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Australia visa subclass 888 (permanent residence)
Visa subclass 888 (permanent residence)
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The initial step is to obtain a subclass 188 temporary visa, and then the applicant must complete the following requirements for a subclass 888 visa (permanent residence):
Basic 888 Visa Requirements
The following are the general requirements for a subclass 888 visa:
- hold the required visa, i.e., subclass 188 visa.
- Your state nomination must be in good standing.
- You must own and run a business in Australia for two years before applying for the subclass 888 visa.
- have an annual business revenue of $300,000 in the preceding 12 months prior to the application.
- You must demonstrate at least two of the following:
- You have net assets of AUD200,000 in your principal business (or two principal enterprises) in Australia.
- Personal and corporate assets in Australia with a net value of $600,000 AUD
- at least two full-time qualified employees in your primary business
- Compliance with Australian legislation in corporate operations
- Functional English skills are required.
- must have resided in Australia for at least one of the preceding two years.
- not use unethical business practices
- Maintain a realistic commitment to the business’s continuation.
- meet physical and moral prerequisites.
What is the criterion for “Primary Business”?
The “principal business” criterion is a condition of the 888 Business Permanent Visa that requires the primary applicant to actively own and operate the main business. The term “primary business” is defined as follows:
- The applicant has an equity stake in the company;
- The applicant is continuously and directly involved in the day-to-day operations of the firm; and
- The applicant’s ownership stake fulfills yearly turnover limits based on the nature of the firm.
Why are certain franchise opportunities ineligible for the 888 Business Permanent Visa?
In some situations, the Department may conclude that your franchise does not qualify as an eligible “primary business.” This is because the applicant is required to retain “direct and continuous involvement” in the running of the business. Numerous franchise agreements stipulate criteria for products, prices, store design, advertising, financial reporting, and staff training. These franchise regulations will restrict the franchisee’s freedom to manage the business to a greater or lesser extent. The burden is on the applicant to establish that they continue to play a significant role in the management of the firm despite the constraints imposed by the franchise agreement.
The Business Innovation Stream, 188A
Subclass 888 Visa Requirements: Ownership of a business with a turnover of at least AUD 750,000 for at least 2 of the last 4 fiscal years; and net personal and business assets of at least AUD 1,250,000; and under 55 years of age, unless the nominating state or territory certifies that the applicant will make an exceptional economic benefit; and Meet the pass mark in the Business Innovation and Investment Points test (currently 60 points).
I have owned and run a business in Australia for at least two years before the application, with a minimum annual turnover of $300,000 for the last two of the preceding four years. You and/or your partner must satisfy two of the following three requirements during the course of the year:
• A minimum of $200,000 in assets
• At least $600,000 in net personal and business assets in Australia• Employed at least two full-time Australians in your Australian company
To be eligible to apply for a Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream or the Investor stream, you must earn at least 65 points (the pass mark) on the points exam.
If you are applying under the Significant Investor stream, the Premium Investor stream, the Business Innovation extension stream, or the Significant Investor extension stream, the points test does not apply.
The examination awards points for diverse aspects of human capital and business innovation and incorporates objective measurements of business performance. Points are awarded for: age, English language proficiency, education, business or investment experience, net personal and business assets, business turnover, and creativity.
Points are awarded based on the parameters indicated in the table below. Unless otherwise specified, all considerations are evaluated at the time you are asked to apply for this visa.
- English language ability
- experience in business or investment
- net personal and business assets
- business turnover
You can receive up to 30 points based on your age on the day you were invited to apply.
For the Business Innovation stream or Investor stream, if you are aged 55 years or you are not eligible for points for your age under the points test.
English language ability
Vocational English- 5 points: in the 3 years before you applied for the visa, you scored one of the following:
you are a citizen of and hold a valid passport from the United Kingdom, the United States of America, Canada, New Zealand or the Republic of Ireland
Proficient English- 10 points
To prove you have Proficient English, show evidence that in the 3 years before we invite you to apply for the visa, you scored one of the following:
Experience in business or investment
You can receive up to 15 points if you have a demonstrated history of relevant business or investment experience for a specified amount of time in the period before you are invited to apply:
• Business Innovation stream: experience of
o at least four years in the preceding five years (10 points)
o at least seven years in the preceding eight years (15 points)
• Investor stream: a minimum of AUD100 000 in eligible investments for
o at least the preceding four years (10 points)
o at least the preceding seven years (15 points).
Net personal and business assets
To be awarded points for your assets, in each of the two fiscal years before you are invited to apply, you, your partner or you and your partner combined must have held net business and personal assets of at least:
You can be awarded points on the basis of the turnover of your nominated main business in at least two of the four fiscal years before you are invited to apply:
Not less than AUD750,000 – 5
Not less than AUD1,250,000 – 15
Not less than AUD1.,750,000 – 25
Not less than AUD2,250,000 = 35
This component of the points test for the Business Innovation stream awards points for proof of the following characteristics at the time you are invited to apply for this visa: You can receive points for many attributes, but only once per attribute.
• Patents or designs that have been registered (15 points)
The patent or design registration must be at least one year old.
It must have been utilized in the ordinary operations of your nominated principal business.
• Trademark registration (10 points)
The trademark registration must be at least one year old.
It must have been utilized in the daily operations of your primary business.
• Collaboration agreements (5 points)
The contract must be a formal contract that has been in effect for at least a year.
You must have participated at a senior level in the venture’s day-to-day management and decision-making. • Export trade (15 points)
In at least two of the previous four fiscal years, one or more of your chosen principal enterprises must have generated at least half of their annual revenue from exports.
• Gazelle businesses (newly founded businesses with rapid growth) (10 points)Your nominated principal business must not be older than five years.
The company’s average annualized growth in revenue over the past three fiscal years must have exceeded 20% annually.
Within the three-year period, the company must have had at least 10 full-time employees for at least one year. • Grants or venture capital financing received for an innovative business concept (10 points)
This funding must have been used for early-stage business startups, product commercialization, business expansion, or business development.
Grants: You must have received a grant of at least AUD10,000 from a government agency in your home country under certain circumstances within the last four years.
o Venture capital funding: During the previous four years, you must have received at least $100,000 in venture capital funding.
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