There are several pathways to permanent residency in Australia and for those willing to make substantial investments in Australian businesses the investor is suitably rewarded. The department of Home Affairs has made some changes in the last 12 months to some of the Business Innovation and Investment Program (BIIP) subclasses and how investments are to be allocated.
What is the SIV 188c Visa?
To invite high net worth investors into Australia and help increase innovation and funding in key industries, a minimum of A$5 million needs to be invested for the duration of the visa. In 2021 balanced investment thresholds were reduced in favour of a higher percentage in the venture capital and private equity area. Now the required investments for the 188c visa are at least A$1.5 million for emerging companies, A$1 million for private equity and venture capitals and at least A$2.5 million in balanced investments (managed funds).
Benefits of the Significant Investor Visa 188c compared to the 188b?
The 188c visa has no age limit so anyone can apply. It also does not require any points testing. Compare that to the Investor Visa 188b where you must be under 50 years of age and have 5 years of business investment experience and a required number of years work experience in the target sector. The 188b also requires proof of managing investments from within the last five years.
The SIV 188c is all about getting big investors onto visas quicker with less skills and means testing required with a bigger percentage of investments into key and emerging industries.
188c Visas key features are:
- Minimum A$5 million investment in Australian businesses for the duration of the visa
- No age limit for applicants
- Some business or investment experience
- No need for higher education (Degree, Masters, etc.)
- No points test requirements
- As with all 188 visas, the investor can leave and enter Australia as many times as they want, so long as a minimum of 40 days are spent in Australia each year.
Timeframes: 25% of 188c visas are processed within 8 months while the majority are processed within 26 months.
Target location: The investor and family members must have a desire to live in the state/territory that was nominated on the visa.
Australian Workers: All workers in Australia are governed by workplace laws, this includes visa workers.
Health: Both the investor and all family members on the visa must have up-to-date health insurance cover.
Behaviour: Investors who want an Australia visa must be of ‘good character’ and pass a character test. There must also be no history of investment or business operations that are illegal in Australia by the investor and spouse/partner.
Partner/spouse and families: There are monetary charges for extra family members and prices vary depending on age, how well they speak English, health and police checks.
Note: It is important to remember that processing times will take longer than mentioned above if you don’t provide complete and correct information to the Australian Government. If you need help with a business visa, let No Borders Migration Lawyers help you find a way forward.
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