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

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.

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. 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.

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.

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, we 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.

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.

Eligibility

Be nominated

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

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

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

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 our health requirement

You and any family members who apply for the visa with you must meet our health requirement. 

Meet our character requirement

You and family members aged 16 years or over who apply for the visa with you must meet our character requirement. 

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.  Check if visa cancellation afffects your eligibility.

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