Everything You Need to Know About the Business Innovation and Investment Visa 888 and 188

What are the business innovation and investment visa 888, and how does it work? This visa allows foreign investors who have made substantial investments in Australia to apply for permanent residency after two years in the country. As long as you are still working in the same position you were when you applied for the visa, it will be granted to you and your family.

If this sounds like something that would interest you, here is all the information you need to know about it below!

Introduction of Visa 888 and Visa 188

The Business Innovation and Investment visa 888 is a permanent residency visa for business people who want to live and work in Australia. This visa lets you establish or develop a new or existing business in Australia.

The Business Innovation and Investment visa 888 has three streams:

1. 1.The Investor stream
2. 2.The Entrepreneur stream, and
3. 3.The Significant Investor stream.

Eligibility Criteria of Visa 888 and Visa 188

The business innovation and investment visa 888 is a permanent residence visa for business people who want to establish, develop or invest in a business in Australia.

• To be eligible for this visa, you must first have been nominated by a state or territory government.
• You must meet the points test requirement of 65 points.
• You must have had an ownership interest in an Australian business for at least 12 months out of the last 24 months before application.
• Next, you must demonstrate that you can invest substantially in establishing, developing, or investing in an Australian business.
• Various other criteria need to be met, such as not being bankrupt, good character, etc.
• The applicants with higher English skills will rank higher on the list due to increased employment opportunities but still need help with their visas as they are not exempt from all requirements.

Steps in the application process

1. 1.Prospective applicants must first submit an expression of interest (EOI) through the Department of Home Affairs Skillselect system.
2. 2.Applicants with the highest points scores will be invited to apply for the visa.
3. 3.The next step is to lodge a complete application with the Department of Home Affairs, including all required documentation.
4. 4.Once the application has been lodged, it will be assessed by departmental staff.
5. 5.Successful applicants will receive a grant notice confirming their approved visa subclass and the conditions on which they have been granted the visa subclass.

There are different subclasses of this visa:

The Entrepreneur Subclass 887 includes entrepreneur category visas and business innovation visas, while the Business Innovation and Investment visa 188 includes Significant Investor Visas and Premium Investor Visas.

A person can only hold one Business Innovation and Investment Visa at anytime. Still, if a person applies for both categories of visas simultaneously, they can become eligible for both visas.

How long does it take to apply for visa application

The Business Innovation and Investment visa 888 is a permanent residency visa for business owners and investors who want to live and work in Australia. The application process can take up to 12 months, but it's worth it if you want to live and work in this beautiful country.

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