Business Skills Visa 888 for Entrepreneurs – How much your ownership interest in the main business must be

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.

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888 VISA - Business Innovation and Investment Visa (Permanent)

This visa is the second stage of the Business Innovation and Investment (subclass 188) visa.

You can apply for this 888 permanent visa after holding the 188 provisional visa either for 2 years in the Business Innovation Stream or 4 years in the Investor Stream and you have met all prescribed criteria.

Basic Requirements:

• be the primary holder of a provisional 188 Business Innovation and Investment visa  
• be nominated by an Australian state or territory.
• Business Innovation Stream requires you to have established a business in Australia which meets certain asset and turnover requirements
• Investor Stream requires you to have held an investment in Australian bonds for 4 years

Business Innovation stream

If you are in the Business Innovation stream, you must have been in Australia and held your 188 provisional visa for at least 1 year in the 2 years immediately before you apply.

In addition, 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 (or two main businesses) in Australia for at least two years immediately before you apply
• have had a turnover, in that main business (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
• 30 per cent of a business with a turnover of more than AUD400 000 per annum
• 10 per cent of a publicly-listed company
• have obtained Australian Business Numbers for each of the relevant businesses
• have submitted all relevant Business Activity Statements to the Australian Taxation Office
• have not acquired the ownership in your main business (or two main businesses) from a person who was a 188/888 visa applicant themselves, 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.
• Meet the required net value of assets and history of employment by meeting 2 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
• your business employed, throughout the year immediately before you apply, at least the equivalent of 2 full-time employees who are Australian citizens, Australian permanent residents, or New Zealand passport holders and not your family members.

Investor stream

If you are applying for this visa in the Investor stream, you must have been in Australia and held your provisional visa for at least two of the four years immediately before you apply.

In addition, you (or your partner, or you and your partner combined) must have:

• held a designated investment with an Australian state or territory for at least four years
• a satisfactory record of complying with Australian laws, including those relating to taxation, superannuation, workplace relations and other laws relevant to your business
• not been involved in unacceptable business or investment activities
• a strong commitment to continue your business and investment activity in Australia.

Benefits of the 888 Business Innovation and Investment Visa (Permanent)

888 visa is a permanent visa which allow you and your immediate family members (such as a partner and dependent children) included on the application to live, work and study in Australia. 

 

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Significant Investor Visa (SIV) (subclass 888) changes - 1 July 2015

Eligibility for the permanent SIV from 1 July 2015 will require the following residency:

• The primary applicant to reside in Australia for 40 days per year OR the secondary applicant (spouse) to reside in Australia for 180 days per year.
• There will be no residency requirement for all other secondary applicants.
• This residency requirement will be per year and be calculated cumulatively over the four year period of the provisional visa, i.e. 160 days over four years for a primary applicant or 720 days over four years for the secondary applicant (spouse).

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