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188C Business Innovation and Investment (Provisional) visa – Significant Investor stream


Business Innovation and Investment (Provisional) visa (subclass 188)

188C Significant Investor stream 

This provisional visa is for people who invest at least AUD5 million in Australian investments that meet certain requirements and maintain investment activity in Australia. 

Applicant must have: 

  • be invited to apply for this visa 
  • be nominated by a State or Territory government agency or Austrade to invest at least  AUD5 million that meets certain requirements and have a genuine intention to hold that investment for at least for 4 years 
  • have a genuine intention to live in the State or Territory whose government agency nominates you 

 

Eligibility

1. Be nominated: 

You must be nominated by an Australian State or Territory government agency before being invited to apply for this visa. 

The State or Territory government agency that nominates you must not withdraw their nomination after you apply, or we will be unable to grant you a visa. 

2. Be able to invest at least AUD5 million: 

To be granted this visa, you must make (on or after the time of application for this visa), a complying significant investment of at least AUD5 million when we invite you to, and have a genuine intention to hold that investment for at least 4 years. It must be invested in the following proportion: 

  • at least AUD500,000 in venture capital and growth private equity funds which invest in start-ups and small private companies 
  • at least AUD1.5 million in approved managed funds. The managed funds must invest in emerging companies listed on the Australian Stock Exchange 
  • a ‘balancing investment’ of at least AUD3 million in managed funds 

The managed funds can invest in a range of assets, including companies listed on the Australian stock exchange, Australian corporate bonds or notes, annuities, and commercial real estate. 

We prohibit direct investment in residential real estate. We strictly limit indirect investment in residential property through managed funds. 

You must not use investments as security or collateral for a loan. 

3. Not have a history of involvement in unacceptable activities: You and your partner must have had no history of involvement in business or investment activities that are of a nature that is not generally acceptable in Australia. 

4. Have functional EnglishAll applicants aged 18 or over at the time of application must either have at least functional English or you will be asked to pay the second instalment of the visa application charge 

5. Meet other requirements: 

  • Meet our health requirement 
  • Meet our character requirement 
  • Sign the Australian values statement 
  • Have no debt to the Australian Government 
  • Not have had a visa cancelled or a previous application refused 

 

Application Cost 

This visa costs AUD7,880 for the main applicant 

There is also a charge for each family member who applies for the visa with you: 

  • additional applicant over 18 years old: AUD3,940 
  • additional applicant under 18 years old: AUD1,975 

The second instalment charges are: 

  • main applicant: AUD9,795 
  • family members: AUD4,890.  

 

Business Innovation and Investment (Permanent) visa (subclass 888) 

888c Significant Investor stream 

This visa lets you continue your investment activities in Australia permanently.

You must have: 

  • hold a Business Innovation and Investment (Provisional) (subclass 188) visa in the Significant Investor stream or Significant Investor Extension stream, or 
  • have held your investment (made in connection with your subclass 188  visa) for the whole of the time that you held your subclass 188 visa 
  • have a current nomination from a state or territory government agency or Austrade which has not been withdrawn 

 

Eligibility 

1. Have this visa: 

A primary applicant for the visa must be: 

  • the primary holder of a Business Innovation and Investment (Provisional) (subclass 188) visa in the Significant Investor stream or Significant Investor Extension stream, or 
  • the holder of a Business Innovation and Investment (Provisional) (subclass 188) visa granted on the basis that you were the spouse or de facto partner of a person who held a Business Innovation and Investment (Provisional) (subclass 188) visa in the Significant Investor stream or Significant Investor Extension stream, and you have ceased to be the spouse or de facto partner of that person or that person has died.  

When you can apply for the permanent visa depends on when you applied for your provisional visa. 

Your family members who wish to apply for the visa must combine their application with your (the primary applicant’s) application. The family members do not need to hold a Business Innovation and Investment (Provisional) (subclass 188) visa.   

2. Be nominated: 

You must have a current nomination from a state or territory government agency. 

When you applied for your provisional visa, you gave us an Expression of Interest. A state or territory saw your Expression of Interest and nominated you. 

You do not need to provide a new Expression of Interest. But the state or territory needs to confirm that your nomination is still current. 

3. Have held your complying investment or complying significant investment for the required period of time: 

When we granted your Business Innovation and Investment (Provisional) visa, you invested AUD5 million in a ‘complying investment’ or a ‘complying significant investment. 

To be granted a Business Innovation and Investment (Permanent) (subclass 888) visa, you (or you and your spouse or de facto partner combined) must: 

  • for the whole period during which you held your Business Innovation and Investment (Provisional) (subclass 188) visa, have held a ‘complying investment’ (if your subclass 188 visa was granted on the basis of an application made before 1 July 2015) or a ‘complying significant investment’ (if your subclass 188 visa was granted on the basis of an application made on or after 1 July 2015), 
  • tell us of any times you transferred funds from one investment to another 

If any part of your investment is or was a direct investment in an Australian proprietary company, then: 

  • if the period of the direct investment was less than 2 years, the company must have been a qualifying business for the whole period, or 
  •  if the period of the direct investment was 2 years or more, the company was a ‘qualifying business’ for at least 2 years, or 
  •  if the company has been unable to operate as a ‘qualifying business’, you must have made a genuine attempt to operate the business as a qualifying business 
  • Investment rules for the Significant Investor stream changed on 1 July 2015. But the rules in force when you applied for your Business Innovation and Investment (Provisional) visa will stay the same for your permanent visa. 

4. Have followed Australian laws: 

When operating your business in Australia, you and your partner must have followed: 

  • Commonwealth laws 
  • the laws of the states or territories where your business operated 

This includes laws about taxation, superannuation and workplace relations. 

5. Functional English: 

You might have to pay an extra charge for any dependent applicant 18 years old or older who has less than functional English. If they can’t show that they have at least functional English, they will need to pay the second instalment of the visa application charge when we ask you to. 

They will not need to pay a second instalment if they have already paid a second instalment of the visa application charge in relation to an application for a Subclass 188 (Business Innovation and Investment (Provisional)) visa. 

6. Meet the residence requirement: You must have lived in Australia for at least 2 of the 4 years immediately before you apply. 

7. Not have been involved in unacceptable business activities: You and your partner must not have been involved in any business or investment activities that are unacceptable in Australia. 

8. Have a realistic commitment to continuing business activities: You must have a realistic commitment to continuing your business and investment activities in Australia. 

9. Meet other requirements: 

  • Meet our health requirement 
  • Meet our character requirement 
  • Sign the Australian values statement 
  • Have no debt to the Australian government 
  • Not have had a visa cancelled or a previous application refused 

 

Application Cost 

The visa costs AUD2,590 for the main applicant. 

The second instalment charge is AUD4,890. 

an extra charge for any applicant 18 years old or older who has less than functional English 

You might also have to pay other costs for health checks, police certificates and biometrics. 

To work out what your visa will cost use the Visa Pricing Estimator. The estimator does not take into account the second instalment or other costs. 

 

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