Subclass 888 visa application is done in DHA online portal – ImmiAccount. In principle, there is no difference between choosing an immigration consultant overseas or domestically. However, there are practical distinctions:
- Professionalism: This is based on the number of cases handled by registered immigration consultants for applicants from specific nationalities/regions.
- Communication and Culture: If efficiency is a priority, it is advisable to choose a consultant who speaks the same native language, as this can enhance efficiency.
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Australian Business Innovation and Investment Permanent Visa (Subclass 888)
Australia 888A | 888B | 888C | John Hu Migration Consulting
Overview
On 14 May 2024, the Department of Home Affairs of the Australian Government announced the closure of all categories of 188 visas in July of the same year. Applicants who have already been approved for the 188 visas can still submit a subsequent application for an Australia 888 Permanent Residence Visa.
The Australia 888 Permanent Resident Visa is a visa for applicants who hold the Australia 188 visa (188A, 188B, 188C) to transfer to Permanent Residence when fulfilling the requirements.
Below are the conditions for transferring 188A, 188B and 188C visas to Australia 888 permanent residence visas.
Australia 188A to 888A Requirements
1. Own and operate a business in Australia for 2 years during the period of holding the 188 visa, with the turnover of the business reaching more than 300,000 Australian dollars one year before applying for permanent residence
2. Having lived in Australia for 1 year during the 2-year period of operating the business
3. In addition to the above requirements, 2 of the following 3 conditions must be met 1 year prior to application:
A) A$200,000 of company net assets;
B) A$600,000 of net personal AND company assets in total;
C) Employment of two full-time local employees.
*In addition, some states have specific requirements to be met.
Australia 188B to 888B Requirements
1. Holding the 188B visa for at least 3 years before applying for permanent residence.
2. In possession of A$2.5 million in complying investment during the 188B visa period (before getting 888B approval).
3. A cumulative total of 2 years of residence by the main applicant/spouse in the nominating state within the 3-year period prior to the permanent residence application
4. Investment Compliance Requirements.
(a) At least 20% of the capital, i.e. not less than A$0.5M in Venture Capital and Development Private Equity (VCPE) funds;
(b) At least 30% of the capital, i.e. not less than A$0.75M, in Emerging Business;
(c) At least 50% of capital, i.e. not less than A$1.25M in Balancing Investment
Australia 188C to 888C requirements
- 1. Holding the 188C visa for at least 3 years before applying for permanent residence
2. In possession of A$5 million in complying investment during the 188C visa period (before getting 888C approval).
3. Residential requirements: (choose one)
While holding a 188C visa,
(a) The 188C main applicant must reside in Australia for an average of 40 days per year (cumulative).
(b) The spouse of the 188C main applicant must reside in Australia for an average of 180 days per year (cumulative).
4. Investment Compliance Requirements.
(a) At least 20% of the capital, i.e. not less than A$1M in Venture Capital and Development Private Equity (VCPE) funds;
(b) At least 20% of the capital, i.e. not less than A$1M in Venture Capital and Development Private Equity (VCPE) funds;
(c) At least 20% of the capital, i.e. not less than A$1M in Venture Capital and Development Private Equity (VCPE) funds.
Australia 888 Visa Frequently Asked Questions (FAQs)
- For a Subclass 888 application, is there a difference if you choose an offshore (outside Australia) or onshore (inside Australia) agent?
- When applying for Subclass 888, is a Police Check required?
If you are applying for Subclass 888 from onshore (inside Australia) / offshore (outside Australia), a police check is required from any country where all applicants aged 17 years or above have lived for a total of 12 months or more (cumulatively) in the last 10 years.
- Can the main applicant of PR 888 be different to TR 188?
Yes, either the main applicant or the spouse from Subclass 188; can be the main applicant for the Subclass 888 visa application (provided all requirements are fulfilled 3 months before Subclass 188 visa expiry).
- What documents are required to prove fulfil Residence requirement?
You can provide the following documents (including but not limited to):
- Lease Agreement/Rent Bill
- Letter / Statement from Landlord
- Mortgage document of self-residence property
- Title Deed
- Utilities bills (e.g., gas bill, electric bill, water bill, etc.)
- What is a Bridging Visa? What is the difference between BVA and BVB?
- Bridging visa A (BVA): allows you to stay lawfully in Australia while your Subclass 888 visa application is being processed. Normally a Bridging A (BVA) visa will be automatically granted when you apply for the Subclass 888 visa application from onshore (inside Australia). Bridging A (BVA) visa will automatically take effect after the expiration of the Subclass 188 visa until receiving the Subclass 888 visa application decision.
- Bridging visa B (BVB): will let you leave and re-enter Australia while you wait for Subclass 888 visa application decision. You must hold a valid Bridging A (BVA) to apply for a Bridging visa B (BVB).