- 1 Business Innovation and Investment (Provisional) visa (subclass 188) Investor stream
- 1.0.1 Victoria
- 1.0.2 Next steps
- 1.0.3 Victorian visa nomination processing
- 1.0.4 Victorian state nomination conditions
- 1.0.5 Assessment criteria
- 1.0.6 Living in Victoria
- 1.0.7 Investment in Victoria
- 1.0.8 Sanctions against countries
- 1.0.9 Ownership of bonds and spouse swapping
- 1.0.10 Western Australia
- 1.0.11 Queensland
- 1.0.12 Criteria
- 1.0.13 188 Business Innovation Stream (Provisional)
- 1.0.14 188 Business Investor Stream (Provisional)
- 1.0.15 188 Significant Investor Stream (Provisional)
- 1.0.16 To Apply
- 1.0.17 Queensland Criteria Processing Times
- 1.0.18 South Australia
- 1.0.19 Tasmania
Business Innovation and Investment (Provisional) visa (subclass 188) Investor stream
The 188 visa has been constructed for overseas investors wanting to make a designated investment of at least AUD1.5 million in an Australian state or territory and maintain business and investment activity in Australia. To lodge a valid visa application to the Department of Immigration and Border Protection (DIBP), all applicants are required to receive state nomination support.
Once you know all the relevant requirements have been met, all applicants can apply for a Victorian visa nomination.
Victorian visa nomination processing
Applicants can expect an outcome within four weeks from the time your complete application is lodged for visa nomination, but processing times can vary.
Victorian state nomination conditions
Victorian Government nomination support is conditional, while the following is subject to formal acceptance and acknowledgement by the applicant:
- The applicant has read (or has had read to them) the contents of their application and confirms that the information contained therein is true and correct
- The applicant confirms that they meet all of the Department of Immigration and Border Protection (DIBP) visa eligibility criteria
- The Victorian Government may share information relating to the application and the applicant’s business/investment activities in Victoria with the Department of Immigration and Border Protection (DIBP)
- The Victorian Government reserves the right to make direct contact with the applicant in relation to this application or related matters. This may include contact from the Commissioner of a Victorian Government Business Office (VGBO) to discuss potential assistance in relation to business/investment activity in Victoria
- The Victorian Government has no legal authority to deal with visa matters and will not advocate to the Department of Immigration and Border Protection (DIBP) or the Migration Review Tribunal on behalf of the applicant
- The applicant will notify the Victorian Government of any changes in their contact details and agrees to participate in any surveys that the Victorian Government may initiate
- The Victorian Government does not endorse any investment made, or any business activity undertaken, by the applicant nor does it accept liability for any financial loss, cost or expense incurred as a result of any business decision, business activities or investments made by any person in any way connected with this application, or otherwise
- Victorian Government nomination is not transferable to any other Australian State or Territory
- The applicant has a genuine commitment to establish a residence in the State of Victoria
- The applicant will make contact with the Victorian Government within one month of arrival in Victoria
- The applicant will reside in Victoria as per their visa and nomination conditions
- The applicant will make a designated investment of at least A$1.5 million with the Treasury Corporation of Victoria
- In addition to the designated investment of A$1.5 million, the applicant will engage in ongoing business/investment activity in Victoria within 36 months of arrival
If an applicant were not able to get written consent from the Victorian Government, withdrawal of Victorian Government support for the applicant’s visa may occur if failure to comply with the above conditions were to result.
When you apply for Victorian visa nomination, your application is assessed against a number of criteria. All applications will utilise the criteria below.
Applicants must be under 55 years of age.
Living in Victoria
The applicant must have a genuine commitment to establish a residence and reside in the state of Victoria as per the visa and nomination conditions.
Investment in Victoria
The applicant must agree to make a designated investment of at least A$1.5 million with the Victorian Treasury Corporation.
Restrictions on purchasing Victorian Designated Investment Bonds
US nationals and residents
For all US citizens or residents, purchasing Victorian Designated Investment Bonds may be restricted due to securities restrictions in the US.
Sanctions against countries
Sanctions are imposed by the Australian Government against certain countries to restrict commercial activities. If you are a national of, residing in or sending funds from a country that the Australian Government has imposed sanctions against, you may not be able to purchase Victorian Designated Investment Bonds.
For up to date information on sanctioned countries, please visit the Department of Foreign Affairs and Trade website.
Ownership of bonds and spouse swappingIf you were to swap roles with your spouse/de facto partner at permanent visa stage (subclass 888 visa) so that instead of you, they become the primary visa applicant, it may not be possible if the bonds were not jointly held by your spouse/de facto partner and you. When purchasing your Victorian Designated Investment Bonds do take this factor into consideration.
For individuals with a successful background in managing businesses or financial investments, this visa will be perfectly suited. Western Australian State Nomination criteria includes:
- You have a score of at least 65 on the Business Innovation and Investment Points Test
- You have had a total of at least three years experience of direct involvement in managing one or more qualifying businesses or eligible investments
- For one of the last five fiscal years, you:
- directly managed a business in which you (or your partner or you and your partner together) held an ownership interest of at least 10 per cent; OR
you directly managed your (or your partner’s or you and your partner’s combined) investments worth at least A$1,500,000
- For each of the last two fiscal years, your total business and personal assets had a net value of at least A$2,250,000
- You are able to make a Designated Investment of A$1,500,000 with the Western Australian Treasury Corporation for a four year term
- You are able to transfer additional funds of A$50,000 for your settlement and ongoing living costs in Western Australia
- You will maintain your funds in Western Australia on maturity of your treasury bonds
- You are less than 55 years of age, or you are proposing to participate in a business or investment activity which will be of exceptional economic benefit to the State.
Permanent residence will be made available for all 188 Business Innovation and Investment/Investor Stream visa holders under the 888 Business Innovation and Investment visa/Investment Stream once having held the required Treasury Bonds in Western Australia for at least four years and met the relevant criteria. 188 Business Innovation and Investment/Investor Stream visa holders are unable to apply for the 888 Business Innovation and Investment/Business Innovation Stream.
The primary or secondary applicant can meet the criteria for the Subclass 888 if a government bond investment is jointly held for both applicants. The criteria for the grant of the Subclass 188 can be met for the primary applicant, having assets in their name, with jointly held investments then open to the subject of a Subclass 888 application by either the primary or the secondary applicant.
At the time of application for the 888 Business Innovation and Investment Permanent Visa, applicants are expected to have purchased a residence in Western Australia.
All migrants must be nominated by a state or territory government to be eligible for this visa.
You must meet Queensland’s nomination criteria as well as the Australian Department of Immigration and Border Protection (DIBP) eligibility criteria to be eligible to apply for this visa.
The criteria is different for each of the three visa streams, including: business innovation, investor and significant investor.
188 Business Innovation Stream (Provisional)
In addition to the DIBP criteria, applicants seeking Queensland state nomination must meet the following criteria:
- Demonstrate that you have net business and personal assets of at least A$800,000 to be transferred to Queensland within 2 years of your visa being granted, including a minimum of A$200,000 for investment into a business
- Reside in Queensland.
You are permitted to extend your provisional Business Innovation visa for an additional two years.
188 Business Investor Stream (Provisional)
In addition to the DIBP criteria, applicants seeking Queensland state nomination must meet the following criteria:
- Demonstrate that you have net business and personal assets of at least A$2.25 million to be transferred to Queensland within 2 years of your visa being granted
- Maintain your designated investment of at least $1.5 million in Queensland Treasury Corporation Bonds for at least four years.
- Reside in Queensland
At the end of your Investor visa, you must apply for permanent residency.
188 Significant Investor Stream (Provisional)
The Significant Investor stream DIBP criteria below must be met by all applicants seeking Queensland state nomination:
- Demonstrate that you have at least A$5 million in assets readily available for transfer into complying investments in Australia
- Meet the complying investment frameworks set by Austrade and provide details of your complying investment intentions to BSMQ
- Demonstrate a commitment to Queensland with an intention to reside in Queensland and indicated additional investments
- Review the visa conditions and make sure you meet the eligibility criteria on the Australian Department of Immigration and Border Protection (DIBP) website.
- Make sure you meet Queensland’s nomination criteria.
- Lodge an Expression of Interest (EOI) through DIBP’s SkillSelect online service. Priority will be given to applicants who select ‘Queensland’ as their nominating State in SkillSelect.
- If you meet Queensland’s eligibility criteria, Business and Skilled Migration Queensland will contact you with instructions on how to provide additional information (including the business proposal for the Business Innovation Stream) to finalise your application. A non-refundable application fee must be paid prior to finalising your application.
- If you are nominated by Business and Skilled Migration Queensland, you will receive an invitation from DIBP asking you to lodge an application within 60 days of nomination.
Queensland Criteria Processing Times
A decision on an applicants’ nomination for Queensland will be made within 10 business days of all documents being submitted to BSMQ.
To meet the South Australian nomination requirements you must:
- Meet DIBP 188 investment stream criteria
- Intend to live in South Australia
- Intend to invest AUD$1,500,000* into South Australian Government Financing Authority (SAFA) bonds for four years
- Agree to register your arrival in South Australia with Immigration SA and maintain current contact details for the duration of your visa
*Applicants over 55 years must invest AUD$5,000,000 into SAFA for four years.
Investor stream: The Investor stream in Tasmania is for investors and business owners who possess AUD$2.25 million transferable assets and are willingly prepared to invest AUD$1.5 million in Tasmanian Treasury bonds, while maintaining the investment for four years. All investors utilising this stream are required to maintain business and investment activity in Tasmania after the original investment has matured. Nominations by Tasmanian Government.