Business Visa Subclass 888: Permanent Residence for 188 Holders
The Subclass 888 Business Innovation and Investment (Permanent) Visa is the permanent stage for holders of the Subclass 188 provisional visa. If you hold a 188 visa and have met the business activity, investment, or innovation requirements for your stream, the 888 grants you permanent residence in Australia. Even though the 188 is closed to new applications, the 888 pathway remains open for existing 188 holders. Each stream has different requirements, and you must have met them during the provisional period.
Quick Facts
| Detail | Information |
|---|---|
| Visa subclass | 888 |
| Cost | $2,590 |
| Processing time | 12-24 months |
| Visa type | Permanent |
| Who can apply | Current or former 188 visa holders |
| Apply from | Inside Australia |
| State nomination | Required (same state as 188) |
Requirements by Stream
Business Innovation Stream
You must demonstrate that you've been actively running a business in Australia for at least two years on the 188 visa.
Key requirements:
- Ownership interest in an Australian business for at least 2 years
- Annual turnover of at least $300,000 in each of those years
- Meet at least two of three additional criteria:
- Business assets of $200,000 or more
- Personal and business assets of $600,000 or more
- Employed at least two full-time Australian citizen/PR employees (not family)
- Been in Australia for at least 12 months in the two years before applying
Investor Stream
You must have maintained the designated investment ($2.5 million in state government bonds) for four years.
Key requirements:
- Maintained the designated investment for the full four-year period
- Spent at least two of the four years in Australia on the 188
- Genuine and realistic commitment to continuing business or investment activity
- State or territory nomination
Significant Investor Stream
You must have maintained $5 million in complying investments for four years.
Key requirements:
- $5 million complying investment maintained for four years
- Met the 40-day annual residence requirement
- Genuine and realistic commitment to continuing investment activity in Australia
- Complying investment framework allocations maintained
Read more about the Significant Investor Visa requirements.
Entrepreneur Stream
You must demonstrate that your entrepreneurial activity has been successful.
Key requirements:
- Conducted the entrepreneurial activity in Australia for at least two years
- Achieved key success indicators (revenue, employment, patents, or further funding)
- State or territory nomination endorsing the activity's success
State or Territory Nomination
You must be nominated by the same state or territory that nominated your 188. This means your business or investment activity must have occurred primarily in that state. If you've moved states, you'll need to negotiate a nomination transfer — which can be difficult.
The state assesses whether your business or investment has delivered the economic benefit they expected when they nominated you. If your business has underperformed or you've spent most of your time in a different state, the nomination may be refused.
Application Process
- Confirm you meet the requirements for your specific stream
- Obtain state or territory nomination
- Lodge the 888 application through ImmiAccount
- Provide evidence of meeting stream requirements (business records, investment statements, tax returns, employment records)
- Health and character checks
- Wait for processing (12-24 months)
- Visa granted — you're a permanent resident
Evidence Requirements
For Business Innovation
- Business registration documents (ASIC extracts)
- BAS statements showing turnover
- Financial statements (audited or reviewed)
- Tax returns for the business
- Employment records for staff
- Lease agreements, invoices, and other business activity evidence
- Accountant's report summarising business performance
For Investment Streams
- Investment portfolio statements covering the full four-year period
- Fund manager confirmation letters
- Evidence that investments remained within the complying framework
- Annual tax returns
- Evidence of time spent in Australia (travel records, visa stamps)
Common Issues and Refusal Risks
Business Innovation
- Turnover falling below $300,000 in any qualifying year
- Not employing enough Australian workers
- Business that appears to exist primarily for visa purposes rather than genuine commercial activity
- Operating in a different state from the nominating state
Investor and SIV
- Investment value dropping below the required amount (market losses)
- Moving funds into non-complying assets
- Not meeting residence requirements
- Investment restructuring without Department knowledge
General
- State nomination refusal (due to perceived lack of economic benefit)
- Character issues
- Failing to apply within the correct timeframe
Family Members
Your spouse/de facto partner and dependent children included on the 188 are automatically included on the 888 application. Additional family members who joined after the 188 may need separate applications.
After the 888 Is Granted
As a permanent resident, you can:
- Live and work anywhere in Australia without restrictions
- Access Medicare
- Apply for Australian citizenship after meeting residence requirements
- Sponsor family members for visas
- Travel in and out of Australia (travel facility valid for 5 years)
Frequently Asked Questions
Can I apply for the 888 if my 188 has expired?
In some cases, yes. If you held a 188 and met the requirements during the provisional period, you may still be eligible. Seek professional advice about your specific circumstances and timing.
What if my business failed?
If your business didn't meet the required turnover or other criteria, the 888 will likely be refused. There's no provision for business failure — the 888 requires demonstrated success.
Can I change my business after getting the 888?
Yes. Once you have permanent residence, there's no requirement to continue the same business. You can sell, close, or change businesses freely.
Do I need to stay in the same state?
For the 888 application, yes — you need nomination from the same state. After the 888 is granted, you can live anywhere in Australia.
How long does processing take?
Currently 12-24 months. Processing times have varied as the Department manages the transition from the closed 188 program. Priority may be given to applicants with strong economic contributions.
What if my investments lost money?
You need to maintain the full investment amount. If market losses reduced your portfolio below $5 million (SIV) or $2.5 million (Investor), you must top up before the 888 decision. The Department assesses the value at the time of decision.
