888 Visa subclass for Australia. The lowdown

Australia welcomes foreigners who wish to own and operate businesses, invest in local companies, or participate in entrepreneurial activities.

If you’re in this category, you’ll need to apply for a subclass 188 Business Innovation and Investment (Provisional) visa which has a 5-year limit.¹

After that time, if you wish to live in Australia long-term, your next step will be the subclass 888 visa.

We’ll go over what the visa does, its eligibility requirements, costs and how to apply.

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What is a subclass 888 Business Innovation and Investment visa?

The subclass 888 Business Innovation and Investment (Permanent) visa is “an extension” of the 188 visa. But instead of a 5-year maximum stay, you can stay in Australia permanently.

There are 5 streams of subclass 888 visa¹:

Business Innovation stream

Allows foreigners with business skills who have been operating a new or existing business in Australia, to now stay permanently.

Investor stream

Continue to invest at least AUD 2.5 million in Australian investments that meet specific requirements and maintain business or investment activity in Australia. Do that, and this visa can allow you to live here on a permanent basis.

Significant investor stream

Similar to the investor stream, but the minimum investment is AUD 5 million.

Premium investor stream

Like the previous 2, however, this visa requires a minimum investment of AUD 15 million which can also be philanthropic contributions.

Entrepreneur stream

Australia welcomes entrepreneurs keen to start up new activities. A State or Territory government agency will need to endorse you to develop a concept. After 5 years, if the activity continues, this visa will allow you to live in Australia permanently.

How long is this visa valid for?

The subclass 888 Business Innovation and Investment (Permanent) visa allows holders and their eligible family members to reside in Australia permanently.²

Main benefits provided by this visa

Approval of the subclass 888 visa means you can²:

• stay in Australia permanently
• work and study in Australia
• travel to and from Australia for 5 years
• sponsor your relatives to come to Australia
• enrol in Australia's public health care scheme, Medicare
• if eligible apply for Australian citizenship

Eligibility and requirements for a subclass 888 business visa

To be eligible you must be invited by a state or territory government agency. This applies to all streams. Then each one has additional requirements²:

Business Innovation stream

You must hold a subclass 188 in the business innovation stream, subclass 444 visa or certain holders of subclass 457 visa and

• You must be able to show ongoing business involvement

Investor stream

You must hold a subclass 188 in the investor stream and

• You must have held a designated investment of AUD1.5 million for 4 years

Significant investor stream

You must hold a subclass 188 visa in the Significant Investor stream or Significant Investor Extension stream and

• You must have held a complying investment of AUD 5 million for 4 years

Premium investor stream

You must have held a subclass 188 visa in the Premium Investor stream for 12 months and

• You must have held a complying investment of AUD15 million for the duration of your subclass 188 visa

Entrepreneur stream

You must have held a subclass 188 visa in the Entrepreneur stream for 4 years, and

• Have lived in Australia for at least 2 years while on the above visa
• You must demonstrate a successful record of entrepreneurial activity in Australia while you held your subclass 188 visa

How to apply for this visa

Before applying, you need to prepare a few things².

• The state or territory government agency that nominated you for the subclass 188 visa must confirm it’s still current
• You (and your family if eligible) must all have valid passports
• Some applicants may need to have a health exam before applying, this link provides more details
• Additional documents as listed here

All applications for the subclass 888 business visa must be made online via this link. You’ll need to have an ImmiAccount, to apply, which you’ll already have if you hold the 188 business visa.

Application costs and fees

The Department of Home Affairs lists the application fee as starting from:

• AUD $3,025 for the principal applicant
• AUD $1,515 for each additional applicant over 18 and
• AUD $755 for any under 18.³

If any of the people in the application are over 18 but do not have functional English, they may need to pay an additional charge of AUD 4,890.⁴

How to pay for your visa application.

The final step of the application process is to pay for the visa, and you can do it via 5 methods⁵:

• Credit Card
• PayPal
• UnionPay
• Debit Card (Mastercard or Visa only)
• BPAY

A Wise account and debit card helps you manage your international finances and can make paying these fees simpler and at the mid-market rate if you need to make this payment from abroad.

Processing times needed to get a subclass 888 business visa

Due to the volume of visa applications, it can take up to 3 years for them to be actioned. The Department of Home Affairs lists the following processing times for the subclass 888 business visa, by stream²:

Stream	Processing times
Business Innovation stream	25% of applications: 26 Months 50% of applications: 28 Months 75% of applications: 30 Months 90% of applications: 31 Months
Significant Investor stream	25% of applications: 27 Months 50% of applications: 29 Months 75% of applications: 34 Months 90% of applications: 35 Months
Investor time	Processing time not specified
Premium investor stream	Processing time not specified
Entrepreneur stream	Processing time not specified

Visa and immigration contact details

The Australian Department of Home Affairs will only accept applications where any Immigration assistance came from:

• A registered migration agent
• A legal practitioner
• An exempt person

For full details on how to source these forms of assistance, you can visit the Department of Home Affairs support centre.

To contact the department by telephone, you can do so between 9 am and 5 pm local state or territory time on:

• In Australia: 131 881
• From overseas: +61 2 6196 0196​

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FAQ about the subclass 888 visa

Here are the 2 most commonly asked questions about the subclass 888 visa.

Can my children/family be included on the visa with me?

Family members, including children, can be included on the visa. Additional charges apply for each person.³

Can I travel out of and back into Australia with this visa?

Once the visa is approved, you can travel in and out of Australia as often as you like, up to 5 years from the approval date. If you want to leave Australia after that period, apply for a Resident Return (RRV) visa or consider citizenship.²

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Sources:

1. Australian Department of Home Affairs Subclass 188 visa
2. Australian Department of Home Affairs Subclass 888 visa
3. Australian Department of Home Affairs Visa Fees
4. Australian Department of Home Affairs Additional fees - family
5. Australian Department of Home Affairs Online visa payment methods

Sources checked on: 06 February 2023