For those who have already been granted a Business Innovation and Investment visa under subclass 188, the next step is to apply for a Residence visa under subclass 888. (Business Migration).

Criteria for obtaining a visa under subclass 888 (business innovation and investment)

Some of the most important requirements for getting a permanent resident visa in the business innovation stream (subclass 188) are:

• If you have been in Australia for the past two years on a category 188 visa, you must have been here for at least one of those years.
• At least two years have passed since you acquired a stake in an Australian company.

There are at least two of the following that you have done:

• You and your partner have owned at least AU$200,000 in company assets over the past 12 months.
• A minimum of two full-time employees who are not immediate family members work for your company. These employees are citizens of Australia, permanent residents of Australia, or citizens of New Zealand.
• For the past year, you and your partner’s net worth has totaled at least AU$600,000.