Premium Investor Stream: Business Innovation and Investment Visa (Subclass 888)

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Introduction

The Business Innovation and Investment (Permanent) visa (subclass 888) is your pathway to permanently continuing your investment ventures in Australia.

Stay

• Duration: Permanent residency in Australia

Cost

• Fee: AUD 3,400.00

Processing Times

• Guide: Check the visa processing time guide tool for estimates.

Benefits

With this visa, you can:

• Continue Investment: Pursue ongoing investment activities in Australia.
• Permanent Stay: Reside indefinitely in Australia.
• Work and Study: Enjoy unrestricted work and study rights in Australia.

Requirements

To qualify, you must:

• Hold Subclass 188 Visa: Specifically under the Premium Investor stream.
• Meet Investment Criteria: Fulfill specified investment requirements linked to your provisional visa.
• Austrade Nomination: Possess a current nomination from Austrade that remains valid and has not been rescinded.

Overview of Premium Investor Stream Visa

Benefits

With the Premium Investor Stream visa, you gain access to a range of benefits:

• Permanent Stay: Enjoy indefinite residency in Australia.
• Work and Study: Access unrestricted employment and educational opportunities in Australia.
• Medicare: Register in Australia's public health care/ maintenance scheme.
• Family Sponsorship: You can sponsor eligible relatives to come and live in Australia with you.
• Travel Flexibility: Relish the pleasure of traveling to and from Australia for 5 years from the visa endowment date.
• Path to Citizenship: Eligibility to apply for Australian citizenship if criteria are met.

Conditions and Eligibility

• Permanent Residency: Initiates on the day the visa is approved if you're in Australia or upon first entry if granted outside Australia.
• Family Inclusion: You can contain family associates in your application submission, with the option to add children later before a decision is made. All applicants must fulfill health and character necessities.
• Cost: The main applicant fee is AUD 3,400. Additional charges apply for family members and applicants over 18 with insufficient English proficiency (AUD 4,890 second installment charge).
• Application Details
• Application Location: Apply from either inside or outside Australia, excluding immigration clearance.
• Processing Times: Check the visa processing time guide for estimated processing durations. Delays may occur if application requirements are incomplete or verification is needed.

Responsibilities

• Legal Compliance: Obligation for you and your family to abide by Australian laws.

Travel Provisions

• Initial Travel Facility: Valid for multiple entries to Australia for five years from visa grant date.
• Renewal: After initial expiry, apply for a Resident Return Visa (RRV) for continued travel rights or consider Australian citizenship for visa-free travel.

Visa Information

• Digital Visa: Australian visas are digitally linked to your passport; no physical visa label is issued.

This visa provides a comprehensive pathway for investors seeking permanent residency in Australia, offering flexibility, access to services, and a route to long-term settlement and citizenship.

Eligibility Requirements for Premium Investor Stream Visa

Primary Applicant Criteria

To qualify for the Premium Investor Stream visa, you must:

• Hold a Subclass 188 Visa: Specifically, under the Premium Investor stream for at least 12 continuous months.
• Nominated by Austrade: Have a current nomination from Austrade confirming your suitability.
• Complying Premium Investments: Maintain investments totaling AUD 15 million in compliant categories since obtaining your Subclass 188 visa.
• Eligible investments include:
• Possessions registered on the Australian Securities Exchange
• Australian government bonds
• Corporate bonds from Australian listed entities
• Australian proprietary companies engaged in profit-making activities
• Real estate in Australia (excluding residential property)
• Deferred annuities issued by Australian life companies
• Philanthropic contributions approved by state or territory governments

Additional Requirements

• Business Integrity: Must not have engaged in unacceptable business or investment practices in Australia.
• Commitment to Australia: Demonstrate a genuine intent to continue business or investment activities in Australia.
• English Proficiency: Applicants over 18 years old must demonstrate functional English proficiency unless exempted or previously paid for under the Subclass 188 visa.
• Compliance with Australian Laws: Adhere to Commonwealth and state/territory laws concerning business operations, taxation, superannuation, and workplace relations.

Personal and Family Obligations

• Health Requirement: Meet health standards set by Australian authorities for you and your accompanying family members.
• Character Assessment: Pass character assessment criteria, including signing the Australian Values Statement for applicants aged 18 and above.
• Financial Obligations: No outstanding debts owed to the Australian government.
• Immigration History: A clean record without previous visa cancellations or refusals is preferable.

Application Considerations

• From Inside or Outside Australia: Application can be made from either location, excluding immigration clearance.
• Legal Compliance: Commitment to abide by Australian laws during and after visa issuance.

These criteria ensure that applicants for the Premium Investor Stream visa meet stringent requirements, fostering investment and compliance within Australia's regulatory framework.

Step-by-Step Process for Premium Investor Stream Visa

Step 1: Eligibility Check

Before you apply for the Premium Investor Stream visa, ensure you meet the following criteria:

• Provisional Visa: Possess a Business Innovation and Investment (Provisional) visa (subclass 188) under the Premium Investor stream.
• Relationship Basis: Alternatively, hold a subclass 188 visa based on being the former spouse or de facto partner of a Premium Investor visa holder who has passed away or with whom you have separated.
• Family Members: Family members applying with you do not need to hold the provisional visa.

1 Current Nomination Status

• Nomination Confirmation: Ensure Austrade confirms the ongoing validity of your nomination. You are not required to defer a recent or new expression of interest.

2 Passport Check

• Document Validity: Verify that you and your family members have valid passports or travel documents suitable for visa application purposes.

3 Health Examinations

• Health Assessment: You may need to undergo health examinations. These can be completed either before or after submitting your visa application.
• Details and Arrangements: Learn about required examinations and how to schedule them if choosing to do so before applying.

4 Application Assistance

• Authorized Assistance: Only certain individuals can assist with your visa application process:
• Registered Migration Agents
• Legal Practitioners
• Exempt Persons
• Document Handling: Designate someone to receive documents related to your visa application on your behalf.

This step-by-step guide ensures you are well-prepared to navigate the application process for the Premium Investor Stream visa, making the journey smoother and more efficient.

Step 2: Gather Required Documents

Collect essential documents to substantiate your identity, business activities, and family details for your visa application.

• Identity Verification: Provide comprehensive proof of identity for yourself and accompanying family members:
• Copies of passport pages displaying personal details, photos, and validity dates.
• National identity card (if applicable) and documents verifying any name changes, such as marriage certificates.
• Relationship Documentation: Include relevant certificates (marriage, divorce, or separation) if applicable, along with proof of relationship for family members.

Accuracy and Integrity

Confirm all information established is correct and verifiable to evade complications during processing. Non-compliance with identity verification or providing false information may impact your application.

Nomination Confirmation

• Current Nomination: Confirm the ongoing validity of your nomination from Austrade. Complete and include Form 1414 Nomination - Business Skills class in your application process.

Business and Investment Commitment

• Activity Summaries: Provide concise summaries detailing your current and future business and investment activities in Australia, demonstrating long-term commitment.
• Compliance with Laws: Submit a written declaration confirming compliance with Australian laws related to business operations, taxation, superannuation, and workplace regulations.

Investment Documentation

• Complying Investments: Validate your AUD 15 million complying premium investments held continuously for at least 12 months:
• Recent holding statements indicating investor details, investment amount, and commencement dates.
• Form 1413D Declaration for each managed fund investment, signed by the fund manager.
• Company Investments: Include evidence that proprietary companies were profit-oriented and not speculative investments, along with necessary shareholder certificates and financial statements.

Health and Character Requirements

• Health Examinations: Arrange for health examinations as required. No need to provide health documents directly; the doctor will submit them to the authorities.
• Character Assessment: Provide Form 80 Personal Particulars for character assessment and police certificates from relevant countries where you resided for more than 12 months since reaching 16.

Assistance Authorization

• Authorized Assistance: If seeking immigration assistance, appoint registered migration agents or legal practitioners using the appropriate forms (Form 956 or Form 956A).

Family and Dependency Proof

• Dependent Applicants: For dependents under 18, supply identity documents, proof of relationship, and parental consent forms if migrating without parents.
• Over 18 Dependents: Include documents proving financial dependency, relationship, and character for dependents over 18.

Translation and Submission

• Document Translation: Translate all non-English documents into English. Ensure translators include their credentials on each translation.
• Scanning and Submission: Scan or photograph all documents clearly in color. Save multipage documents as single files for submission.

By meticulously gathering and organizing your documents according to these guidelines, you streamline your application process for the Premium Investor Stream visa effectively.

Step 3: Visa Application Process

Applying Online

Submit your application conveniently through ImmiAccount for streamlined processing.

• Accuracy is Key: Confirm all data provided is correct to avoid delays or complications. False information or inability to verify identity may affect your application.

Steps to Apply:

1. ImmiAccount Access:

• Log in or create an account on ImmiAccount to begin your application process.

2. Document Submission:

• Attach the required documents electronically to support your application.

3. Fee Payment:

• Pay the visa application fee as specified by ImmiAccount.
• Make a note of your Transaction Reference Number (TRN) for future reference.
• Applications are processed only upon receipt of the correct fee.

By following these steps meticulously, you ensure a smooth and efficient application process for your Premium Investor Stream visa.

Step 4: Post-Application Procedures

After You Apply

Once you've submitted your application, stay informed about what comes next and your responsibilities.

Status Updates

• Application Acknowledgment: We'll notify you upon receiving your application. Check ImmiAccount for updates and additional requirements.

Travel Considerations

• Traveling Outside Australia: You're free to travel outside Australia during the processing period without notifying us. Ensure you have a valid visa to return before a verdict is made on your request.
• Bridging Visas: Learn about the implications of visa expiry and Bridging visas to maintain lawful status while your application is processed.

Health and Biometrics

• Health Examinations: If not completed before applying, we'll inform you if health exams are necessary.
• Biometrics: We may request fingerprints and a photo if needed, and notify you accordingly.

Providing Additional Information

• Document Attachments: If documents were not fully attached during your initial application, upload them promptly via ImmiAccount. We may request further details as well.

Visa Status and Family Additions

• Stay Lawful: Maintain lawful residence in Australia with a valid visa, typically a Bridging Visa A (BVA), during application processing.
• Adding Family Members: You can include family members to your application before a decision is made. Complete Form 1436 and submit supporting documents and fees as required.

Second Instalment and Amendments

• Payment Requirements: If applicable, we'll issue an invoice for the second installment after meeting all visa conditions. Payment must be made before the visa grant.
• Changes and Notifications: Inform us promptly of any changes such as contact details, marital status, or withdrawals using the appropriate forms on ImmiAccount.

By following these steps diligently, you ensure a smooth processing of your Premium Investor Stream visa application, keeping you informed and compliant throughout the process.

Step 5: Visa Outcome

Visa Decision Notification

• Location Flexibility: You can apply for the visa from anywhere, and your location at the time of decision doesn't affect the process.
• Written Notification: We'll communicate our decision in writing. If your visa is granted, you'll receive details including:
• Visa Grant Number: Unique identifier for your visa.
• Start Date: Commencement date of your visa validity.
• Visa Conditions: Specific terms and obligations attached to your visa.
• Important Record: Keep a copy of this notification with you while in Australia for reference.

Visa Refusal

• Reasons for Refusal: If your application is declined, we'll explain the reasons and inform you if you're eligible to appeal the decision.
• Application Charge: The application fee is non-refundable in case of refusal.

By understanding these outcomes, you'll stay informed and prepared for the next steps, ensuring clarity and compliance throughout the visa application process.

When You Have This Visa

Coming to Australia

Before You Leave

• Check Your Travel Documents:
• Confirm you have an effective visa to come to Australia.
• Confirm you have a valid passport or other travel documents.

At the Border

• Completing an Incoming Passenger Card:
• Every person arriving in Australia must fill out an Incoming Passenger Card, which will be provided on the aircraft.
• Leaving the Airport Faster:
• Take advantage of SmartGate, an automated process using facial recognition technology and your ePassport, for quicker airport exit.

In Australia

You Can Do With This Visa

• Stay in Australia permanently.
• Work and study in Australia.
• Register in Australia’s Medicare public health care scheme.
• Sponsor or assist your relatives in coming to Australia.
• Journey to and from Australia over a 5-year period.
• Apply for Australian citizenship, if eligible.

You Must Do on This Visa

• You and your family must adhere to all visa conditions and comply with Australian laws.
• Continue your business and investment activities in Australia as outlined in your application.
• Inform us of any changes, such as:
• Changes to your phone number, email, address, or passport.
• Changes in your relationship status.
• The birth of a child.

See How Long You Can Stay

This visa grants permanent residency in Australia indefinitely.

Travel to and From Australia for 5 Years

• Travel to and from Australia is permissible for 5 years from the visa grant, subject to travel facility validity.
• After the initial 5-year travel facility:
• Appear for a Resident Return Visa (RRV) to re-enter Australia as a permanent resident.
• Consider applying for Australian citizenship. As an Australian citizen, you won’t need a visa to enter Australia; instead, you'll use an Australian passport for travel.

Proving You Have a Visa

• Use VEVO to verify and show your visa status and conditions to others.
• Request international movement records by completing Form 1359.

Bringing Family

• You can't add family members to your application after the visa is granted.
• If family members wish to join you later, they must apply for a separate visa that suits their situation.

Becoming an Australian Citizen

• You may be eligible for Australian citizenship after a certain period.
• For citizenship, your permanent residency initiates:
• On the day the visa is granted, if you were in Australia.
• On the day you first enter Australia on this visa, if you were not in Australia when it was approved.

Leaving Australia

Before You Leave

• Ensure you have a valid passport or travel document.
• Confirm your visa is still valid.
• Check the status and expiry of your Resident Return Visa in VEVO.
• Find out what to do if your visa has expired or is about to expire.

At the Border

• Leaving the Airport Faster:
• Use SmartGate for a quicker airport exit through facial recognition technology and your e-Passport.

After You Leave

• Proving You Have Been to Australia:
• Request international movement records by completing Form 1359.

Disclaimer: While we strive to provide comprehensive and accurate information on the Premium Investor Stream: Business Innovation and Investment Visa (Subclass 888), applicants must conduct their diligent research. The details presented here serve as a foundational guide. For a thorough understanding and to verify current requirements, we encourage individuals to explore additional reliable sources and consult official government resources. Visit reputable websites and seek advice from registered migration agents or legal professionals specialized in immigration law. Your decision regarding visa applications should be well-informed and based on thorough personal research.

Official Link to Premium Investor Stream Info

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