BUSINESS INNOVATION AND INVESTMENT (RESIDENCE) VISA SUBCLASS 888
Officially known as Business Innovation and Investment (Permanent Residence) (Subclass 888) is a visa category, which is only applicable to those who are already having the visa under the Business Innovation and Investment (Provisional Visa) (Subclass 188).
This category is meant for those visa applicants who are first time applying for business class visa. However, the applicant has rights to freedom of owning or managing a new or existing business. But when you apply under this category, it does not mean you are eligible for permanent residence status. There is always a time limit of visa under this category of visa, after which the visa expires.
Permanent Resident Status:
This category was meant for those who already exist in Australia and want to continue their existing business. The permanent resident status permits them to stay indefinitely, once they are eligible under this category. Once the applicant is eligible under this category, the time limit of stay period is no more applicable and there are no visa expiry dates in this category.
Now let’s understand the eligibility criteria for applications under this class of visa. The applicant is not required to apply under this category through a new Expression of Interest, for availing the permanent resident status. Any invitation is also not required for being eligible under this business visa category. The only requirement is that you should have a nomination, either from the Australian State/Territory; or from Austrade.
Austrade, also known as Australian Trade Commission; plays a significant role in most of the Australian Visas, especially with the enhanced visa streams such as SIV (Significant Investor Visa) and PIV (Premium Investor Visa). The responsibility of Austrade is to make sure they help the State or Territory Government of Australia with nominations of potential candidates. Austrade is also responsible authority for the assessment of compliance with the investment framework design, by making sure that the objectives of this program are achieved within a stipulated period of time. Secondly, the applicant needs to prove by delivering an evidence to the Department of Immigration and Border Protection, that he is the holder of the Business Innovation and Investment (Provisional Visa) (Subclass 188) visa. The applicant also needs to submit documents which prove, that the concerned and authorized Government Department, which nominated the applicant for provisional visa, hasn’t withdrawn nomination in the past. You may also call the permanent residence visa, as the second stage of provisional visa under the Business Innovation and Investment category.
Finally, after having this visa the applicant gets a freedom to work without worrying about the duration of his/her stay. The primary requirements are listed above, but still there are many other requirements which need to be fulfilled, in order to be eligible for application under this visa category. For example eligibility criteria such as Health Requirements, Character Certificate (also known as Police Clearance Certificate), Debts to Australian Government, Biometrics, Stream of Applicant’s Provisional Visa, Evidence of Ongoing Business Involvement and so on.