Choosing to move to Australia is a very exciting decision – congratulations!  Now the question is, which visa is right for you?  If you are able to invest, the 188C visa otherwise known as the Significant Investor visa (SIV) may be right for you.  But what is it and how does it work?

CLICK HERE to know everything about the  Investor visa (SIV)

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1.     Why Would I Want the 188C SIV Significant Investor Visa?

The 188 Subclass is a group of visas for people looking to invest in Australia.  There are a number of visa types in this subclass which vary in their conditions based on the value of the investment made.  Compared to other business visas, the 188C has the following advantages:

• No upper age limit;
• No English language requirement;
• No points test;
• Able to bring eligible dependants (spouse/partner, dependent children up to 23 years old);
• No academic qualification requirement;
• No business management skills or fund management experience requirements;
• May be applied for from within Australia or outside Australia;
• Ability to extend visa (up to 8 years in total);
• Flexible residential requirement (you need only reside in Australia 40 days per year);
• Pathway to permanent residency.

Of course, the biggest attraction factor for many is that the 188C SIV offers successful applicants a direct pathway to permanent residency in Australia.

Work Visa Lawyers can help with your application for a 188C SIV Significant Investor visa.

2.     Who Can Apply for SIV Australia?

The 188C SIV Significant Investor visa is open to applicants with high assets and a high income, who are willing to make a AUD 5 million investment in Australia.

Key Criteria：

The applicant and/or their spouse must:

1. Have net personal assets of AUD 5 million;

2. Be nominated by an Australian state or a territory or the Australian Trade and Investment Commission (Austrade);

3. Be willing and able to make an investment of AUD 5 million into a complying significant investment fund.

3.     How Do I Become a Permanent Resident?

188C SIV Significant Investor visa holders are eligible to become permanent residents of Australia if they:

• Hold the AUD 5 million complying investment for 4 years;
• Either spend 160 days in Australia, or their spouse spends 720 days in Australia; and
• Are nominated by an Australian state or a territory, or Austrade.

Permanent Residency does not happen automatically though – you must apply for it!  At Work Visa Lawyers, we can help with this aspect of the visa process too.

4.     What Happens To the Money I Invest?

One of the most common questions we get asked about the 188C SIV Significant Investor visa is, “what happens to the money I invest?”  Once you have signed up, your money is invested into managed funds which the Australia Government identifies as being beneficial to Australia.  These are used to boost the national economy.

The investment is split into:

• AUD 500,000 in venture capital and growth private equity funds which will invest in start-ups and small private companies;
• AUD 1.5 million in approved managed funds which must invest in new companies listed on the Australian Stock Exchange; and
• a ‘balancing investment’ of at least AUD 3 million in managed funds.

The money must remain invested for at least 4 years, although it may be transferred to another complying investment during this period.

You remain the legal owner of the money during and after the investment period and if your investment grows, that growth belongs to you too (subject to Australian tax law).  Once the minimum investment period is complete, your investment is returned to you and you may use it as you wish.

Of course, as with any investment, there is a chance of financial loss.  You should always obtain advice from an experienced lawyer and an independent  financial advisor before making this kind of decision*.  Make an appointment with Work Visa Lawyers today to discuss whether this is the right visa for you.

*Work Visa Lawyers are not financial advisors and cannot provide you with financial advice – you should also speak with an independent financial advisor before making this decision.

5.     How Do I Apply For a 188C SIV Significant Investor visa?

If you meet the requirements in point 2, you can apply for a 188C SIV Significant Investor visa from anywhere in the world.  First, you will need to lodge an Expression of Interest (EOI) with either the state or territory in which you wish to reside, or with Austrade.  Work Visa Lawyers proudly recommends South Australia, but we can assist with your application to any state, territory or Austrade.  The state/territory or Austrade will assess your EOI and if you meet the criteria, they will nominate you for a Significant Investor 188C visa.  Once you are nominated, you will need to submit an application, complete with evidence that you meet the requirements.

To ensure your application is completed correctly and give you the best chance of success, you should engage an experienced immigration law firm like Work Visa Lawyers to draft and lodge your paperwork for you.

Applying from within Australia

If you are already in Australia and want to stay here while you wait for your 188C SIV Significant Investor visa application to be processed, you may need another visa for the duration, usually this will be a Bridging Visa.  There are 2 options depending on your situation.

-Bridging Visa A

Bridging Visa A (BVA) allows applicants to stay in Australia until a visa decision is reached. The BVA does not have a travel facility however, so should you wish to travel outside of Australia for any reason while waiting for your visa, you will need to apply for Bridging Visa B.

-Bridging Visa B

Bridging Visa B (BVB) allows applicants to leave and return to Australia whilst awaiting a decision on visa applications.  This visa is ideal if you have business or personal needs to attend to outside Australia, but wish to return.

Applying from Outside Australia

Applying from outside Australia is ok too!  Work Visa Lawyers has Immigration Lawyers and Registered Migration Agents available for consultation at a time that suits you via Zoom, over the telephone, or face to face in our Adelaide office.  Our staff speak many languages and we can arrange an interpreter if you would like one.

6.     Who Is Applying For the 188C SIV Significant Investor visa?

Since the launch of SIV program in November 2012, the bulk of applications originated in the following 5 main countries and regions, primarily in Asia.  This is in part due to Australia’s geographical proximity to Asia, but Australia is also an ideal location for lifestyle, universities and healthcare, global business, and financial security.

Applications were from:

• Mainland China, 84.8%
• Hong Kong, 5.1%
• Vietnam, 1.3%
• Malaysia, 1.2%
• South Africa, 1.1%

7.     Changes Are Coming Soon!

This article is correct at the date of publication but changes are coming! In April 2023, the Minister Clare O'neil confirmed that the Business Innovation and Investment Program will not be abolished. However, a radical restructure is needed to attract highly skilled people who will create the future jobs for Australians.

Author:

Wendy Guan, Registered Migration Agent at Work Visa Lawyers

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SOURCES:

https://www.homeaffairs.gov.au/research-and-statistics/statistics/visa-statistics/work/significant-investor-visa

https://immi.homeaffairs.gov.au/visas/getting-a-visa/visa-listing/business-innovation-and-investment-188

The Australian Government announced that it will close the Global Talent Visa in late 2024 and replace it with the new National Innovation Visa. Follow this link for more details about the National Innovation Visa.

Since the Federal Labor government came into power in May 2022, there had been a number of concerns raised in relation to the future of the Global Talent Visa (subclass 858). However, based on the recently released Review of the Migration System and the speech of the Minister for Home Affairs, the Hon Claire O’ Neil MP, it seems that the Global Talent Visa still has a place in Australia’s migration system and the this visa still has a bright future.

The concerns about the future of the Global Talent Visa came about when the Australian government significantly decreased the allocations for this visa from 15,000 places to just 5,000 places. The visa also got de-prioritised and the Global Talent Attraction Officers’ roles had been changed which resulted to the significant slowing down of the processing of the Global Talent visa Expressions of Interest (EOIs) and of the visa applications. Before this visa got de-prioritised, some EOIs was being processed in about 2 days to about 1 month and the visa granted within a month (or less) depending on the health and character checks.  It now takes 4-6 months for prioritized EOIs to get a response and about 7 months for Global Talent Visa applications to be decided.

Some even feared that the Global Talent visa will be abolished because of the perceived government attitude towards the Global Talent Visa and their preference for employer sponsored visas, independent skilled and regional visas.

However, based on the report and the Minister’s speech, the Global Talent Visa will still be a good option for those high-performing, specialized highly skilled, highly paid professionals who have the skills, talents and innovative spirit that Australia wants and needs to create jobs, help the economy, raise Australia’s technical and academic standards, and its competitiveness in the global market and contribute to Australia’s growth.

Get to know more:

• Government Updates

• Number of allocations 2022/2023

• What is the Global Talent Visa in Australia?

• Target sectors for the Global Talent Visa

How can Work Visa Lawyers help?

If you are interested in the Global Talent Visa or needs help with this visa, Work Visa Lawyers can assist you.

Work Visa Lawyers is highly experienced in all parts of the Global Talent visa application process. We are able to assist with all aspects of the application, and can also provide advice in relation to:

• your eligibility for a Global Talent Visa
• documents to demonstrate your skills and ability to attract the FWHIT salary

Work Visa Lawyers will provide an eligibility assessment before advising you to proceed with a visa application.

Our team of experienced Immigration Lawyers and Migration Agents look forward to assisting you with your Global Talent EOI, visa application or appeal.

Based in Adelaide South Australia, we provide Australian Immigration advice to people and businesses from all over the world.

You can book an appointment online  or call us at (+61) 8 8351 9956.

This article is not intended to be or taken as migration legal advice. The author of this article disclaims any liability for any action or omission on the information provided or not provided in this article. You should always consult an immigration lawyer or a registered migration agent (like Work Visa Lawyers) to form an informed opinion on your immigration matter.

The Australian Government announced that it will close the Business Innovation and Investment Program (BIIP) from July 2024 and replace it with the new National Innovation Visa. Follow this link for more details about the National Innovation Visa.

In August 2022 the States and Territories were only given a total of 810 allocations for 188 visas.  All states and territories aside from Move to South Ausralia have now run out of business visa allocations.

On 8 December 2022, the Migration Program Planning Levels for 2022-2023 were released.

Unfortunately, the Federal Government did not allocate any more places to any of the states/territories for Business Investment Visa 188.

So with no state nominations available, the Federal Government has effectively closed the 188 visa for this migration year, up until the 30 June 2023.

This is a type of stealth closure, without an announcement by the Federal Government, but with the same effect.

The 188 visa is called the Business Innovation and Investment Program (BIIP).

There are four streams of the 188 visa:

• Business Innovation stream-  188a Visa - for succesful busines owners. 
• Investor stream-2.5 million Investment Visa 188B Australia
• Significant Investor stream- 5 Million Investment Visa Australia - Visa 188C SIV 
• Entrepreneur stream- Visa 188E Australia. This visa stream lets you carry out entrepreneurial activities in Australia. You can stay for up to 5 years .

Each stream requires that the applicant to obtain state nomination before lodging a visa.

With no further allocations available to the states from the Federal Government, the 188 has been effectivly closed up until 1 July 2023.

Today’s ever changing economic climate can result in necessary changes to business plans.

What happens if you were approved for state nomination based on a particular business plan, and then this plan changes after your 188A visa is granted?

Overview of 188a Business Innovation Visa Australia

Federal Budget 2022 - Business Investor Visa Allocations

New Federal Budgets have revealed the Migration Program planning levels.

The quota for Business Innovation and Investment Visa program has been reduced to 5000, comparing to 13,500 last year.

This will mean that it is more competitive and challenging to secure a place in the program.  

We are talking about the four streams of the 188 visa.

• The Business Innovation or 188a
• The Investor of 188B
• The Significant Investor or 188C
• The Entrepreneur or 188E

States have announced that they are running out of allocations as they are working from a interim allocation of about 800 places. 800 places for all states and territories are too short to fill up the demand of the Business and Investor visa program in Australia.

Watch our full video about Business Visa news in November 2022 here:

In that, QLD and NSW have already used up their interim allocation and closed the program temporarily. VIC and SA are very careful in selecting the applicants. SA decided  to temporarily close the Investor Stream 188B and Significant Investor Stream 188C streams.

Hopefully, the states can receive further allocations for the Business Visa Australia shortly after the Federal Budgets announcement and open to all the streams.

Now, let's look at some of the most popular stream in Business Visa 188 Australia and why should you go for it.

The 188A Business Innovation stream remains popular among applicants all over the world. This is because it has lower capital rewquiremetns than the investor path, and builds on the applicants existing business skills.

The 188C Significant Investor stream is the most simple one except for the amount if investment fund with NOT much criteria including:

• No Age limit (good for parents who are not able to do parent visa 143);
• No English Requirement (You only need to pay for the secondary fee for non-english applicant);
• No  Qualification or Business Skills and experience required;
• No Points Test (Business Innovation stream 188A and Investor Stream 188B requires Points Testing)

In order to find your best Business and Investor Visa Australia, please use our Business Visa Compare tool:

Business and Investor Visa news recap

There is still a shadow over the 188C visa which requires a 5 million dollar investment.

In Sep 2022, the Home Affairs Minister Clare O’Neil commented with Sky News that the SIV program “isn’t adding value to the country”. 

In the talk, Minister Clare O’Neil mentioned:

"I think most Australians would be pretty offended by the idea that we've got a visa category here where effectively you can buy your way into the country,"

"I don't see a lot of great benefits to the country currently." When she was asked by Andrew from Sky News if the Golden Visa Australia (Significant Investor Visa 188C) might be abolished.

The minister has criticized the Significant investor visa to be bringing in older people who can cost the budget.

There are also comments from Grattan Institute which raised concerns if the SIV will be removed shortly.

=> Applicants wish to put in a SIV application need to take actions as soon as possible.

Or, you may consider to apply for a 188B - Investor Stream instead.

Similar to 188C, 188B Visa requires applicants to invest 2.5 million Australian Dollar to the complying investment fund of Australia. It also has a pathway to Australian Permanent Residency.

The 188B Visa has grown in popularity recently and the comments on the SIV may make more people consider the visa 188 Investor stream.

The final category is the 188E Entrepreneur Stream.

While it has no capital investment requirement, the level of interest is surprising low.  This may be because the of the requirements being harder to quantify or predict.

The 188E visa requires applicant to show innovated business ideas.

State such as SA and Victoria require endorsement from service providers or investor incubator bodies.

There is a pathway to permanent residency after you hold the visa for 2 years and have a successful record of entrepreneurial activities. 

Ministerial Direction 100 - Business Visa Processing

Following the Federal Budget, there is a new Ministerial Direction 100 for skilled visa processing priority instruction published recently.

The new labor government has pointed out that their primary focus at this stage is to:

- Clear the visa backlogs caused by the delay in processing time during Pandemic Covid-19.

- Address skills shortages 

The government will still process efficiently those skilled visas in the near future to make the visa backlogs to a manageable level before Christmas.

The following skilled visas are subject to Ministerial Direction No. 100:​

• Subclass 186 (Employer Nomination Scheme)
• Subclass 187 (Regional Sponsored Migration Scheme)
• Subclass 188 (Business Innovation and Investment) (Provisional)
• Subclass 189 (Skilled - Independent)
• Subclass 190 (Skilled - Nominated)
• Subclass 191 (Permanent Residence (Skilled Regional)
• Subclass 457 (Temporary Work (Skilled))
• Subclass 482 (Temporary Skill Shortage)
• Subclass 489 (Skilled - Regional (Provisional))
• Subclass 491 (Skilled Work Regional (Provisional))
• Subclass 494 (Employer Sponsored Regional (Provisional))
• Subclass 858 (Global Talent)
• Subclass 887 (Skilled - Regional)
• Subclass 888 (Business Innovation and Investment (Permanent).

In the last point of the Direction 100 Factsheet, it says that the Government will reduce priority to some programs to shift attention to skilled visas such as State Nomination, Employer Sponsorship program.

The report states that this reduction will help increase efficiencies in reducing processing times across caseloads. This is reflected by the total allocation number of those programs this financial year 2023.

However, Visa applications for the Global Talent and Business & Investment program will still be processed efficiently in line with the planning levels of the Migration Program.

Read full details of the Ministerial Direction 100 - Skilled Visa Priority Processing >>

Summary of current Business Investment Visa Australia situation

In summary, the allocations are now lower, at 5000.  But with only 800 state allocations so far, there is still over 4000 potential places to be sending out in the next 7 months.

The demand on the Business Investment visa 188 is still high so the new allocations could be filled quickly. Imagine the 800 allocations have been filled within 2 months since announcement, the rest is expected to be running out soon in 3-4 months.

This leads to a more selective process from the government. That means your documents and profile must be clear and well-managed to be successfully get the visa 188.

An application for business or investment visa Australia must be handled with care as it involves demonstration of significant assets (AUD 2.5 - 5 million) and the preparation to liquidate the amount for transfer into the complying investments before the visa is granted. 

The team at Work Visa Lawyers has extensive experience in compiling financial and business documents from different countries and submitting the information in an organised manner for the DHA to process the documents smoothly.

Australian Business and Significant Investor Visas Subclass 188 Closed - New Visa Expected in 2024! Read more here! 

Work Visa Lawyers works with accredited fund managers to provide options to our clients for the complying investments.

Our team of experience Immigration Lawyers and Migration Agents look forward to assisting you with your Australian visa.

We are available in English, Mandarin, Cantonese, Vietnamese, Punjabi, and Tagalog.

So that is the news about the Business Visa space.

Please stay tuned for further update.