188 – Australia Innovation and Investment visa (Permanent)

The applicant, and any additional family members included in the application may:

• reside in Australia indefinitely
• carry out unrestricted work in Australia
• commence education in any Australia’s high quality educational institutions
• apply for citizenship (when you are eligible)
• sponsor eligible relatives to join you in Australia
• enter and leave Australia for five years after the visa is granted

You must hold a valid passport at the time you apply for this visa. If your passport is renewed after applying, you should notify the Department of Home Affairs so they can update your details.

Please refer to the section dedicated to Australian visa fees and charges.

If you meet the criteria below you might be eligible to apply for the permanent Innovation and Investment visa:

• you hold an Innovation and Investment visa (subclass 188) and have satisfied the requirements of the stream you applied under, or
• you currently hold a Business (Long stay) visa (subclass 457IE) or Special Category visa (subclass 444), and
• you and/or your partner have not participated in unacceptable investment or business practices
• you and/or your partner have complied with Commonwealth laws, and the laws of the State and Territories where you have conducted business
• your Australian state or territory nomination is still valid
• all applicants, including family members not included in the applicant meet all the health and character requirements
• maintain your business and/or investment commitments in Australia

To qualify for permanent residence under the Business Innovation stream, you must have lived in Australia and held one of the following visas for a minimum of one year in the two years immediately before applying:

• an Innovation and Investment visa (subclass 188) in the Business Innovation or Business Innovation Extension stream
• a Special Category visa (subclass 444)
• a Business (Long Stay) visa (subclass 457IE)

Furthermore, you will have to prove ongoing involvement in your business. You must also satisfy certain financial criteria, and have a track record of hiring Australian employees.

The following defines ongoing business involvement.

You and/or your partner must be able to show that:

• you hold an ownership interest (and continue to do so) and are actively involved in managing the Australian based business for the two years immediately prior to applying
• your main business (or businesses) generated a minimum annual revenue of $300k AUD in the twelve months immediately before applying. If you live in, and operate your business in a specified regional area in Australia this condition may be waived by the nominating state or territory.
• In the twelve months before applying you have owned one of the following:
  • 51% share in a business with annual revenues less than $400K AUD
  • 30% share in a business with annual revenues in excess of $400K AUD
  • 10% share of a publicly listed company
• each business operated under an Australian Business Number (ABN)
• in the two years immediately prior to applying your submitted a Business Activity Statement (BAS) to the Australian Taxation Office (ATO)
• unless you had a joint interested in the business, ownership interest in your main business (or two main businesses) was not acquired from an applicant, or holder of the following:
  • a Business Innovation and Investment visa (subclass 888)
  • a Business Owner visa (subclass 890)
  • a Investor visa (subclass 891)
  • a State/Territory Sponsored Business Owner visa (subclass 892), or
  • a State/Territory Sponsored Investor visa (subclass 893)

You and/or your partner will need to provide evidence of at least two of the following:

• your primary nominated business (or two primary nominated businesses) had net assets in excess of $200k AUD in the twelve months before applying
• that you had mixed personal and businesses assets worth $600k AUD or more in Australia in the twelve months before applying
• that primary nominated business (or two primary nominated businesses) employed two or more full-time employees in the twelve months before applying who are either:
  • permanent residents in Australia
  • Australian citizens
  • holders of a valid New Zealand passport, or
  • not related to you

Applicants in the Investor stream are required to have been in Australian and held their provisional visa for a minimum of two in the four years immediately before applying.

Furthermore, you and/or your partner are required to have held a designated investment in any Australian state or territory for a minimum of four years.

Applicants for the permanent Innovation and Investment visa (subclass 888) under the Significant Investor stream are required to have held the provisional Innovation and Investment visa (subclass 188).

You may have held the provisional visa in either the Significant investor, or Significant Investor Extension stream.

Holders of the provisional Innovation and Investment visa (subclass 188) are required to have been in Australia:

• for 160 days in the past four years in the Significant Investor stream
• for 240 days in the past six years in the Significant Investor Extension stream (first extension)
• for 320 days in the past eight years in the Significant Investor Extension stream (second extension)

You and/or your partner must also have:

• continuously held complying investments for a minimum of four years whilst on the provisional subclass 188 visa
• operated a qualifying business under the private Australian company in which you have made a direct complying investment if applicable.

Applicants for this visa must meet certain health requirements, but not all are required to undergo a health examination. The Department of Home Affairs will specify whether the health examination is a requirement.

You must meet the character requirements to apply for the Business Innovation and Investment visa. This involves producing police clearance certificates in each of the countries where you have lived for longer than 12 months in the last 10 years.

With a permanent Innovation and Investment visa (subclass 888) you can manage your business and investments in Australia.

The applicant, and any additional visa holders may:

• reside in Australia indefinitely
• carry out unrestricted work in Australia
• study in any Australian educational institution
• apply for citizenship (when you are eligible)
• sponsor eligible family members to join you in Australia
• travel to and from Australia for five years after the visa is granted

You and any additional visa holders are expected to comply with your visa conditions and Australian laws.

If you are located abroad (outside Australia) at the time the visa is granted:

• you are required to enter Australia by the date specified by the Department of Immigration
• you will also be notified whether family members included in your application are restricted from marrying, or entering a de facto relationship before they enter Australia