The 888 Business Innovation and Investment Visa Australia, also known as the 888 visa, provides fast-tracked permanent residence to migrants with ideas that will contribute significantly to Australia's economy and society. The 888 visas are designed to attract highly skilled entrepreneurs to start up and run businesses in Australia. If you're considering applying for this visa, these are the factors you should consider.

About the 888 Business Innovation and Investment Visa

The Australian Government has introduced a new scheme to see foreign investors granted permanent residency if they invest more than $5 million in an eligible Australian company. The 888 Business Innovation and Investment Visa will be open to investors from all countries, with only a few restrictions on who can apply. This is a fantastic opportunity to become an investor in one of Australia's most promising industries, such as tourism or education. To learn more about this exciting new scheme, check out these links.

So what do you need to qualify for The 888 Business Innovation and Investment Visa? Well, there are three main requirements:

• First, you need at least $5 million available in financial assets outside of Australia. If you are married, your spouse must also have the same amount of money invested outside Australia.
• Next, you need to be willing to invest at least $5 million into an eligible Australian business venture.
• Finally, you need to meet health and character requirements set by the Government, which we will go over later in this post. If you meet these three requirements, then you're well on your way to being a citizen of Australia.

The Application Process of Business Innovation and Investment Visa

The first step in the application process is to express interest in your idea. This is similar to 188 Business innovation and investment visa. The next step is to get pre-approval from a state or territory government. Then, you'll need to submit an online expression of interest form. The final step is to be nominated by a state or territory government and then be invited by them to apply for a business innovation and investment visa in Australia. The criteria for obtaining this visa are as follows:

• You must have a minimum AUD 200,000 investment under AUD 1 million.
• Your startup needs to demonstrate potential employment growth in high-priority areas.
• Your startup needs to generate benefits that outweigh any potential costs associated with its operations.
• You must be invited by a state or territory government.

You will not be eligible if you already hold citizenship in another country or are a student enrolled at an Australian educational institution.

Benefits of the Visa 888 and 188

1. No need to live in Australia: The visa will allow you to live anywhere as long as you have a home outside of Australia.
2. No need for family members to live with you: This is perfect for singles or couples without children who want to start a business in another country.
3. Ease of travel when on the road.
4. Multiple entries into Australia for up to 12 months at a time: Once you've been granted the visa, it's easy to enter and exit Australian airports without any hassles from immigration officers because it doesn't require proof that you reside there permanently.
5. Freedom to come and go as you please: There's no requirement to report your movements like there is with other visas.
6. The fast application process for 888 Business Innovation and Investment Visa: If approved, your new passport can be mailed out within a few weeks and delivered right to your door.