Securing Permanent Residency: The Journey from 188 Series to 888 Series Visas in Australia

Greetings,

We would like to share crucial information regarding the pathway from Australia’s provisional 188 series visas to the coveted permanent residency under the 888 series. This transition brings you one step closer to a secure and settled life in the heart of Australia.

In this article, we will break down the essential eligibility requirements for the subclass 888 visa, shedding light on each stream’s criteria.

Basic Requirements for Subclass 888 Visa

The subclass 888 visa serves as the gateway for holders of the temporary subclass 188 visa to establish permanent roots in Australia. To qualify for this permanent visa, you must meet specific criteria, including:

  • Holding a subclass 188 visa in the business innovation stream, investor stream, significant investor stream, or entrepreneur stream.
  • Fulfilling the requirements of the initial visa, including stream-specific conditions.
  • Having a current nomination from a state or territory government agency.

Similar to the subclass 188 visa, the subclass 888 visa comprises different streams, each tailored to specific needs:

Subclass 888a – Business Innovation

Subclass 888b – Investor

Subclass 888c – Significant Investor

 

Let’s delve into the key criteria for each stream…

 1. Subclass 888a – Business Innovation Stream

This stream is designed for those holding a subclass 188 visa in the business innovation or business innovation extension stream. The subclass 888 visa enables 188 visa holders to continue their business activities.

To qualify for this stream, applicants must demonstrate ongoing involvement in their business, meeting the following criteria:

Ownership and management of a business in Australia for the preceding two years.

Criteria Details Ownership and management of a business in Australia for the two years before your application, you must have: had, and continue to have, an ownership interest in up to two main businesses in Australia; had a direct and continuous management role in that business(es); submitted Business Activity Statements to the Australian Taxation Office; and an Australian Business Number for each of your main businesses.

In addition, there is also a specific requirement on the business ownership. For the 24 months before your application, you must own at least: 51% of the total value of a business with a turnover of less than $400,000 AUD per year; 30% of the total value of a business with a turnover of $400,000 AUD or more per year; or 10% of the total value of a business that is operated by a publicly listed company.

Annual turnover For the 12 months before your application, you must demonstrate that your main business(es) had an annual turnover of at least $300,000 AUD. However, this may not apply if the nominating state or territory government agency has determined there are exceptional circumstances.

Assets and employees requirement For the 12 months before your application, you or your partner (or you and your partner together) must show the following: assets of $200,000 AUD net value in your main business (or two main businesses) in Australia; personal and business assets in Australia of $600,000 AUD net value; the equivalent of at least two full-time eligible employees in your main business.

Residence requirement You must have lived in Australia for at least one out of three years.

 

 2. Investor Stream and Significant Investor Stream

For holders of a subclass 188 visa under the investor streams, the subclass 888 visa allows permanent continuation of investment activities. Notably, eligibility requires holding a subclass 188 visa in the same stream.

Here’s a breakdown of the two investor streams:

  • Subclass 888b – Investor Stream:

$2.5 million AUD investment in a complying significant investment and holding the investment for the entire period of the subclass 188 visa till the approval of the subclass 888

Residence requirement of at least two out of three years before the application.

  • Subclass 888c – Significant Investor Stream:

$5 million AUD investment in a complying significant investment.

And holding the investment for the entire period of the subclass 188 visa till the approval of the subclass 888.

Residence requirement of an average of 40 days each year before the application.

 

In conclusion, the journey from the 188 series to the 888 series is a significant leap towards permanency in Australia. Understanding the specific criteria for each stream is crucial for a successful transition. As your trusted advisors, we are here to guide you through the intricacies of the conversion process. Feel free to reach out with any questions or for further clarification.

Best Regards,

Desmond Ang
Managing Director

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