Business Innovation and Investment (Permanent) visa (subclass 888) – Entrepreneur Stream
The residency requirement to apply for the permanent subclass 88 visa under the Entrepreneur stream is that you must have lived in Australia for at least two years in the four years immediately before you apply.
Additionally you will need to be successful in your entrepreneurial activity. The success of the entrepreneurial venture is demonstrated by completing at least two key success factors or a combination of one key success factor and three supporting success factors.
Key success factors include:
- Employing two or more Australians, permanent residents or other eligible persons
- Generating an annual turnover of at least AUD300 000
- Filing a provisional patent or acquiring a standard or innovation patent
- Receiving ongoing funding or investment in your entrepreneur activity
- Entering into a partnership with a University
- Selling an entrepreneurial venture for AUD2,000,000.
Supporting success factors include:
- Diversifying entrepreneurial activities into other business areas
- Receiving a statement of success from a state or territory government nominator
- Receiving sponsorship from the corporate sector
- Starting at least one other business or contributing to at least two other businesses
- Receiving formal awards or recognition
- Raising or contributing to social capital.
You also need to ensure that your entrepreneurial activity is not in one of the following categories:
- residential real estate
- labour hire
- purchase of an existing enterprise or franchise in Australia
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