Permanent Residency is a status that confirms your indefinite stay in Australia along with your family. Also, this is a step towards acquiring citizenship after you qualify for certain eligibility criteria. Out of many, some of the common ways of becoming a permanent resident are through gaining:
Family-stream permanent residence visas
These are for:
Work-stream permanent residence visas
A person specialized or experienced to work in such occupational area which is listed on the skills shortage list, and who have an Australian employer sponsoring him/her to work in Australia is eligible to apply visa under this category.
Business Innovation and investment-stream (permanent) residence visas (Subclass 888)
Subclass 888 is a permanent visa granted to those who already possess visa under Subclass 188 - Business Innovation and Investment Stream (Provisional) visa, Subclass 444 – Special Category Visa which is applicable for the citizens of New Zealand only, and Subclass 457 – Temporary Work (Skilled) visa which has been now replaced by Temporary Skill Shortage Visa (Subclass 482). This visa lets entrepreneurs, investors and business owners to continue their activity in Australia.
Sub-division of Subclass 888
1. Business Innovation Stream
If you have already been granted with visa subclass 188 or subclass 444 or subclass 457 (which has been now replaced by 482), and you have an ongoing business involvement in Australia, you are eligible to apply for this type of visa. With the cost starting from AUD 2935, the processing time may extend up to 23 months.
2. Investor Stream
Holding a visa subclass 188 in investor stream is a prerequisite to apply for subclass 888. Acquiring this visa means you are allowed to continue a designated investment of AUD 1.5 million you have held for the last 4 years. With the cost starting from AUD 2935, the processing time may extend up to 24 months.
3. Significant Investor Stream
It is compulsory that you are a visa holder of subclass 188 in the Significant Investor Stream and you have a complying investment of AUD 5 million for 4 years, in order to apply for the visa subclass 888. With the cost starting from AUD 2935, the processing time may extend up to 24 months.
4. Premium Investor Stream
Holding a visa subclass 188 in premium investor stream for 12 months is a prerequisite to apply for subclass 888. Acquiring this visa means you are allowed to continue a designated investment of AUD 15 million for the duration of your subclass 188 visa. Processing time may vary depending upon various circumstances while the cost starts from AUD 2935.
5. Entrepreneur Stream
If you have held a visa subclass 188 in the Entrepreneur Stream for 4 years and have lived in Australia for at least 2 years, and possess a successful enterprise records, you can apply for visa subclass 888. Processing time may vary depending upon various circumstances while the cost starts from AUD 2935.
Contact us at Goodway Education and Visa Services to learn more about permanent visa options for business or investment.