Business Innovation and Investment (permanent) visa has the same five streams as 188 visas:

• Business Innovation Stream (888A): This 888A visa is for 188A current holders who have held the visa for at least two years and have an annual business turnover of at least AUD300,000. The applicant’s main business in Australia also needs to meet certain assets and employee requirements. New Zealand citizens who hold 444 visas in Australia may also be able to apply for a 888A visa.
• Investor Stream (888B): This 888C visa is for 188C current holders who have held the complying significant investment of at least AUD5 million for at least four years uninterruptedly. The applicants and their partners must also have lived in Australia for at least 160 days.
• Premium Investor Stream (888D): This 188C visa is for applicants who would like to carry out a considerable investment activity in Australia (at least AUD5 million). The Department of Home Affairs has set strict investment proportions requirements. Applicants must follow those rules. Applicants can also extend this 188C visa with an additional 2-4 years duration.
• Premium Investor Stream (888D):This 888D visa is for 188D current holders who have held the visa for a continuous period of at least 12 months. Applicants must also have held the complying premium investment of at least AUD15 million for at least 12 months.
• Entrepreneur Stream (888E): This 888E visa is for 188E current holders who have held the visa for a continuous period of at least four years. The applicants must also have a successful record of entrepreneurial activities, for example, employing two or more Australians and permanent residents; or having an annual turnover of at least AUD300 000.

Although each of the five streams has its unique requirements, there are still some standard 888-application requirements:

• Have at least functional English Level (IELTS 4.5; PTE 30)
• Submit your expression of interest to the Australian state or territory before the visa application
• Be nominated by Australian state or territory to apply
• Conduct legal business and investment activity only in Australia
• Maintain business or investment when held Subclass 188 Business Innovation and Investment (provisional) visa
• Meet residence requirements

Business Innovation and Investment (Permanent) Visa (subclass 888) features:

• Maintain business and investment activity in Australia permanently
• Include your partner or children into your 888 visa application
• Sponsor parents to apply for PR visa
• Stay in Australia permanently
• Access to Medicare and Centrelink payment
• Become an Australian Citizen if you meet the requirements

• hold a relevant stream of the subclass 188 visa or in relation to applications for a subclass 888 visa in the Business Innovation stream, hold a relevant stream of the subclass 188 visa, or a subclass 444 (Special Category) visa, or a subclass 457 (Business (Long Stay)) visa granted in certain circumstances.