The 888 (Business Innovation Stream) visa is a
permanent visa available for those who hold an 188 (Business Innovation Stream)
visa to apply after they have successfully owned and managed on daily basis the
main business in Australia for at least two years and met a range of
requirements pertaining to the primary visa applicant’s management role in the main
business, financial performance of the main business and net assets owned by
the primary visa applicant (or with spouse jointly) in Australia.
The Migration
Act 1958 and Migration Regulations
1994 have specific requirements on the primary applicant’s ownership
interest in a business which they intend to use for permanent residency
application.
It is defined in the Migration Act 1958 that ownership interest in relation to a
business means:
- an interest in the business as a shareholder in a company that carries on the business, or
- a partner in a partnership that carries on the business, or
- the sole proprietor of the business.
Further, ownership interest includes such an interest
held indirectly through one or more interposed companies, partnership or
trusts.
Migration
Regulations 1994 also stipulate total value of ownership interest in
the main business that the primary applicant (or with spouse) must have. In this regard, annual turnover of the main
business is relevant. In summary, the value
of the applicant’s ownership interest, or the total value of
the ownership interests of the applicant and the applicant’s spouse, in the business should be:
- at least 10% of the total value of the business if the business is operated by a publicly listed company; or
- at least 30% of the total value of the business if the business is a private business and its annual turnover is at least $400,000;
- at least 51% of the total value of the business if the business is a private business and its turnover is less than $400,000.
