Business Innovation and Investment visa Subclass 888

Business Innovation and Investment (Provisional) visa is for experienced business professionals who want to own and manage a business in Australia. This visa has about five streams:

• Business Innovation Stream:

Enterprising and experienced business professionals, who have the right business skills to establish, develop and manage a new or existing business in Australia can apply under this stream. It is important to be nominated by state or territory government in order to apply for this visa.

• Investor Stream:

Investors interested in investing in lucrative business investment of at least AUD 1.5 million in an Australian state or Territory can apply for this. The applicant must be nominated by state or territory government and must maintain business and investment activity in Australia can apply for this visa.

• Significant Investor Stream:

This is for Investors who are seeking to invest about AUD 5 million into significant investments in Australia and want to maintain business activity in Australia. The applicant must maintain the business and investment activity and must be nominated by a state or territory or Austrade on behalf of Australian government.

• Premium Investor Stream:

Established and Experienced Investors who want to invest at least AUD 15 million into premium business activity in Australia. Applicants must be nominated by Austrade on behalf of the Australian government and must maintain business and investment activity in Australia.

• Entrepreneur Stream:
  • Entrepreneurs who have funding agreements from third party of at least AUD 200 000 to undertake a complying entrepreneur activity in Australia.
  • The applicants must engage in either commercialization or product or services or in development of a business in Australia. It is important for applicants to be nominated by a state or territory government.

• Business Innovation and Investment visa under Subclass 888:

A business professional who already holds a visa under the Provisional Business Innovation and Investment visa (subclass 188) or a Special Category visa (Subclass 444) and now wants to continue the business and investment activity needs to apply for this visa. This visa allows applicants to apply for Permanent Residence.

• This visa allows business professionals to do following activities:
  • You can continue to own and manage a business in Australia under the Business Innovation stream.
  • You hold a visa under Significant Investor stream and want to continue business and investment activity.
  • You hold a visa under Entrepreneur stream and want to continue entrepreneurial activity in Australia.

Eligibility criteria for Business Innovation and Investment visa under Subclass 888:

General conditions for eligibility of a provisional Business Innovation and Investment visa are:

• You are a primary visa holder of a provisional Business Innovation and Investment visa(Subclass 188) and have met all of the prerequisites under Business Innovation and Investment visa in the stream in which you first applied;
• You are a secondary visa holder of a provisional Business Innovation and Investment visa (Subclass 188) holder in the investor or Business Innovation stream and can have met all of the pre-requisites of the permanent Business Innovation and Investment visa in the relevant stream; or
• You hold a special category visa under subclass 444 and have met the requirements of the business innovation stream,
• You must ensure that you and your partner have not been involved in any unacceptable business or investment activities.

Additionally, you and your partner should meet the following criteria:

• You and your partner have a satisfactory record of complying with Commonwealth laws, and of each state or territory in which you operate a business  
• You have been nominated by an Australian state or territory or by Austrade on behalf of the Australian government,

 Health and Character Requirement:

• You must ensure that you and all of you family members meet the health and character requirements. You and your family members need to undergo medical examination and provide medical certificate to ensure that they meet the health requirement in order to meet the criteria.

• You must meet certain character requirements. You must be prepared to provide a police certificate from each country you have lived in for 12 months or more during the past 10 years after your turned 16 years of age.

Debts to Australian Government:

 You must either you have no outstanding debts to the Australian Government or you have arranged to repay any outstanding debts to the Australian Government before this visa can be applied.

Biometrics: You have to provide biometrics sample for submitting the application. There are some countries that are exempted from this formality of providing biometrics samples.

Business Innovation Stream:

If you are applying for the Business Innovation stream, you must have been in Australia and you must either have a Business Innovation and Investment visa in the Business Innovation stream or the Business Innovation Extension Stream or a Special Category visa under Subclass 444.

• Ongoing business involvement: You and your partner had an ownership interest and a direct and continuous management role in an actively operating main business in Australia for two years immediately before you apply.

Documentation Checklist for Business Innovation and Investment visa under Subclass 888:

• Completed and Filled Application Form:

To apply for Business Innovation and Investment visa, you can submit an online application available on the official website of Australian Immigration Authority.

• You need to submit additional form for state or territory nomination:

It is a pre-requisite for you to be nominated by a state or territory in order to apply for PR visa through Business Innovation and Investment visa. You need to submit additional form 1414-Sate/Territory Business Skills Class for this.

• Pay online visa charges:

You can pay the visa application charges online after the complete application details have been submitted.

• Identification proof including both parent names:

A certified copy of your birth certificate clearly showing names of both the parents must be submitted as identification proof. In case you don’t have a birth certificate and cannot show any certified copy of identification pages you must show other certified proofs such as, family book showing parents, court-issued document, identification proof issued by government, etc.

• Passport Copies:

• Certified copies of your current passports or travel documents of all people included in your application and the issue/ expiry dates of passport
• Two recent passport sized photos and personal details of each person applying for this visa

• Name Change Document: If there is a name change or name of any applicant has changed please provide evidence to support name change.

• Education Qualification and Experience Related documents: While applying for any visa it’s very important to submit all the important documents related to educational qualification and professional work experience. You only need to submit certified copies of original documents unless specifically requested by Australian government for more such documents. You need to provide the following documents:
  • Academic transcript for your engineering qualification in the discipline that is arrived by Australian government listed above
  • Letter of completion for your qualification in the discipline of Engineering

Relationship Status Information:

• Certified copies of marriage certificates or relationship registrations for you and any other person included in your application is compulsory even if your partner may not be going to Australia with you.
• If you are living in a defacto relationship: independent evidence that you have been in the current relationship for at least 12 months. You need to provide related evidence for this.
• If you are widowed, divorced, or are permanently separated, submit a certified copy of the death certificate or, divorce documents.
• If your partner for any reason does not intend to come to Australia with you

Evidence for dependents of the applicants:

• Certified copies of birth certificates or the family book showing the names of both the parents of all your dependent children.

• You can submit birth certificate and proof of relationship, address proof that the dependent lives in your household as evidence of financial dependency for all of your family members aged between 18 or older (such as evidence of current studies). You can be asked to submit additional documents that the dependent members have been financially dependent on you for at least the 12 months immediately before you lodge your application.

Health and Character Information:

• Police verification of you and all the other people in your application is compulsory to prove that the applicants have clean criminal records.
• It is very important to have a Police verification of all the people included in the application. You need to provide an evidence that all the family members along with principal applicant have undergone Australian Federal Police National Police Check
• In case you or anyone in your family has worked with armed forces of any country, a certified scanned color copy of military service record or discharge paper is required.

English Language Ability:

• For each of the dependent family members aged 18 years or older when filing an application, you need to submit one of the following documents:
• If the dependent members of the family have functional English: You need to undertake English language evaluation tests, you need to submit results of specific English language test which is:

• International English Language Testing System (IELTS)
• Occupational English Test (OET)
• Test of English Language internet Based Test (TOEFL bit)
• Pearson Test English (PTE)
• Cambridge Advanced English (CAE)

• If they have less than functional English: You(Applicant) can pay second visa application charges and submit a statement then the dependent is eligible to go to Australia.

Professional Documents:

• Commitment to your Business and investment activity:
  • You need to submit a pages summary defining the purpose of your business or investment intention in the long term in Australia.
  • You need to submit an investigation report on the Australian business or investment operating environment you are interested to invest in.
  • You need to submit documentary proofs that your business has compliance with the laws of commonwealth, and of Australian state or territory in which you intend to operate business. In case, your business breaches the laws of commonwealth, and of the state or territory in which you intend to operate business.

Business Innovation Stream:

Business Documents:

You need to submit a document outlining your business career and intentions in Australia which needs to include:

• A statement defining your intentions of owning a business in Australia including size and duration of ownership.
• A summary of all the business activities that you intend to do in Australia.
• Your role in the management of your businesses throughout the 12 months before you apply
• You need to declare your net assets of your business throughout the 12 months before you apply.
• You need to submit summary of your turnover of your business throughout 12 months before you apply.
• You need to submit the details about the number of people employed by your business during the 12 months before you apply.
• A page showing organizational chart showing your position in business, staff attribution, management reporting lines, and functional roles and responsibilities
• Photos of previous help business premises and business activities undertaken with maximum of six months

Business Ownership:

If you want to apply for Permanent Residency through Business Innovation and Investment visa, you need following business ownership evidence such as:

• Evidence of the purchase of the Australian Business.
• Documents of partnership, trust or franchise agreements that were related to your previous business.
• You need to submit the following documents related to ownership:
• You must submit evidence of the issue, purchase or transfer of shares with details of date of ownership, in case the shares have been purchased or transferred you need to provide the evidence from the relevant state revenue office that stamp duty has been paid, or that shares have been registered with Australian Securities and Investment Commission.

Previously Holding Business Skills (permanent) Class EC visa or Business Skills (Residence) Class DF visa in Australia:

• If you have acquired the business ownership from another person who was an applicant for, or held, a business skills (Permanent) Class EC visa or Business Skills (Residence) Class DF visa at the time you acquired the business, provide evidence that you previously held business in joint ownership with at least one years of experience in this business immediately before applying for this visa.
• It is mandatory for you to provide a written declaration stating you have made good efforts to determine whether or not the previous owner of your business was an applicant or held

Management:

• It is important for you to provide a detailed description of your management role.
• You have to show that you have participated in the day to day management of the business for the two years immediately before you apply for this visa, you can submit the below list of documents such as:
  • You need to submit Business contracts or any other Business communications (letters, emails) documents.
  • You must provide Evidence of Business meetings that you have done in Australian offices or abroad.
  • You must submit Independent third-party business references who have previously worked with you or have been associated with you for any purpose.
  • You need to provide documents demonstrating responsibility areas like strategic management, recruitment, price structure, business profitability, or business expenditure.
  • A page showing organizational chart showing your position in business, staff attribution, management reporting lines, and functional roles and responsibilities

Taxation Related Documents:

• You need to provide the evidence of owning a business in Australia with a unique Australian business number (ABN) for each business that you own.

• Australian Trade Organization portal keeps track for business activity by recording Business Activity Statements for each business claimed. You need to provide BAS for each business claimed for each period in 2 years before you apply. You can submit evidence from Australian Taxation Office along with other supportive documents in case you don’t have the relevant BAS statements.
• You need to provide evidence of your personal taxation return and notices of assessment by the Australian Taxation offices for the two years before you apply.

Financial documents:

• You need to submit financial statements for your business – including balance sheet, profit and loss statement and notes associated with accounts.
• The financial statements must be signed by directors and the accountant. It should be prepared by an accountant to Australian Accounting Standards. The statements must cover the beginning and end of a 12 month period and it must end just three months before you apply.

Evidence of Employees (if Applicable):

• You need to provide employment related documents such as PAYG summaries, wage books, employee contracts, workers compensation, insurance, and super annotation documents to show you provided employment to at least two employees who are full time or part time employees with at least two full time employees. The employees must be employed for a 12 months period that ended less than 3 months before you applied for this visa.
• You also need to provide proof of evidence of residency or citizenship status of employees for the employment period.

Net Assets:

• You must provide documents to show your business and personal assets in Australia.
• You need to provide a one page summary defining your business and personal assets and liabilities for the beginning and end of a 12-month period which is the same period as covered by the financial statements and employee records provided for your business documents.
• You need to provide evidence of liabilities against each asset (for example mortgages, loans including unsecured and third party loans, and credit cards.

• For assets held by trust: You can submit a photocopy of trust deed

• For Cash Assets:

 For proof of cash asset, you can submit bank statements or term deposit certificates. All bank statements must have the same date of issue for each assessed point in time. 

• For real estate assets:

You need to provide evidence of ownership, valuation certificate by an accredited property value, mortgage documents if applicable.

• For Business net assets:

You need to provide ownership and value as outlined under ‘Business documents’. You need to include a cross-reference with:

1. For Personal or Business loans in Australia:

Loan agreements, loan statements indicating the amount borrowed and the repayment schedule, loans listed in the business balance sheet (for loans to or from a business).  

     2. For Stocks and Bonds:

Registered shares or bond registers, share or fixed interest securities or debentures certificates, transfer certificates can be submitted as evidence

Investor Stream:

• Designated Investment:

You need to submit evidence that you held a designated investment of AUD 1.5 million for at least four years. You need to submit written or emailed confirmation from the Treasury Corporation along with bank statements confirming about the repayment made, in case the investment has matured.

• Business or Investment record and history:

You need to provide an overview of your business or investment activities in Australia which is in addition to holding designated investment to current date. You also need to provide details on what future business activities you intend to do in order to expand your business.

• Residence Requirements:

You must provide evidence that you have lived in Australia as a Business Innovation and Investment (Provisional) visa holder under subclass 188 under the Investor stream for a total of at least two of the four years immediately before you apply for this visa.

Significant Investor Stream:

• If you are applying under the Significant Investor stream, you need to provide additional documents which have been listed in this section.
• Investment Documents: Complying investment or Complying Significant Investment: You need to provide evidence that you have continuously held a Business Innovation and Investment (Provisional) visa under subclass 188, while holding a complying investment or a complying significant investment of AUD 5 million.
• In case you have switched your complying investment or complying significant investment at any point during the period which you have held the subclass 188 visa you must provide evidence of transfer of funds between one complying investments.
• Business Documents: You would need to submit additional business related documents if you want to apply under the Significant Investor Stream:

• Business or Investment record and history:

You need to provide an overview of your business or investment activities in Australia which is in addition to holding designated investment to current date. You also need to provide details on what future business activities you intend to do in order to expand your business.

• Residence Requirements:

 You would need to provide residence evidence fulfilling the following conditions:

1. You must hold a visa under Business Innovation and Investment (Provisional) visa applied under the Significant Investor Stream for a total of at least 160 days in the four years immediately before you apply for visa.
2. Your spouse or de facto partner has lived in Australia while holding Business Innovation and Investment (Provisional) visa under subclass 188 holding for at least 720 days.

• If you don’t meet these criteria your visa can get cancelled.

Entrepreneur Stream:

• You need to provide an overview of your entrepreneur activities in Australia providing a short summary of your Australian entrepreneur activities.

• You need to provide an entrepreneurial activity which can be included but not limited to a combination of the following:
  • Number of people employed by your businesses during the 12 months before you apply, their citizenship or residency status and relationship to you, if you meet one of the following conditions:

• You need to provide the following evidences:
  • Evidence of annual turnover, sale of your business for AUD2 million, Awards or Recognition, Ongoing Entrepreneurial activities, details of any ongoing funding or investment in your entrepreneur activity including a copy of your funding agreement or a copy of your business plan.
  • Your business must have an annual turnover of at least AUD 3000 000 from the main business (or businesses) in the 12 months before you apply. A nominating state or territory might agree to waive the requirement criteria if you live and operate in a specified regional area.
  • You must have owned at least one of the following percentages of the main business in Australia in the year immediately before you apply:
  • Your 51% of a business has a turnover of less than AUD 4000 000 per year
  • Your 30% of a business has a turnover of AUD 4000 000 or more per year
  • You have ownership of at least 10% of a publicly listed company.

• If you have an operating Business in Australia you must have an ABN for each main business.

• If you have submitted Business Activity Statements to the Australian Taxation Office for the two years immediately before you apply.

• If you have not acquired the ownership in your business from a person who holds permanent Business Innovation and Investment visa (Subclass 888) unless you and that person had a joint interest in the main business for at least one year before you lodge the application.

• You and your partner must also demonstrate at least 2 of the following requirements:
  • The net value of business assets must be of at least AUD 2000 000 in your nominated main business.
  • The net value of personal and business assets of at least AUD 6000 000 in your nominated main business.
  • You must have employed at least two full-time employees in your main business throughout the year immediately before you apply. The employees must be Australian citizens, Australian permanent residents, or holders of valid New Zealand passports, and must not be members of your family.

Investor Stream:

• If you are applying for this visa in the Investor stream, you must have been in Australia and held your provisional visa in the investor stream, you must have been in Australia and held a provisional visa in the investor stream for at least two of the four years immediately before you apply.

• In addition, you must have held a designated investment with an Australian state or territory for at least four years.

• If you have applied for your provisional visa in the investor stream before 01 July 2015, you can apply for Subclass 888 visa after holding a provisional visa for 3 years and 11 months or if you applied after 01 July 2015 you need to hold the visa for at least 4 years.

• Additionally, you and your partner combined must have held complying investments continuously for at least for 4 years while holding your Business Innovation and Investment (Provisional) visa, subclass 188. You must have operated a qualifying business under the private Australian company in which you have the complying investment.

Premium Investor Stream:

• If you are applying for a permanent visa under Subclass 888 in the Premium Investor stream, it’s a pre-requisite you must have held a provisional visa under Subclass 188 in the Premium Investor stream at the time of application and be nominated by the Commonwealth government.

• You must have held your provisional visa under subclass 188 under Premium Investor Stream for a minimum of 1 year.

• You must have held these complying premium investments continuously for at least 1 year while holding your Business Innovation and Investment (Provisional) visa under (Subclass 188).

Entrepreneur Stream:

• If you are applying for this visa in the Entrepreneur Stream, you must have been in Australia and it is a pre-requisite of holding provisional visa in the Entrepreneur stream for at least two of the four years before you apply.

• Additionally there are some other evidence that you need to submit under this stream which is listed below:

Evidence of submitting a Successful record of Entrepreneurial activity:

• You have to prove that you have a successful track record of entrepreneurial activity and there are certain key factors under which you will be assessed such as:
  • You are employing two or more Australians, permanent residents or other eligible persons who are not family members.
  • Your Business is generating an annual revenue of AUD3000 000.
  • You have filed provisional patent or acquiring a standard or innovation patent you need to provide details about it.
  • You have received an ongoing funding or investment in Entrepreneur activity.
  • You must have entered into a partnership with a University.
  • You are having net sales of about AUD 2,000,000 during your entrepreneurial venture.

• Additional Success factors that determine your eligibility are:
  • You are going to diversify entrepreneurial activities into other business areas.
  • You have received a formal statement of your business success from a state or territory government nominator.
  • You must receive sponsorship from a reputed institute.
  • You must have received formal awards or recognition.
  • You must be contributing to social capital.

• The entrepreneurial experience in the following categories are not eligible to apply for Permanent Residency under this stream:
  • Residential real estate
  • Labor hire
  • Purchase of an existing enterprise or a franchise in Australia

Processing time for Business Innovation and Investment visa:

If you have submitted your visa application and are concerned with the amount of time it will take for your application to process, this section offers the information you need. According to Australian Immigration Department website, the average processing time for applications filed under Business Innovation and Investment visa is around 9-10 months. But, every case file is unique and requires a fair amount of time for its evaluation. You can track your application online on the department website to know the application status.

Obligations for Business Innovation and Investment visa under Subclass 888:

You need to provide valuable input into Australia economy, you need to obtain and maintain substantial ownership interest in a business in Australia. You must participate at senior level, in the day to day management and decision making of that business.

In the business, you are expected to meet one of the following conditions such as:

• You must build business links with international markets
• It’s important for you to Create or provide employment opportunities to Australians
• You must export Australian goods
• You help produce goods or services that would otherwise be imported
• You introduce new or improved technology to build Australian economy
• You add commercial activity and increase competitiveness within the Australian economy

• Investor Stream:

 You must maintain your designated investment, if you have applied under Investor stream for at least 4 years.

• Significant Investor Stream:

• You must hold complying investments continuously for the life of your provisional visa.
• You can switch between complying investments or between complying significant investments provided that the funds withdrawn are reinvested and sum withdraws is sum reinvested.

• Entrepreneur Stream:

• You must maintain ongoing relationship with your nominating state or territory government.
• The funding party must pay your entrepreneurial entity at least 10 percent of AUD 2000 000 within 12 months of the day you start the entrepreneurial activity.