State & Territory Criteria for Significant Investor Visa
State & Territory Criteria for Significant Investor Visa
Dec 11, 2012
Australian Significant Investor Visa - Individual State Requirements (Provisional 188 Visa)
The Provisional Significant Investor Visa stream requries nomination by the relevant Australian State or Territory. In addition to the DIAC criteria, each State / Territory has its own criteria to endorse this nomination.
Business Innovation and Investment (Provisional) Significant Investor Visa 188
To qualify for NSW nomination under the Business Innovation and Investment (Provisional) Significant Investor Visa 188, you must:
- Demonstrate that you have at least A$ 5million in assets that are unencumbered and lawfully acquired and readily available for transfer to Australia;
- you have signed a declaration that you will invest at least A$5 million in complying investments including a minimum of A$ 1.5 million in NSW Waratah Bonds; and
- you commit to spending at least a total of 160 days in Australia for the duration of your subclass 188 (Provisional) visa.
Business Innovation and Investment (Permanent) Significant Investor Visa 888
To qualify for NSW nomination under the Business Innovation and Investment (Permanent) Significant Investor Visa 888, you must:
- Demonstrate that you have invested at least A$ 5million in Australia including at least A$ 1.5 million in NSW Waratah Bonds in the last four years
- have spent at least 160 days in Australia while holding a subclass 188 (Provisional) visa in the last four years immediately before your application for NSW nomination
- neither you nor your spouse have had any involvement in business or investment activities that are of a nature that is not generally acceptable in Australia
Nomination for this visa will be considered by the Queensland Government for high net worth individuals who wish to invest and live in Queensland. The subclass 188 Significant Investor visa is a provisional visa with a pathway to permanent residency.
Queensland welcomes business investment and offers a range of business advantages including a stable economy, supportive government, and a solid growth forecast. Queensland's low operating costs, highly skilled workforce and strategic Asia-Pacific location create an attractive investment destination.
To apply for Queensland Government Nomination
- Step 1: Review the eligibility criteria and visa conditions on the DIAC website.
- Step 2: Review the Queensland eligibility criteria below to see if you meet the requirements.
- Step 3: Lodge an Expression of Interest (EOI) through the DIAC SkillSelect database. Preference will be given to those that have selected Queensland in SkillSelect in the first instance.
- Step 4: The Queensland Government will contact you and request further information.
- Step 5: Once you have been nominated by the Queensland Government, you will receive an invitation from DIAC asking you to lodge an application within 60 days of nomination.
The complying investment must not be made until you have been informed by DIAC to do so.
Queensland eligibility criteria:
- To be eligible to apply for Queensland Government nomination, you must meet DIAC eligibility requirements
- Preference will be given to applicants with investments that have a direct economic benefit to Queensland. Applicants will be considered on a case by case basis.
- In order to receive nomination from the Queensland Government it is expected that you have a genuine and realistic commitment to reside in Queensland in order to meet the DIAC residency requirements.
Investment into Queensland Treasury Corporation bonds
Complying investments include Queensland Treasury Corporation's Queensland Bonds which are used for significant infrastructure projects in Queensland.
Investment in a Queensland business
If you are going to invest your funds into either a new or existing business, the business will be required to be registered and operating in Queensland.
It must be a 'qualifying business', whereby it is operated for the purpose of making profit through the provision of goods, services or goods and services to the public and is not operated primarily or substantially for the purpose of speculative or passive investment.
As per DIAC requirements, investments into property will not be considered, however you may be eligible to invest in ASIC regulated managed funds which may invest in real estate in Australia.
Extension of time or extension of visa
To be able to be granted another Significant Investor visa, you need to be nominated by the original nominating State or Territory Government and have continuously held complying investment for the life of your previous provisional Significant Investor visa.
The Queensland Government will not allow you to transfer your nomination to another State or Territory.
Information you should be aware of
- Please be advised that applying for nomination correctly does not guarantee success. Nomination is granted at the discretion of the Queensland Government. Queensland Government sponsorship is subject to nomination planning levels as allocated by DIAC
- It is recommended that you seek your own professional legal and financial advice before investing. The Queensland Government will not take a role in your investment decision nor will it provide financial advice or guarantee any return on your complying investment.
- The Queensland Government may nominate an applicant for a visa, however the final decision and timeframe on the granting of the visa is made by DIAC. The Queensland Government takes no responsibility in the event that your visa application is rejected by DIAC.
WESTERN AUSTRALIA (WA):
Western Australian State nomination criteria includes:
- You have business and/or personal assets of at least A$5,000,000 which are available for investment in a complying investment(s) in Australia immediately prior to visa grant; and
- You have an additional A$50,000 which is available for domestic and/or settlement purposes;
- Applicants will be considered on a case by case basis with the contribution to the Western Australian economy being the prime factor considered for approval of State nomination.
Complying investments for the Significant Investment Visa include:
- Western Australian State Government bonds;
- Australian Securities and Investment Commission (ASIC) regulated managed funds with a mandate for investing in Australia; and
- Direct investment into Australian proprietary companies.
You may hold investments in each of the above investment options in any proportion and may also change between complying investments, provided they meet specified reinvestment requirements.
*Note - if investing in a business it must be a "qualifying business", that is, it is operated for the purpose of making profit through the provision of goods, services or goods and services to the public and is not operated primarily or substantially for the purpose of speculative or passive investment.
Speculative or passive investments are defined as:
In terms of speculative, this refers to an investment that carries a high level of risk of loss. In terms of passive, investors usually do not actively manage these investments. The general investment philosophy of passive investors is that their portfolios will grow with the long-term growth of the market.
How to Apply:
Lodge an application for State Nomination with the Business Migration Centre (BMC). A fee of $300 applies to all provisional visa nomination applications lodged with the BMC.
If you are granted State Nomination you can proceed to lodge an Expression of Interest (EOI) through SkillSelect.
Once nominated in SkillSelect by the BMC, you will receive an invitation from DIAC to lodge your Business visa application which must be completed within 60 days using DIAC's electronic lodgement system.
Provisional Visa Extension
Applicants may be eligible for a maximum of two additional two year extensions on their provisional visa. You must first obtain State nomination before you apply for an extension.
Process for applying to South Australia for Provisional SIV Stream (Subclass 188)
- Understand which visa pathway suits you best and ensure that you meet the DIAC requirements. You can check this visa criteria on the DIAC website.
- Check to ensure that you qualify for state nomination (criteria listed below).
- Visit South Australia and meet with our business migration unit representative. You can organise a meeting up to four weeks in advance by using the online booking form on the SA website. (This step is recommended, but optional)
- If you meet both DIAC and state criteria lodge an Expression of Interest (EOI) on the DIAC SkillSelect website. (make note of the reference number given, you will need it for your application with us).
- Submit an online application for state nomination (available soon). You can track your application online. Processing times are from receipt of the complete state nomination application. If approved, you will receive an invitation to apply for the visa from DIAC automatically - this is the final step - submit your application to DIAC through DIAC's SkillSelect website.
Specific South Australian state nomination requirements:
- The main applicant must have a commitment to conduct the 6 monthly surveys issued by Immigration SA during the provisional visa term.
- The main applicant must have a commitment to meet the significant investor (subclass 888) South Australian state nomination requirements.
Additional Business Migration Rules
1. The requirements for the 188 Significant Investor stream do not apply to those on other business skills visa subclasses - refer to relevant page on this website for these requirements.
2. Failure to meet the requirements for state nomination will result in a refusal by the state government through Immigration SA. State nomination is required prior to lodging a visa application with DIAC.
Documents & Information Required:
1. Completed and signed Form 956 - if anyone other than the main applicant is completing and submitting the online application. (To be scanned and uploaded)
2. Copy of the main applicant's passport photo page. (To be scanned and uploaded)
3. Expression of Interest (EOI) reference number from DIAC's SkillSelect system. (To be input)
- Applications will be assessed against published criteria at the time of submission of the application to Immigration SA. Immigration SA reserves the right to change its nomination criteria. Any changes will be published on our website.
- Those interested in investing in South Australian state government bonds for part of the total investment, can find further information on theSAFA website.
- Immigration SA and its employees are not to take any role in your investment decisions and cannot guarantee any return on your complying investments.
- Like any other investment activities, investing in complying investments can involve risk. The value of your complying investments can go down as well as up and is not guaranteed at any time. You may get back less than you originally invested and also, in some circumstances lose all of your investment.
- It is recommended that you seek your own professional legal and financial advice before investing.
- The timeframes for assessmentare to be used as a guide only. While we will endeavour to process your application as efficiently as possible, there may be circumstances where this timeframe is not able to be met.
- Immigration SA may ask for evidence other than that asked for above which may relate to DIAC assessment criteria for reporting purposes or the assessment itself and may also affect the nomination decision.
- Nomination from the South Australia Government is not transferable to other states or territories in Australia.
- To attain nomination from the South Australian Government (Immigration SA), you must be eligible to meet Department of Immigration and Citizenship (DIAC) criteria.
- Documents not in English must be accompanied with English translation or they will not be considered in the application process.
- Submit relevant documentation as outlined above. Irrelevant documentation will not be considered. Incomplete applications will not be considered for nomination.
This visa is for investors from overseas who are seeking investment migration in Tasmania. Applicants must make investments of at least five million (AUD) into complying investments. Complying investments include Tasmanian State Government Bonds issued by the Tasmanian Public Finance Corporation (TASCORP), Australian Securities and Investment Commission (ASIC) regulated managed funds, and direct investments made into Tasmanian companies not listed on the Australian stock exchange. This visa is the first step towards being granted a permanent visa.
Designated Investments / Migration Bonds in Tasmania
The Tasmanian Public Finance Corporation (TASCORP) provides Tasmanian State Government Bonds as designated investments under the Australian Department of Immigration and Citizenship's (DIAC) Business Skills class of migration (Investor and State/Territory Sponsored Investor) and Investor Retirement visa program to those people immigrating to Tasmania.
The Tasmanian eligibility requirements for Significant Investor stream visa (Subclass 188) nomination are:
Applicants applying for nomination through the Significant Investor stream must make investments of at least five million (AUD) into complying investments. Complying investments include Tasmanian State Government Bonds issued by the Tasmanian Public Finance Corporation (TASCORP), Australian Securities and Investment Commission (ASIC) regulated managed funds, and direct investments made into Tasmanian companies not listed on the Australian stock exchange. Applicants may hold investments in each of the above investment options in any proportion they choose. The Tasmanian Government will not provide a list eligible managed funds. It is the responsibility of the visa applicant to ensure that any funds invested meet the requirements of a complying investment.
You will be required to provide details of your proposed investment in Tasmania, including details of how your investment will benefit the Tasmanian economy. Applicants sponsored by the Tasmanian Government under this visa subclass are invited to reside in Tasmania; however this is not an essential requirement for sponsorship.
You must meet the Australian Department of Immigration and Citizenship (DIAC) basic requirements as outlined on the SkillSelect website. Visa applicants do not need to satisfy the innovation points test and there are no upper age limits. The visa stream features a residence requirement of 160 days spent in Australia over four years while holding the Business Innovation and Investment (Provisional) (subclass 188) visa.
NOMINATION FOR SUBSEQUENT VISAS
Obtaining Tasmanian state visa nomination for a provisional (first-stage) visa does not guarantee nomination for any subsequent permanent (second stage) visa application. You must be able to demonstrate compliance with investment requirements while you held your provisional visa. Provisional visa holders in the Significant Investor stream may change their investment project between complying investments during their period of sponsorship. In such cases, however, the visa holder must consult the Tasmanian Government prior to making changes to ensure their eligibility for subsequent sponsorship under the permanent (subclass 888) visa.
The Tasmanian Government undertakes regular surveying of business migrants to track investment and success of the visa programs. You are required to participate in all surveying conducted.
Guidelines and criteria for nomination by the Victorian State Government for business migration visas are currently being updated and will be available in the near future.
Guidelines and criteria for nomination by the ACT for business migration visas are currently being updated and will be available in the near future.
Guidelines and criteria for nomination by the Northern Territory for business migration visas are currently being updated and will be available in the near future.
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