888 Business innovation and investment(permanent) visa The Business Innovation and Investment (Permanent) visa (subclass 888) is a permanent visa that allows holders of certain temporary visas, such as the subclass 188 visa, to transition to permanent residency in Australia. Here's an overview of the subclass 888 visa: 1. **Purpose**: The subclass 888 visa is designed for individuals who have established a successful business, made a significant investment, or undertaken entrepreneurial activities in Australia and wish to become permanent residents. 2. **Eligibility**: To be eligible for the subclass 888 visa, you must hold a qualifying temporary visa, such as the subclass 188 visa, and meet specific criteria related to the stream of your temporary visa. For example: - Business Innovation stream: You must have owned and operated a business in Australia while holding the subclass 188 visa and meet specific turnover and employment benchmarks. - Investor stream: You must have held a designated investment in Australia for a specified period and meet other investment criteria. - Significant Investor stream: You must have held a complying investment in Australia for a specified period and meet other investment criteria. - Entrepreneur stream: You must have undertaken entrepreneurial activities in Australia while holding the subclass 188 visa and meet specific business and funding criteria. 3. **Permanent Residency**: The subclass 888 visa grants permanent residency to successful applicants, allowing them to live, work, and study in Australia indefinitely. It also provides access to Medicare, Australia's public healthcare system, and other social benefits available to permanent residents. 4. **Application Process**: To apply for the subclass 888 visa, you need to submit an online application to the Department of Home Affairs. You'll need to provide evidence to demonstrate that you meet the eligibility criteria, including documents related to your business, investment, or entrepreneurial activities in Australia. 5. **Business or Investment Obligations**: Visa holders may be required to continue meeting certain business or investment obligations after transitioning to permanent residency. These obligations may include actively managing a business, maintaining investment activity, or fulfilling other requirements specified by the Department of Home Affairs. 6. **Pathway from the Subclass 188 Visa**: The subclass 888 visa is a pathway from certain temporary visas, such as the subclass 188 visa, to permanent residency. It provides a route for successful business owners, investors, and entrepreneurs to establish themselves in Australia on a permanent basis. Overall, the subclass 888 visa offers a pathway to permanent residency for individuals who have demonstrated their ability to contribute to the Australian economy through business ownership, investment, or entrepreneurial activities. It's a significant milestone for those seeking to establish themselves and their families in Australia on a permanent basis.