‘PERMANENT VISA Subclass (888)
We quickly show you how you can apply for the Innovation and Investment (subclass 888) visa. As a permanent residence visa it provides indefinite stay for you and your eligible family and the entitlements you gain from residence in Australia.
This business visa is the second stage to gain Permanent Residency for the Business Innovation and Investment visa (subclass 188). It may be applied for after applicants have fulfilled the requirements of the provisional (Subclass 188) visa.
We work with you to prepare and compile the correct information and present this in the correct manner for your case when lodging. Once this Visa is granted you and any of your additional family members included in the application may:
- Continue to reside in Australia indefinitely
- Carry out unrestricted work in Australia
- Commence education and Study in any Australia’s high quality educational institutions for lower fees than international students
- Apply for Australian Citizenship and Passports (when you are eligible)
- Sponsor eligible relatives to join you in Australia Enter and leave Australia for five years after the visa is granted
What You Need To Know For The Business Innovation Stream:
We will work closely with you to explain the criteria and help you to compile evidence which meets the Legislative and Government policy objectives demonstrating your business activites have met and continued to meet the prescribed criteria.
We ensure that you appreciate and know the preferred way to demonstrate to the government the required criteria and to prove that you have built a successful business career.
We show you how to demonstrate the criteria of a “genuine and realistic” with continuing commitment to be involved as an owner in a new or existing business in Australia.
We explain and show you what we do to meet :
- The age requirements, and if you have a realistic chance of a state or territory waiving this requirement. If so we can guide you in providing evidence and written statements which show your proposed business will be of exceptional economic benefit to Australian state or territory that nominates you.
- The points you must gain and how to demonstrate meeting the criteria to be awarded the number points required and maximise your eligibility potential
- You and your financial advisor to demonstrate that out of the four fiscal years immediately before you are invited to apply, you have had held legitimate ownership interest in an established business or businesses that had the required AUD turnover in each of those years
- What percentage of your nominated main business you have been held according to the AUD turnover of that business
- Compiling evidence to demonstrate the requirements of Legislation and the Government Policy interpretations of that evidence, to clearly demonstrate how you have had an overall successful business career.
- Write the submissions to government department to show why you have a genuine desire to continuously own and maintain a management role in a business in Australia.
We show how you can nominate a professional, technical or trade service by providing the correct evidence that you spent no more than half your time providing those services, as opposed to general management of the business.
A Personal Business team Contact assigned to you will guide you through every step in your case relating to your individual circumstances for how to provide evidence required to be shown at the time of the invitation that you, your partner, or you and your partner combined must have total net assets of at least AUD800 000 that are lawfully acquired and available for legal transfer to Australia within two years of the visa being granted.
You and your partner must have had no involvement in unacceptable business or investment activities.
- THE SIGNIFICANT BUSINESS HISTORY STREAM
For business people who are owners or part owners of a business and have a genuine and realistic commitment to participate in the management of a new or existing business in Australia.
You, your partner, or you and your partner combined must have all of the following:
- Total net assets of at least AUD400,000 as the ownership interest in one or more qualifying businesses for least two of the four fiscal years immediately before you are invited to apply and if the qualifying business(es) was a publicly listed company, a shareholding of at least 10 per cent of the total issued capital
- Net business and personal assets of at least AUD1,500,000 that are legally acquired and can be transferred to Australia within two years after the visa is granted
- A total annual turnover of at least AUD3,000,000 in one or more of your main businesses in at least two of the four fiscal years immediately before you are invited to apply
- Ownership of at least:
- 51 per cent of a business with turnover of less than AUD400,000 per year
- 30 per cent of a business with turnover of more than AUD400,000 per year, or
- 10 per cent of a publicly listed company
- An overall successful business career
- No involvement in unacceptable business activities
- A genuine desire to own and maintain a management role in a business in Australia.
You must also be younger than 55 years of age, although Goodman Migration can advise if it may be possible for us to request the state or territory to waive this requirement if your proposed business will be of exceptional economic benefit to the region where it will operate.
- THE VENTURE CAPITAL ENTREPRENEUR STREAM
For migrant entrepreneurs who have sourced venture capital funding in Australia.
You must have received at least AUD1,000,000 in funding from an Australian venture capital firm.
The funding must be for the start-up, product commercialisation or business development of a promising high-value business idea.
The venture capital firm must be a member of the Australian Private Equity and Venture Capital Association Limited (AVCAL). AVCAL has information about the venture capital category of membership in its Venture Capital entrepreneur visa factsheet.
We will guide you and advise you how to enter into a mandatory formal agreement with the venture capital firm for the funding.