The Business Innovation and Investment (subclass 888) is a permanent residency visa for those who hold a four-year provisional subclass 188 visa and looking to continue to own and manage a business or an investment activity in Australia and Australian state or territory respectively.
To be eligible for 888 visa, you must:
Live, study and work for an indefinite period
Enrol in Medicare (Australia’s program for health coverage)
Apply for Australian citizenship (after meeting a certain criteria)
Sponsor eligible relatives for permanent residency
Leave and re-enter Australia from the date visa is granted (after 5 years on your permanent residency visa you need to apply for resident return visa to extend your travel facility)