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Immigration News

CONVERT VISA 188A TO VISA 888A FOR GETTING AUSTRALIA RESIDENCE

10/03/2023
Visa 188A is a temporary residence visa which is valid for up to 4 years for foreign investors who want to come to Australia to change their lives and develop long-term careers. However, after this time, if the investor wants to convert permanent residence or acquire Australian citizenship, it will need to convert to an 888A visa.

1. Visa 188A - the first step to get Visa 888A, Innovation Business and Investment Stream

Visa 188A is a temporary resident visa that the Australian government expects that investing from entrepreneurs and foreign investors in businesses to promote the economic development of this country. This is a low investment visa, so it is mainly for small and medium business owners.

Specifically, the requirements of the 188A visa for the main applicant: 

  • Over 18 years old and under 55 years old;

  • Have a clean criminal record along with good health

  • Experience directly related to business management.

  • Minimum property and business value of AUD 1,300,000

  • Have at least 30% of the annual turnover of the shareholder and the company is not less than 750,000 AUD.

Advantages of visa 188A

  • Short processing times: Immigration procedures often take a long time, some countries even need several years, but Australia is shorter. Visa processing time is about 6-9 months.

  • There is no requirement for the candidate's language skills, but also basic communication skills to be able to interview or meet communication when coming to Australia. 

  • Flexible investment and low amount, suitable for many Vietnamese investors.

  • The applicant's spouse and children under 23 years of age can be sponsored to Australia with the main applicant, free education for secondary school students.

  • It is possible to apply for permanent residence after 2 years if the specified conditions are met.

Visa 188A - the first step to Australia's 888 Innovation Business and Investment Visa Permanent Residence.

Visa 188A allows investors to temporarily stay in Australia to develop their business

2. Convert visa 888A to get permanent residency and Australian citizenship

After successfully obtaining the 188A visa, the investor will go to Australia to buy a business to operate and develop during a temporary stay in Australia up to 4 years. During living in Australia, investors who intend to get permanent residency to stay in Australia permanently will need to convert to 888A visa, in other words, 888A visa is the stage of 188A visa renewal. business and investment.

To get visa 888A to Australia permanent resident, applicants need:

  • Lived in Australia for at least 1 year in the 2 year period immediately prior to applying for an 888A visa.

  • Owned or held direct, continuous management for at least 2 years prior to applying for a permanent resident visa in Australia;

  • For your company in Australia, you or your spouse must own at least:

  • 51% share if the business has a turnover of less than AUD 400,000/year

  • 30% of the shares if the business has a turnover greater than AUD 400,000/year

  • 10% shares if the enterprise is publicly listed.

  • Make sure the business has an Australian business number (ABN) and a Business Activity Report.

Except in special cases, you need to meet at least 2 of the following:

  • In the 1 year prior to the application, the applicant's business must employ 2 permanent employees who are Australian citizens, permanent residents in Australia or New Zealand citizens. These employees must ensure they are not members of your household.

  • In the 1 year prior to applying, the business must have a net worth of at least AUD 200,000 or the net worth of the business and personal assets owned by you (and your spouse) must be at least 600,000 AUD.

  • In the 1 year prior to applying, your company must have good operating results, must have a turnover of at least $300,000.

3. Why do you need an 888A visa?

188A visa holders will still limit some benefits that Australia does not give temporary residence such as social security, real estate sales, children are not entitled to preferential tuition fees, ... (See more more: Distinguishing Australian Visas for Temporary Residence and Permanent Residence when settling down )

Why do you need an 888A visa?

The whole investor family will have the opportunity to become a permanent resident with Visa 888A

Benefits of owning an 888A visa include:

  • Unlimited entry and exit to Australia is possible at any time.

  • Can live and work in any state.

  • Enroll in Medicare health insurance.

  • It is possible to apply for Australian citizenship after meeting a certain requirement.

  • The applicant's spouse can have a full-time job in Australia and the children receive the best Australian education.

  • Can sponsor relatives to become permanent residents.

Therefore, to be able to receive full benefits in terms of health, education, social security, ... as well as create conditions for business development, investors need to convert 888A visa once they have a visa. 188A. 

To learn more about the 188A visa application, investors should contact iCanfield at the hotline below. iCanfield will support you with accurate information, free assessment and always accompany your family until you receive a visa to Australia. 


iCanfield Vietnam Immigration & Study Abroad Consulting Company 

Address: 93 Nguyen Du, Ben Nghe Ward, District 1, HCMC

Hotline: 028.3822.0285

Make an appointment for a consultation

Call 028 3822 0285 If you need a quick consultation

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