Business Innovation and Investment (Permanent) visa (subclass 888)

This visa is the second stage of Business Innovation and Investment (Provisional) visa (subclass 188) which allows you to seek permanent residency by continuing to invest or start a new business or to manage an existing business in Australia.

This Visa requires you to submit an Expression of Interest (EOI) through skill select and be nominated by a state or territory government or astride on behalf of the Australian government.

If you are applying this visa after Business Innovation and Investment (Provisional) visa (subclass 188) then you may need to provide evidence that the government entity which nominated you for that visa has not withdrawn the nomination.

This visa allows you to

• Stay in Australia indefinitely
• Work and study in Australia
• Enroll in Medicare,Australia's scheme for health-related care and expenses
• Apply for Australian citizenship (if you are eligible)
• Sponsor eligible relatives for permanent residence
• Travel to and from Australia for five years from the date the visa is granted (after that time, you will need a resident return visa or another visa to return to Australia).

Requirements

You might be able to get this visa if you are nominated by a state or territory or the Australian government; and

• Hold a provisional Business Innovation and Investment visa (subclass 188) and satisfy the requirements of that visa in the stream in which you first applied or
• Hold a Special Category visa (subclass 444) or a Business (Long stay) visa (subclass 457IE) and have satisfied the requirements of the business innovation stream.

Reference-DIBP