188C VISA - SIGNIFICANT INVESTOR STREAM

Australian Lawyers and Migration Agents - 188C Significant Investor Visa Advice

Our Australian Immigration Lawyers and Registered Migration Agents are experienced and ethical. We can assist High Net Worth Individual clients in our offices in Melbourne or Brisbane, Australia and in Hong Kong. In addition, our Australian qualified Lawyers can advise clients worldwide, with a fast and efficient Consultation by telephone or skype where they advise you about:

Visa eligibility assessment
Information about the visa process and Residency requirements
Advice regarding Source of Funds requirements
Advice regarding supporting documents including: Business and Investment financial statements and Identification
Preparation of a Statement of Assets and Liabilities
Advice regarding State or Territory 188 A, B or C Business or Investor Nomination
Advice regarding types of complying investments and referral to an Investment Adviser
Assistance with Business Plan for purchase of new or established business and company set-up
Assistance in opening an Australian Bank account and guidance regarding international funds transfer
Assistance in completion of Dept of Home Affairs Expression of Interest and Visa Application forms
Advice regarding how to apply for Police Clearance certificates
Preparation of Medical examination and Chest x ray referral letter and advice where to undergo health checks
Visa Processing time guidance
Information about the Government Visa Application fee and Migration Agent/Lawyer's fees for complete visa application assistance

Contact VisaConnect's Australian Immigration Lawyers and Migration Agents in 2021 for advice and assistance with your 188C Visa - Significant Investor Stream application for Australian permanent residence!

Significant Investor Stream - 188C Visa - Eligibility Criteria

The purpose of the 188C Significant Investor Visa is to contribute to Australia's economy and increase economic stimulus and activity, growth, jobs and investment in different industries, by making a substantial investment in Australian funds.

The Applicant must make a complying investment of at least $5 million AUD for 4 years, in any of the following options, for an application made after the new rules were adopted in July 2015. See VisaConnect's PDF document: 188C Visa - Significant Investor Stream. See the eligibility criteria for the 188C Visa below:

1. Venture Capital Investment - At least $1 million AUD in venture capital and growth private equity funds which invest in start-ups and small private companies. Note that from 1 July 2021, the Venture Capital and Private Equity investment has been increased from 10 to 20 per cent.

2. Managed Funds Investment - At least $1.5 million AUD in approved managed funds investing in emerging companies listed on the Australian Stock Exchange. Note that after 1 July 2021, the investment in this element will require a further 30 per cent dedicated to emerging companies.

3. Balancing Investment - At least $2.5 million AUD in managed funds that may invest in a range of assets, including ASX-listed companies, Australian corporate bonds or notes, annuities and commercial real estate and hold the investment continuously for at least 4 years. Note that after 1 July 2021, the the balancing investment investment element has been reduced from 60 to 50 percent.

Real Estate - Direct investment in residential real estate is prohibited and indirect investment in residential property through managed funds is limited to about 10%
Residency Requirements - The Applicant must live in Australia for at least 160 days over 4 years
Business Activities - No Previous Involvement in Unacceptable Business Activities
Source of Funds - The funds used for the SIV 188C investment must be unencumbered and lawfully acquired
Health and Character - Meet the Character requirement and undergo a medical examination
State/Territory Nomination - The Applicant must genuinely intend to live in the State/Territory where the Government Agency nominated them, make a contribution to the State/Territory's economy, and continue their business investment activity after the complying investment matures. The Applicant can apply for Nomination to:

Victoria - State Government of Victoria

New South Wales - NSW Government - NSW Department of Treasury

Queensland - Business & Skilled Migration Queensland

South Australia - Immigration South Australia

Western Australia - Western Australian Business Migration Centre

Australian Capital Territory - Skills Canberra

Tasmania - Tasmanian Government - Migration Tasmania

Northern Territory - Northern Territory Government - Migration NT

Significant Investor Stream - 188C Visa - Benefits of SIV Visa

See the benefits of applying for the 188C Significant Investor visa, in 2020 below:

No Points Test
No Age Limit
No Qualifications - No education and no business experience required
Minimal English Language Ability - If the Applicant or family members have virtually no English ability, they can still apply. Just require "functional' English language ability (IELTS 4.5 Score)
Family Members - Applicant can include Family unit members, and dependent children in the application
Mixture of Investments - The Applicant can invest in a combination of investments, based on preference, interest rate and high yield
Switch Investments - The Applicant can switch from one Investment to another complying investment during the Provisional visa
Live, Work, Study and Make Investments in Australia - After the 188C Provisional visa is granted
Processing Time - Fast visa processing time
Visa Valid for 4 Years and 3 months - with multiple entry facility
Visa Extension - Apply for a 188C Extension, if required

188C SIV Visa - Victoria State Nomination Requirements

To be eligible for Victoria State Nomination, the Applicant/Investor must meet the Department of Home Affairs investment requirements, as listed above, and also meet the Victorian Government requirements:

1. Investment Makes a Contribution to Victoria - The Venture Capital and Growth Private Equity investment is actively sourcing investment in Victoria or the fund provider has an office in Victoria. In addition, the investment in 'Emerging companies' and 'Balancing investment' must prove that Victorian investments are included in the selected investments and the fund provider has an office in Victoria.

2. Sufficient Funds to Settle in Victoria - The applicant investor and their dependents must have available no less than $200,000 AUD to settle in Victoria.

3. Genuine Intention to Live in Victoria - The applicant and family members must have a genuine and realistic commitment to reside in Victoria and continue to contribute to Victoria through investment activity.

4. Agree to Victoria's Nomination Obligations - Confirmation of Victoria's obligations and requirements to maintain the complying investments.

State/Territory Nomination - Open in 2021 - Subclass 188C Visa

The following State's /Territories are open for State Nomination:

VICTORIA - CLOSED - The Victorian Government's Skilled and Business Migration program will not be accepting new nomination applications for the subclass 188 visa after 5pm (AEST) Monday 31 May 2021. This will enable the Victorian Government to assess all subclass 188 nomination applications submitted before the Department of Home Affairs makes changes to the Business Innovation and Investor Visa requirements on 1 July 2021.
NSW - CLOSED - NSW has filled the interim nomination places allocated to NSW earlier this financial year. Once Home Affairs provides further nomination places, NSW Government will advise stakeholders how applicants may apply for NSW nomination. NSW cannot accept applications until this time.
QUEENSLAND - OPEN - State nomination for this visa is managed by the Queensland Government through Business and Skilled Migration Queensland (BSMQ) in collaboration with the Australian Government's Department of Home Affairs (HA).
WA - OPEN - Due to COVID-19, WA is conducting all interviews with clients by telephone. Personal appointments will also be replaced by telephone interviews at the Western Australian Government Trade Office in Shanghai until further notice.
TASMANIA - OPEN - Migration Tasmania is seeking interest from high calibre business investors who can make a significant contribution to Tasmania's economy.
SA - OPEN - The 188 visa is for business owners and investors who want to establish a business, or invest, in South Australia.
NT - OPEN - Australia's Northern Territory (NT) Government targets genuine, high calibre applicants who are willing to invest and do business in the NT. The prime factor considered for approval of NT nomination is the long-term benefit to the NT economy. The Australian Government allocates a limited number of Business Innovation and Investment nominations to the NT.
ACT - OPEN - The Australian Government has directed that ACT nominations focus on high quality applications that will have economic benefit to the ACT in the post pandemic recovery phase.

SIV 188C - Australian Bank Accounts

The following Australian Banks offer private, customized bank accounts for SIV applicants:

A. Westpac Bank - The SIV Flexible Investment Account - This account is Westpac's Private Wealth investment solution for SIV applicants, which includes:

A relationship management service, with multilingual private bankers
A comprehensive range of banking and wealth services
An experienced team, and dedicated investment specialist
An account which can be used to invest in a wide range of complying investments
Unique investment solutions

B. ANZ - Private Account - ANZ Private Account's specialist team can provide SIV applicants with all their banking and investment needs to assist them to meet the visa requirements. That includes access to a range of professionally managed investments that comply with SIV criteria and assistance with settling your family into the Australian lifestyle.

C. National Australia Bank - NAB Private Account - To open a NAB Private Account, the applicant must have an annual income of at least $400,000 AUD and investable assets of $1 million AUD outside the family home. NAB Private offers: Relationship banking, Tailored banking solutions, Global markets access, Wealth and Investment advice and Trusts and Philanthropy.

Significant Investor Stream - 188C Visa - Application Process

The 188C Visa application process is as follows:

1. Expression of Interest - Submit an Expression of Interest for the 188C Visa and Nominate your State/Territory.

2. Invitation to Apply for Visa - Receive Invitation to apply for 188C SIV Visa from State/Territory Government. Applicant must apply for SIV Visa within 60 days.

3. Apply for 188C Visa - Make a formal application for the Significant Investor Visa, with supporting documents.

4. Make Investment of $5 million AUD - Make the investment of $5 million AUD within the timeframe stipulated by the Case Officer.

5. 188C Provisional Visa is Granted - The Applicant can switch from one Investment to another complying investment during the Provisional visa.

6. Maintain the Investment - Maintain the complying investments for 4 years

188C Visa - Applicant's Entitlements after Visa is Granted

The 188 Visa is a Provisional visa and not a Permanent visa, but the Provisional visa allows Applicants to:

Manage and undertake investment activity in Australia
Multiple entry travel to Australia. Permitted to enter and remain in Australia for up to 4 years and 3 months
Bring eligible members of your family with you, who were included in your 188 Visa application as secondary applicants (eg. Spouse and Dependent children)
Apply for a permanent Business Innovation and Investment (Permanent) visa (subclass 888) Significant Investor stream if the specific requirements of the 188 Visa are met

Business Innovation and Investment (Permanent), 888 Visa - Eligibility Criteria

After 4 years of maintaining your 188C Investment, an applicant may be eligible to apply for the 888 Visa for Australian Permanent residence, provided they meet the following eligibility criteria:

1. Hold the 188C Visa - Primary or Secondary visa holder of a 188C Visa - Significant Investor Stream.

2. Nomination - The State or Territory Government must confirm that your Nomination is still current.

3. Maintained Complying Investment - The applicants must have held their complying investment of $5 million AUD for at least 4 years and have notified the Department of Home Affairs regarding transfers of any investments to another investment.

4. Complied with Australian Laws - laws regarding taxation, superannuation and employment relations.

5. Functional English - The primary and secondary applicants must prove that they have functional English (IELTS 4.5 for each of the 4 test components).

6. Residence requirement - The Primary Applicant must have been in Australia for at least 160 days cumulatively in 4 years or the Applicant's Spouse must have been in Australia for at least 180 days per year cumulatively, in a 4-year period.

7. Not been Involved in Unacceptable Business Activities.

8. Intend to Continue your Business activities in Australia.

9. Meet Health requirement.

10. Meet Character requirement.

11. No Debts to the Australian Government.

12. No Visa Cancellation or Visa Refusal.

COVID-19 Concessions for 888 Visa

Provisional 188C Visa holders who may have been disadvantaged as a consequence of the COVID-19 pandemic will have the following new arrangements, in place.

From 19 September 2020 until 3 months after the end of the COVID-19 concession period, you can also apply for the Subclass 888 visa if you:

held a Business Innovation and Investment (Provisional) visa (subclass 188) Significant Investor stream or Significant Investor Extension stream which expired during the COVID-19 concession period, and or
were the secondary visa holder of a Business Innovation and Investment (Provisional) visa (subclass 188) and:

1. Your visa expired during the COVID-19 concession period, and

2. You have ceased to be the spouse or de facto partner of a primary holder of a Business Innovation and Investment (Provisional) visa (subclass 188) in the Significant Investor stream or the Significant Investor Extension stream, or that person has died.

Your family members who wish to apply for the Subclass 888 visa must combine their application with your primary applicant's application. The family members do not need to hold a Business Innovation and Investment (Provisional) (subclass 188) visa.

'COVID-19 Concession Period' - commences from 1 February 2020 and is an interim arrangement, until the Department of Home Affairs states that it ends.

188C Visa holders are exempt from Australia's COVID-19 travel ban

Although a Covid-19 Travel ban has existed since March 2020, there has also been an exemption in place for holders of the Business Innovation and Investment (Provisional) (BIIP) (subclass 188) Visa, from end of August 2020, which has had an "automatic exemption" on par with Australian citizens and permanent residents. This means that Australia does not have a Covid-19 travel ban for Applicants that have a 188 Visa Granted, including the 188A, 188B, 188E and 188C Significant Investor Stream.

Prior to August 2020, Individual BIIP visa holders were still able to apply for an individual exemption of the travel restrictions.

The Australian Border Force (ABF), was asked by the COVID-19 Select Committee why such visa holders were granted an exemption when others, such as holders of the Prospective Marriage (subclass 300) visa, have not been extended the same privilege. "The Business Innovation and Investment Program targets migrants who have a demonstrated history of success or talent in innovation, investment, and business, and are able to make a significant contribution to the national innovation system and the Australian economy," the ABF said in response.

"The value of the BIIP program to Australia's economic recovery is clear through its focus on: Establishing and developing new and existing businesses, [commercialising] products and services and establishing high value businesses, and investment and job creation in the Australian economy."

As at 14 September 2020, there were 10,591 Business Innovation and Investment (Provisional) visa holders outside of Australia, who are now exempt from the travel ban and able to travel to Australia.

Exempt categories for Travel to Australia during Covid-19

Applicant's are automatically exempt from the travel restrictions and can enter Australia (without obtaining an individual exemption) if they are:

An Australian Citizen
A Permanent Resident of Australia
An immediate Family member of an Australian citizen or Permanent Resident
A New Zealand citizen usually resident in Australia and their immediate family members
A person who has been in New Zealand or Australia for 14 days or more immediately prior to arrival by air in Australia
A Diplomat accredited to Australia, including their immediate family members (each member of the family unit must hold a valid subclass 995 visa)
A person transiting Australia for 72 hours or less
Airline crew, maritime crew including marine pilots
A person recruited under the Government approved Seasonal Worker Program or Pacific Labour Scheme
A person who holds a Business Innovation and Investment (subclass 188) visa