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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.
You must
– 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.
With this visa
You can
– Carry out investment activity in Australia
– Stay in Australia for up to 4 years and 3 months
– 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. You can stay in Australia for 4 years and 3 months. If you applied for this visa prior to to July 2015, you can stay in Australia for 4 years.
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 starts on the date you are granted.
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.
If you applied for a Business Innovation and Investment (Provisional) visa (subclass 188) in the Significant Investor stream prior to 1 July 2015, You will be eligible to apply for a Business Innovation and Investment (Permanent) visa (subclass 888) in the Significant Investor stream after 3 years and 11 months.
If you need more time to apply for permanent residence, you can apply for a new Business Innovation and Investment (Provisional) visa (subclass 188) in the Significant Investor stream.
If granted, you will be able to travel to, enter and remain in Australia for 6 years after the date of the grant of the original Business Innovation and Investment (Provisional) visa (subclass 188) in the Significant Investor stream.
You can also apply for a second Significant Investor Extension stream visa. If granted, you will be able to travel to, enter and remain in Australia for 8 years after the date of the grant of the original Business Innovation and Investment
(Provisional) visa (subclass 188) in the Significant Investor stream.
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 the 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 the character requirements, and might have to meet the health requirements.
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
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 satisfies the secondary criteria for the grant of a subclass 888 visa and is assesssed 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 they 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. 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 we need or we need more information from you
– It takes us time to verify your information
The Home Affairs can’t process your application if you do not pay the correct visa application charge. The Home Affairs will notify you if this is the case and if necessary return your application.
Your obligations
You and your family members who are part of your application must comply with all visa conditions and Australian laws.
Meet your business obligations
While the holder of this visa, you must have a genuine and realistic commitment to:
– You and/or your spouse or de facto partner must have a genuine intention to live in the State or Territory whose government agency nominated you
– Continue business and investment activity in Australia after your visa ends
You must also maintain your investment for the whole of the visa period and comply with Australian workplace laws.
To be eligible for the grant of a Business Innovation and Investment (Permanent) visa (subclass 888) in the Significant Investor stream, you must also live in Australia for at least 40 days per year for the duration of your provisional visa. Or your spouse or de facto partner 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 make a complying significant investment of at least AUD5 million over 4 years. You must hold complying significant investments 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 withdrawn is the same as, or less than, the sum reinvested 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 count that as holding them 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 them 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.
Note that the rules that were in force at the time that you applied for your Business Innovation and Investment (Provisional) visa (subclass 188) in the Significant Investor Extension stream will continue to apply for the duration of your visa. This includes any Business Innovation and Investment (Provisional) visa (subclass 188) in the Significant Investor Extension stream visas you apply for that relate to your 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 options comply with this visa’s requirements.
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.
Be nominated
You must be nominated by an Australian State or Territory government agency or Austrade before being invited to apply for this visa.
The State or Territory government agency or Austrade that nominates you must not withdraw their nomination after you apply, or the Home Affairs will be unable to grant you a visa.
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 the Home Affairs invite you to, and have a genuine intention to hold that investment for at least 4 years. It must be invested in the following proportions:
– 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.
The Home Affairs prohibit direct investment in residential real estate. The Home Affairs strictly limit indirect investment in residential property through managed funds.
You must not use investments as security or collateral for a loan.
It is suggested that you review the more detailed information about complying significant investments is available at Austrade – Guide to investing.
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 language
All 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.
Meet health requirement
You and any family members who apply for the visa with you must meet the health requirement.
Family members who are not coming to Australia might also have to meet the health requirement.
Meet 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 this 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 have paid it back or have 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.
