Obtaining Permanent Residency and being able to invest in and manage, or create and manage a new business in Australia is a two-step process involving TWO separate visas, namely :

Business Innovation and Investment Visa (SC188)

This temporary (provisional) visa is for significant investors/business people from overseas who are willing to invest funds in a business and/or designated investment in Australia (including NSW and Victoria) for four (4) years. The visa timeframe is 5 years. The SC188 Visa allows you to travel in and out of Australia for the validity period, and it also allows you to have your family accompany you to Australia.

SC188 also establishes a future pathway to permanent residence.

There are three ways (streams) to be granted a SC188 Visa:

  1. Business Innovation Stream – for people with business skills who want to establish, develop and manage a new or existing business in Australia. If you apply for this visa, you can renew for up to an additional two years. Your renewal application must be lodged online and your sponsoring state or territory government must confirm, in writing, that they are continuing to support you.
  2. Investor Stream – for people who want to make a designated investment of at least AUD $1.5 million in an Australian state or territory
  3. Significant Investor Stream – for people who want to invest at least AUD $million into designated investments in Australia.

Business Innovation and Investment Visas (SC888)

The Business Innovation and Investment Visa (SC888) is a permanent visa and the second stage to achieving permanent residency in Australia through this visa class. You can apply for this permanent visa after you have fulfilled the requirements of your provisional visa.

The SC888 Visa allows you to continue to work in your established business in Australia.

You can travel into and out of Australia any number of times for five years (after those 5 years, you will need to apply for a resident return visa) and you can also study in Australia and have your family accompany you.

The Business Innovation and Investment Visa (SC888) would suit you in the future when:

  • you are the primary holder of a Business Innovation and Investment Visa (Subclass 188)
  • you have met all the immigration requirements and commitments outlined in the SC188 Visa
  • you are nominated by an Australian state or territory
  • you have been in Australia for at least two years on your SC188 Visa (if applying through the Business Innovation Stream), or held a designated investment with an Australian state or territory for at least four years (if applying through the Investor Stream)
  • you have had and continue to have a direct and continuous management role in a main business in Australia
  • you fulfil the monetary income, asset holdings, and percentage of the business as specified by the visa stream you are applying through
  • you have not been involved in unacceptable business or investment activities
  • you have a genuine desire to continue your business and investment activity in Australia