Over the last few years, there has been a significant increase in business people migrating to Australia and capitalising on Australia's strong economy. Business migration to Australia has allowed investors and entrepreneurs to set up businesses and invest in the country, both in the metropolitan as well as the regional areas. You don't have to look far to know why; Australia offers economic stability and the right business conditions that attract successful business people from around the world.
Provisional business visas
One of the most popular visas to facilitate business migration to Australia is the 188 Business Innovation and Investment Provisional (BIIP) visa in the Business Innovation Stream, often referred to as the 188A visa. If you are reading this article, you are more than likely either a 188-visa holder or eager to familiarise yourself with the entire process as you consider all your options. Eligibility for this business migration visa is dependent on passing the Australian government's 'Points Test', for which you score points according to various business and personal categories, such as years of business experience and turnover.
Permanent residence eligibility
The 188 is a provisional migration visa, usually valid for four years, with a pathway to permanent residency available via the Business Innovation and Investment (Permanent) visa – subclass 888. As a 188-visa holder, there are several criteria to be met to become eligible for permanent residence. For example, as a 188A visa holder you must demonstrate that you have owned and managed a business under a valid ABN in Australia for at least 2 years, submitted 8 Business Activity Statements to the ATO, have had $300k in sales before tax in the 12 months before applying, employed at least 2 full time equivalent Australian citizens or permanent residents in the 12 months before applying, and either have assets of $200k net value in the business or minimum personal and business assets of $600k net value in Australia.
Applying for an 888 visa is challenging in that adherence to the strict criteria must be demonstrated by way of substantial supporting documentation. Many business people find this challenging and choose to enlist the help of registered immigration consultants and migration agents to manage the entire process, which allows them to focus on their business activities. Not everyone is specialising in this visa either. If you are looking for such a solution, then the team who can ease your stress from the complexities of visa processing is eduaid.
Responsibilities & benefits
The Australian government will expect you to continue to undertake business and investment activities in Australia, following the intentions you outlined in your 888 visa application. Whether you choose to migrate to greater Australia or the regional areas, following your plans as per your visa application is a must.
The 888 is a permanent migration visa that allows you and your eligible family members to stay, work and study in Australia indefinitely as a permanent resident. You can also enrol in Australia's public health care scheme – Medicare, sponsor eligible relatives to come to Australia, travel to and from the country for five years from the date your visa is granted, and apply for Australian citizenship once you meet the eligibility criteria.