includes access to Australia’s renowned education system that offers a range of courses and healthcare services that are renowned for their high standards.
Perhaps one of the most appealing elements, however, is having the ability to own and manage a business within the country. With an entrepreneur-friendly marketplace and no restrictions related to your actions with running a company, this is a great way to establish yourself in Australia.
Ultimately, these benefits make obtaining an Innovation and Investment Visa 888 an attractive option for those looking for opportunities Down Under.
Renewal:
The Innovation and Investment Visa 888 is a permanent visa that does not expire. However, you must meet certain requirements to renew the visa, such as continuing to own and manage a business in Australia or making a significant investment in Australia.
Conclusion
In conclusion, the Innovation and Investment Visa 888 in Australia provides an excellent opportunity for high-net-worth individuals who already hold a Business Innovation and Investment Visa (Subclass 188) and have met the requirements for permanent residency.
Each visa stream has different eligibility requirements and investment amounts, so choosing the right visa option for your needs is essential. By meeting the eligibility requirements, seeking professional advice, and applying for the Innovation and Investment Visa 888, you can gain permanent residency in Australia and continue investing and managing a business there.
Frequently Asked Questions
1. How much do I need to invest to get a business visa 888 in Australia?
Investing to obtain a business visa 888 in Australia involves a large financial commitment, depending on the investment type. Investors looking to secure this visa will often need to invest at least AUD$1.5 million in either state or territory government bonds or complying investments of their personal selection.
These conditions vary from state to state so it is important to research the individual requirements of each before making a decision. Fees and other costs associated with this visa may also vary depending on any additional investor qualities.
Ultimately, investing in Australia for a business visa 888 requires significant financial resources, requiring prospective investors to carefully weigh their options and ensure they have the finances necessary before applying for the visa.
2. Is subclass 888 a permanent visa?
The subclass 888 visa is often referred to as a permanent visa, and for good reason. It allows the holder to remain in Australia indefinitely and provides access a great many benefits, including working rights and access to health care.
However, the level of permanence conferred by this visa is not quite absolute; holders may be subject to travel restrictions or other conditions based on their residency status, with some having only five years of residence granted. Additionally, subclass 888 visa holders are not entitled to Australian citizenship unless they meet further criteria, such as being onshore and having held a Permanent Residency (PR) Visa.
All in all, while it can provide long-term security and flexibility, the subclass 888 visa should not be considered a perfectly permanent visa.
3. How long does it take to get Australia 888 visa?
The Australian 888 visa is often known as the ‘business talent’ visa and is designed to encourage entrepreneurs to migrate and bring new concepts or businesses to Australia. Individuals who are looking to make significant investments in a business or venture in the country can apply for this visa.
In order to be eligible, you must demonstrate that you have operational business expertise and the ability to invest AUD$1.5 million or AUD$750,000 if you intend to stay in a regional area of Australia. This process can take up to three months from application lodgement, with some cases taking longer, depending on individual circumstances.
