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This provisional visa lets holders of a Business Innovation and Investment (Provisional) visa (subclass 188) Significant Investor stream holders extend their stay in Australia for up to 4 more years.
You must
– Hold a Business Innovation and Investment (Provisional) visa (subclass 188) in the Significant Investor stream and have held that visa for at least 3 years; or
– Hold a Business Innovation and Investment (Provisional) visa (subclass 188) in the Significant Investor Extension stream and not have held more than one of these visas
– Be nominated by a State or Territory government agency or Austrade
With this visa
You can
– Carry out investment activity in Australia
– Bring eligible members of your family with you
– Apply for a permanent Business Innovation and Investment (Permanent) visa (subclass 888) Significant Investor stream if certain requirements are met
How long you can stay
This is a provisional visa.
If you held a Business Innovation and Investment (Provisional) visa (subclass 188) Significant Investor stream at the time of application, you can stay for 6 years after the date of the grant of the original Business Innovation and Investment (Provisional) visa (subclass 188) Significant Investor stream.
If you held a Business Innovation and Investment (Provisional) visa (subclass 188) Significant Investor Extension stream at the time of application, you can stay for 8 years after the date of the grant of the original Business Innovation and Investment (Provisional) visa (subclass 188) Significant Investor stream.
The visa is granted with multiple entry. You can leave and re-enter Australia as many times as you want while the visa is valid.
The visa is valid from the dateThe Home Affairs grant it.
Stay longer
This is a provisional visa. You must apply for a new visa if you want to stay longer. Once you have this visa, you can apply for permanent residence through the Business Innovation and Investment (Permanent) visa (subclass 888) Significant Investor stream if certain requirements are met. Explore your visa options.
If you need more time to meet the requirements of a Business Innovation and Investment (Permanent) (subclass 888) Significant Investor stream visa, you can apply for a second Business Innovation and Investment (Provisional) visa (subclass188) in the Significant Investor Extension stream. A person can be granted a maximum of 2 Business Innovation and Investment (Provisional) visa (subclass188) in the Significant Investor Extension stream visas.
Include family
You can include members of the family unit in your application when you apply. You can also add dependent children to your application at any time before The Home Affairs decide on your application.
Family members who apply for the visa must meet our health and character requirements.
In order for the main applicant to be granted the visa, family members who are not coming to Australia must meet our character requirements and might have to meet our health requirements.
Cost
This visa costs AUD645 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: AUD325
– Additional applicant under 18 years old: AUD165
You will have to pay the second instalment of the visa application charge for any applicant who was at least 18 years old at the time of application, and is assessed as not having functional English, and has not paid a second instalment of the visa application charge in relation to an application for their Business Innovation and Investment (Provisional) (subclass 188) visa. Pay it only when the Home Affairs ask you to. The Home Affairs will refund the charge if the Home Affairs do not grant the visa to that applicant.
The second instalment charges are:
– Main applicant: AUD9,795
– Family members: AUD4,890
Use the Visa Pricing Estimator to work out what your visa will cost you. The estimator does not take into account the second instalment or other costs. You might also have to pay other costs for health checks, police certificates and biometrics.
Apply from
You can be in or outside Australia when you apply for the visa and when the Home Affairs decide on your application but not in immigration clearance.
Processing times.
Your application might take longer to process if:
– You do not complete the application form correctly
– You do not include all the documents the Home Affairs need or need more information from you
– It takes time to verify your information
Your obligations
You and your family members who are part of your application must comply with all visa conditions and Australian laws.
Meet your visa obligations
To be eligible for the grant of a Business Innovation and Investment (Permanent) visa (subclass 888) in the Significant Investor stream, you must live in Australia for at least 40 days per year for the duration of your provisional visa. Or your spouse must live in Australia for at least 180 days per year for the duration of your provisional visa. These days do not need to be consecutive.
Maintain your investment
You must continue to hold a complying significant investment continuously for the life of your provisional visa.
You can switch between complying significant investments if:
– You reinvest the funds you withdraw from an investment into other complying significant investments within 30 days
– The sum reinvested should be the same as the sum withdrawn irrespective of any gains and losses due to market exposures
If you reinvest funds into a complying significant investment within 30 days, the Home Affairs regard that as holding it continuously.
If you withdraw funds from venture capital or emerging company investments, you must reinvest the funds into venture capital or emerging companies.
If you withdraw funds from the ‘balancing investment’ category of investments, you can reinvest them into another balancing investment, venture capital or emerging companies.
If you withdraw funds from venture capital because the venture capital investment has been realised, you must reinvest those funds. You can reinvest it in any eligible complying significant investment.
Income that you earn from your complying significant investment in Australia may be subject to tax under Australian taxation law.
The rules that were in force at the time that you applied for your first Business Innovation and Investment (Provisional) visa (subclass 188) in the Significant Investor stream will continue to apply for the duration of your provisional visa, including any Extension stream visas you apply for that relate to that provisional visa.
You might want to seek independent legal advice to ensure that an investment is a ‘complying significant investment’. It is your responsibility to ensure your investment choices comply with the requirements of this visa.
Follow Australian workplace laws
All workers in Australia (including visa holders) have rights and protections at work. Pay rates and workplace conditions are set by Australian law.
If you operate a business in Australia, you must comply with workplace laws. The Pay and Conditions Tool (PACT) can help you with:
– Pay rates
– Shift calculations
– Leave arrangements and notice
– Redundancy entitlements
Adequate health insurance
The Home Affairs recommend you take out health insurance to cover any unforeseen medical treatment you might need in Australia. You are personally liable for all your healthcare costs while you are in Australia. Insurance can help limit your financial liability.
Reciprocal healthcare agreements
Some countries have a reciprocal healthcare agreement with Australia. Find out more from Services Australia about reciprocal healthcare agreements.
Travel
You can travel outside Australia and return as many times as you want while the visa is valid.
The time you spend outside Australia does not extend the visa.
Visa label
Australian visas are digital.
The Home Affairs do not put a visa label in your passport. Instead, the Home Affairs link your digital visa record to your passport.
Have not held more than one Significant Investor Extension stream visa
You must not have held more than one Business Innovation and Investment (Provisional) visa (subclass 188) Significant Investor Extension stream visa.
Continue to hold your complying significant investment
You must continue to hold your complying significant investment in accordance with the complying investment framework in place at the time you applied for this visa.
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.
Have functional English
If a family member who is part of your application did not pay a second instalment of the visa application charge for a previous subclass 188 visa application, they must be assessed as having functional English or you will need to pay the second instalment.
Meet health requirement
Most applicants who met the health requirements for their subclass 188 visa application do not need to meet the health requirements again for their subclass 188 extension visa. The exceptions are:
– Applicants who met the health requirements ‘with conditions’ at subclass 188 visa stage and is unable to comply with the undertaking
– Applicants who do not hold a subclass 188 visa.
Please do not undertake health examinations until such time as you are requested to do so.
Meet our character requirement
You and family members aged 16 years or over who apply for the visa with you must meet the character requirement.
Family members who have not applied for the visa must also meet the character requirement.
Sign the Australian values statement
If you and your family members who have applied for this visa are 18 years of age or older at the time of application, you and your family members must:
– Have read, or had explained to you, the Life in Australia book
– Sign an Australian Values Statement that confirms you will respect the Australian way of life and obey Australian laws
Have no debt to the Australian government
If you or any family members owe the Australian Government money, you or they must show that it has been paid back or there is an approved arrangement in place to pay it back.
Not have had a visa cancelled or a previous application refused
You might not be eligible for this visa if you have had a visa cancelled or refused while you were in Australia.
