The Subclass 888 visa is a permanent residency visa for individuals who currently hold a temporary visa (one of the subclass 188 variants) under the Business Innovation and Investment Program (BIIP) in Australia. This visa is also known as the Business Innovation Stream visa. The Subclass 888 visa allows the holder to continue their business and investment activities in Australia and to live and work in Australia permanently.
To be eligible for a Subclass 888 visa, the applicant must meet the following requirements:
- The applicant must hold a qualifying temporary visa under the BIIP in Australia
- The applicant must have held the qualifying temporary visa for at least 3 years
- The applicant must have maintained the eligibility requirements of their qualifying temporary visa i.e. establishing an eligible business that meets the investment, turnover and required Australian employees criteria or made the required investment in line with the subclass 188 visa variant the applicant was initially granted
- The applicant must have a successful business or investment history in Australia
- The applicant must have a commitment to continue their business or investment activities in Australia
- The applicants must meet the health and character requirements as well as agree to abide by the Australian Values Declaration
The government charges for a Subclass 888 visa include the following:
|Base application charge
|Additional applicant charge for an applicant over 18 years
|Additional applicant charge for an applicant under 18 years
The processing time for a Subclass 888 visa may vary depending on various factors such as the number of applications received and the complexity of the case. As of May 2023, the Department of Home Affairs website states that the processing time for a Subclass 888 visa is approximately 15 to 18 months.