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Business Innovation SC888 (Permanent)

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Business migrants who hold subclass 188 visas can apply for the Business Innovation and Investment (Permanent) (subclass 888) in order to gain permanent residency. If you are in the Business Innovation stream, you must have been in Australia and held your provisional visa for at least two of the four years immediately before you apply.

You (or your partner, or you and your partner combined) must:

    • have had and continue to have a direct and continuous management role in a main business providing products or services (or two main businesses) in Australia for at least two years immediately before you apply
    • have had a turnover, in that main business providing products or services (or two main businesses), of at least AUD300 000 in the year immediately before you apply
    • own at least one of the following percentages of that main business (or two main businesses):
      • 51 per cent of a business with a turnover of less than AUD400 000 per annum, or
      • 30 per cent of a business with a turnover of more than AUD400 000 per annum, or
      • 10 per cent of a publicly-listed company not have acquired the ownership in your main business (or two main businesses) from a person who was an applicant for, or a holder of, a 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 your application for this visa.
      • you (or your partner, or you and your partner combined) must also meet two of the following criteria:
      • the net value of your assets in the main business (or two main businesses) in Australia is at least AUD200 000 throughout the year immediately before you apply
      • the net value of your personal and business assets in Australia has been at least AUD600 000 throughout the year immediately before you apply you employed, in your main business (or two main businesses), throughout the year immediately before you apply, at least the equivalent of two full-time employees who are: Australian citizens, or Australian permanent residents, or New Zealand passport holders, and not your family members