Who needs this visa?
From 1 July 2021, this visa is suitable for high net worth individuals who are able to invest AUD 5 million into the “Complying Investment Framework” (CIF).
The investment into a Complying Investment Framework for the SIV is one of the changes to take effect from 1 July 2021.
The CIF breakdown that will apply for the Significant Investor Stream from 1 July 2021 is:
- 20 per cent Venture Capital and Private Equity funds
- 30 per cent funds investing in emerging companies in approved managed funds
- 50 per cent in balancing investments.
The funds will be required to an annual independent audit reports to show compliance with the CIF. The use of Fund of Funds, debentures and derivatives will be clarified in the CIF.
What are the advantages to the SIV?
An advantage to the SIV visa is that the visa holder will be able to apply for permanent residency if they meet the requirements for the permanent visa after 3 years however their provisional or temporary visa will be valid for 5 years. This will enable the SIV visa holder to have additional time to meet the requirements for the permanent visa.
The Significant Investor Visa holders can also extend their temporary visa if for some reason they do not meet the business and residence thresholds within the required timeframe. They can apply for two 2-year extensions as also as they continue to maintain their complying significant investment.
The residency requirement is much lower compared to the Business Innovation and Investor streams. The residency requirements for the SIV are as follows:
- the primary applicant needs to live in Australia for at least 40 days cumulatively per year while holding the SIV; or
- the partner of the primary applicant lives in Australia for at least 180 days cumulatively per year while holding the SIV
The SIV is preferred by individuals who are not looking to spend a lot of time in Australia in the short term.
What are the criteria to apply for this visa?
The subclass 188 SIV is not subject to the points test and there are no age limits.
You will need to demonstrate that the AUD 5 million you have for the investment is legally acquired and is available for transfer into Australia.
What is the application process for this visa?
- Submit an Expression of Interest (EOI) on SkillSelect
- Apply for state/territory nomination depending on where you plan to establish your business and live in Australia
- Receive an Invitation to Apply (ITA) once the state/territory nomination is approved
- Submit your visa application within 60 days of receiving the ITA
- Provide all supporting documents by mailing certified copies to the correct DIBP office
- Before your visa is granted you will be provided instructions to make the complying investments by transferring AUD 5 million into Australia
- Your visa will be granted once the investment is verified by DIBP
How can Work Visa Lawyers help?
An application for the SIV needs to be handled with care as the visa involves demonstration of significant assets (AUD 5 million) and the preparation to liquidate AUD 5 million 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 DIBP to process the documents smoothly.
This is in-line with our work ethic that a visa application should be put forward in the strongest and most complete manner to facilitate a quick and smooth processing for our clients.
Work Visa Lawyers is also working 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 or appeal.
Based in Adelaide South Australia, we provide Australian Immigration advice to people and businesses from all over the world.
Talk to us today and find out how we can assist with your application for a SIV