Under 188A, you are obligated to start a new/buy over existing business in your nominating state and run it successfully for at least two years in accordance to the business plan proposed to NSW state. For the last 12 months before you lodge your SC888 permanent visa, you must also be able to prove the following: direct and continuous management of the business; if your business is in Sydney and have invested at least $500,000 into the business; if your business is in Sydney: holding at least $300,000 worth of business assets in your main business; hold a minimum total of net personal and business assets worth $900,000; achieve at least $300,000 sales turnover. Technically you have four years and three months from the date of visa grant to fulfill all the above-mentioned criteria, but do not delay, as you may need some time to set up your business and achieve the expected turnover within its first two years of operation.
How long do I have for my business to meet the requirements of Australia’s 888 visa?
I just obtained my 188A visa and am planning to establish a business in Sydney. I know that in order to apply for permanent residency (888 visa), the performance of my business has to meet the threshold set by this type of visa. How much time do I have? How will the authorities evaluate the performance?
You must show your performance between the remainder of time your visa plus any time you have on next 188A visa (renewed) to achieve the target (usually another four years). So, total of eight years, plus some bridging visa time. Authorities will require you to prove to them you have reached your target., i.e., turnover, asset holding and value requirements and others.
You need to show the successful running of the business for at least one year with employing close to two Australians. Your IT returns and your successfully running the business documents.