The Department of Home Affairs (DOHA) has indicated that it will grant concessions to applicants who were granted a Subclass 188 – Business Innovation and Investment (Provisional) visa before 1st July 2019 and who wish to apply for the Subclass 888 – Business Innovation and Investment visa (Permanent). If you are planning to apple for the visa then make sure to get in touch with the experienced team of migration agents in Brisbane. The concessions are related to:
- Application requirements
- Visa criteria which need certain periods of residence
- Specified levels of business and investment activity
However, it should be kept in mind that the applicants who are given the subclass 188 visa on or after the 1st July 2019 are not going to be eligible for the concessions. This step is taken to ensure the focus is given to those who have an establishment in Australia. Also, the applicants who have been granted on or after 1st July 2019 will have much time to get the permanent residency, and they can recover from the COVID-19 impact.
Additionally, the amendments which are made on the subclass 888 visa can be with the valid visa after or on 19th September 2020.
What are the concessions?
- The applications for the Subclass 888 visa can be made as a former holder for the subclass 188 visa for those who have ceased in the concession time when travel was not possible because of the COVID-19 breakdown.
- Allowing the former holder of the subclass 188 visa in the business innovation stream who has the visa in the lockdown period. They are given the option to apply for the subclass 188 visa in the 2 visas in the Business Innovation Extension stream.
- With the subclass 888, the investment requirements need to be modified in the investor stream who have the subclass 188 visa, and it is granted before 1st July. 2019. During the pandemic situation, the investment can be canceled or withdrawn, and the visa holder should have a subclass 199 visa. It is important to meet the requirements with every visa type, and you need to be living in Australia for around 2 years.
- Subclass 888 visa with the Significant investor stream requirements needs to be modified for those who have the subclass 188 visa granted before 1st July 2019. This way it will make it easier for them to cancel or withdraw the balancing investment component for the emerging companies.
- If the applicant visa is subjected to a condition in which they need to hold the investment through the visa period then they can deal with the situation following cancelling or withdrawing investments with the new changes which are made.
