Business Innovation And Investment

The Business Innovation and Investment (Permanent) visa (subclass 888) is the second stage of the Business Innovation and Investment (Provisional) visa (subclass 188). You can apply for it after you have fulfilled the requirements of your provisional visa. You do not need to submit a new Expression of Interest or be invited to apply for this visa. You need to be nominated by a state or territory government agency if you are seeking to satisfy the primary criteria.
If you are the holder of a provisional Business Innovation and Investment visa (subclass 188) and the state or territory which nominated you for that visa has not withdrawn the nomination, you have a current nomination by that state or territory. If you are the holder of a Special Category visa (subclass 444), or require nomination from a different state or territory than your provisional Business Innovation and Investment visa (subclass 188) you are required to obtain nomination from a state or territory before you lodge an application for this visa.

This visa allows you to:

continue to own and manage a business in Australia (the Business Innovation stream)
Continue business and investment activity in Australia (the Investor stream and the Significant Investor stream).
You might be able to apply for this visa if:

you are the primary visa holder of a provisional Business Innovation and Investment visa (subclass 188) and have met all the requirements of your provisional Business Innovation and Investment visa in the stream in which you first applied; or
you hold a Special Category visa (subclass 444) or a Business (Long stay) visa (subclass 457IE) and have met the requirements of the business innovation stream; and
you and your partner have not been involved in any unacceptable business or investment activities
You and your partner have a satisfactory record of complying with Commonwealth laws, and of each State or Territory in which you operate a business and employ employees in the business, relating to your business.
you have been nominated by an Australian state or territory
you and all your family members meet health and character requirements – you do not need to prove this again if you have already done this for the provisional Business Innovation and Investment visa (subclass 188)
have a realistic commitment to maintain business or investment activities in Australia
Other requirements depend on the stream in which you held your provisional Business Innovation and Investment visa (subclass 188).

The Business Innovation and Investment (Permanent) visa (subclass 888) allows you to manage your business and investments in Australia.

This is a permanent residence visa. It lets you and any family members who have also been granted this visa to:

stay in Australia indefinitely
work and study in Australia
enrol in Medicare, Australia’s scheme for health-related care and expenses
apply for Australian citizenship (if you are eligible)
sponsor eligible relatives for permanent residence
Travel to and from Australia for five years from the date the visa is granted (after that time, you will need a resident return visa or another visa to return to Australia).