188C Significant Investor Visa
This visa is only available to applicants who are nominated by an Australian State or Territory government. To be nominated, the applicant must lodge an Expression of Interest (EOI) through the SkillSelect system.
This is a 5-year temporary visa, for people willing to make an AUD 5 million investment in Australia. After maintained an investment in Australian for 4 years, the applicant can apply for permanent residence through the Business Innovation & Investment (Residence) Subclass 888 visa.
The applicants can either be in Australia or overseas to lodge this visa.
If the applicant is in Australia:
- Must hold a Substantive Visa or a Bridging A, B or C visa.
Advantages of the SIV 188 visa:
-
- No upper age limit,
- No English Language requirement,
- No Points Tests
- Provides for at least 2 Extensions – of 2 years each (if extension requirements are met)
- Lower residence requirement (40 days per year for main applicant or 180 days for spouse) to apply for the 888 Permanent visa.
Update:
The Business Innovation and Investment visa program (BIIP) will cease, with refunds of the visa application charge provided from September 2024 for those who wish to withdraw their BIIP application.
188C Significant Investor Visa (SIV) Stream
General Requirements: | If you were invited to apply on or after 1 July 2021, you must make (on or after the time of application for this visa), a complying significant investment of at least AUD5 million when we invite you to, and have a genuine intention to hold that investment for the life of your provisional visa. It must be invested in the following proportions:
The managed funds can invest in a range of assets, including companies listed on the Australian stock exchange, Australian corporate bonds or notes, annuities and commercial real estate. Direct investment in residential real estate is prohibited. Indirect investment in residential property through managed funds is strictly limited. You must not use investments as security or collateral for a loan. |
Subclass 888 VISA Requirements: | · The applicant needs to spend 40 days per year in Australia on Significant Investor visa for the last 4 years, and be sponsored by a state or territory government to qualify for a permanent subclass 888 visa |
Assistance with opening local bank accounts
To help you make your move to Australia easier and to assist the funds placement for your initial SIV investment, ANZ Private is able to assist with setting up an Australia bank account prior to your arrival.
- Simply contact your nearest ANZ branch to arrange an appointment
- Bring your account opening documents and personal identification with you to your appointment
- Arrange a face to face meeting with an ANZ Private Wealth Manager when you arrive in Australia.
ANZ’s SIV Program: Your Pathway to Australia
The Significant Investor Visa (SIV) Program is a pathway for high net worth individuals wishing to migrate to Australia. The SIV provides work, travel and study rights to the main applicant as well as their immediate family and dependents.
ANZ Private offers a suite of services to help you satisfy the requirements of the SIV Program.
- Offshore account opening
- Transactional banking services to place funds for your investments
- Foreign exchange strategies for currency conversion and risk management
- Financial advice for suitable complying investments to meet the investment needs and risk profile for the SIV investor.
With the help of our specialist Asian Team, you can make your move to Australia a successful and permanent one.
How can you qualify for the SIV program?
- Successful applicants will be required to invest A$5million into complying investments. After that, you will be immediately granted a provisional (subclass 188) visa.
- A requirement of the SIV program is that the applicant must nominate their preferred state or territory of residence, the government of that state or territory must then approve the application. It is important to note that each state or territory has different investment requirements to be fulfilled.
- After holding their investments for a minimum of four years, and satisfying the residency requirements, you will become eligible for a (subclass 888) permanent visa.
- There is a requirement to spend a minimum of 160 days in Australia over four years while holding the visa.
How can ANZ Private help?
ANZ Private’s dedicated Asian Team is committed to helping you and your family make the most of the SIV opportunity.
The ANZ Private Asian Team can help you with:
- Banking: Hassle-free management of your everyday banking needs
- Complying SIV Investment Solution: To fulfil SIV requirements
- Investments and Wealth Planning: to help you for the long-term
- Protect your income and your assets against unplanned events
- Information on local regulations and funding sources for business opportunities.
Your dedicated ANZ Private Wealth Manager and their support team have a deep understanding of Asian values and cultures, helping us cater to the unique needs of Asian high net worth individuals.
We have members of the team who are happy to speak with you in your chosen language of Mandarin, Cantonese or English.
WHAT IS THE SIGNIFICANT INVESTOR VISA?
The Significant Investor Visa (SIV) was introduced in 2012 by the Australian Government to enable foreign citizens with at least AU$5 million to obtain permanent residency in Australiaby investing in complying Australian investments.
The SIV is a component of the Business Innovation and Investment Program (BIIP) run by the Department of Immigration and Border Protection (DIBP).
In 2015 the investment framework for SIV was amended by the Australian Government to direct investments into sectors which can contribute to the economic development of Australia.
WHAT ARE THE VISA REQUIREMENTS?
SIV requires the applicant to invest at least AU$5million for a minimum period of four years in the following investments:
- AU$500,000 minimum in venture capital fund(s),
- AU$1.5 million minimum in managed funds satisfying the emerging companies investment criteria, and
- The remainder in managed funds satisfying the balancing investments criteria.
Subject to satisfying government requirements, the visa provides work, travel and study rights to the applicant as well as their immediate family and dependent relatives.
WHY CHOOSE WESTPAC PRIVATE BANK?
With a wealth of experience in banking, finance and investment, Westpac Private Bank can provide the relevant assistance to help you meet the requirements of the Significant Investor Visa. Our solution, the SIV Flexible Investment Account, provides you:
Significant Investor Visa
The Significant Investor visa allows you to invest and live in Victoria. It is for eligible people who invest at least A$5 million into complying investments over four years in Australia and want to maintain business and investment activity in Australia.
Complying investments include:
- at least A$500,000 in eligible Australian venture capital or growth private equity fund(s) investing in start-up and small private companies
- at least A$1.5 million in an eligible managed fund(s) or Listed Investment Companies (LICs) that invest in emerging companies listed on the Australian Securities Exchange (ASX) and
- a ‘balancing investment’ of up to A$3 million in fund(s) or LICs that invest in a combination of eligible assets that include other ASX listed companies, eligible Australian corporate bonds or notes, annuities and real property in Australia (subject to the 10% limit on residential real estate).
Victorian Government visa nomination
Victoria offers flexible visa nomination to support eligible Significant Investor visa applicants who want to live and invest in Victoria.
You can access priority processing of your visa nomination application at no cost through Victoria’s Significant Investor visa nomination program. Applications are currently processed within five business days.
Visa nomination applications are assessed on a case by case basis, taking into account the potential contribution of your proposed complying investments to the Victorian economy.
Services for Significant Investors
As a Significant Investor you can access support services from a global network of Victorian Government Business Offices and Significant Investment Managers.
Significant Investment Managers provide information and referrals for Significant Investors and their representatives including:
- information about trade and investment opportunities in Victoria
- Victorian visa nomination and complying investment requirements
- wealth management and financial service providers in Victoria.
Victoria has dedicated Significant Investment Managers in Shanghai/Greater China, Bangalore/South Asia, Kuala Lumpur/South East Asia and London/Europe.
How to apply for the Significant Investor visa
Steps | Process |
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Step 1 | Submit an Expression of Interest on the Australian government Department of Immigration and Border Protection’s SkillSelect website.
Choose Victoria as your nominating destination. |
Step 2 | You will receive an invitation to lodge an application for visa nomination.
The Victorian Government will then assess your application for nomination within five business days at no cost. |
Step 3 | Once you are nominated by the Victorian Government, you will be invited to lodge a visa application through SkillSelect. |
How Deloitte can help you
Pathway to permanent residence in Australia
The Significant Investor Visa (SIV) is designed to attract overseas investment and provide a streamlined pathway to permanent residence in Australia for business people from around the world. The Australian Government has announced that it will introduce the Significant Investor Visa (SIV) effective from 24 November 2012.
Download | Chinese Services GroupSignificant Investor Visa (SIV)
How Deloitte can help you
Deloitte Immigration, working with Deloitte Private, are an integrated network of professionals focused exclusively on providing immigration advice and assistance to high net worth migrants, small businesses and multinational corporations.
Deloitte maintains a strong working relationship with the Australian Government and Immigration Authorities and has been actively involved in facilitating a strong connection between government and the Chinese business community.
The service delivery team in Australia includes multilingual, native Mandarin and Cantonese speakers who are accustomed to working with business people across Asia. We understand the migration, compliance, regulatory and commercial operating environment in this region.
We have assembled a multi-disciplinary team of professionals drawn from across our Australian and global firms, who have deep knowledge and experience in the following:
Downloads
- Australian business and immigration solutions
- Australian business and immigration solutions for Chinese residents
- 为中国居民提供澳大利亚商务和移民方案的服务
Our service offerings
Visa and Immigration
- Preparation of a business plan in compliance with Australian immigration law
- Advice on visa eligibility, helping you apply for the type of visa that meets your personal circumstances and business ambitions
- Completion of temporary and permanent visa applications
- Dealing with the Australian immigration authorities
- End-to-end immigration assistance, working together with your legal and other advisers to meet your business needs.
Business advisory services
- Workshops and training courses on investment into Australia
- Identifying potential investment targets based on your criteria
- Assistance in identifying and working with potential Australian partners.
Business structuring advice
- Advice regarding using the most appropriate structure to set up your business
- Market research, due diligence, business acquisition/establishment advice, information on local regulations and advice regarding sources of funding for business opportunities
- Advice on shareholders’ issues and potential exit strategies
- Assistance with opening local bank accounts.
Taxation advice
- Advice on the Australian taxation system
- Personal tax planning and advice on resident/non-resident status
- Asset protection, superannuation, wealth management and estate planning services.
Accounting
- Assistance with payroll and bookkeeping or introductions to local service providers
- Financial reporting and audit requirements
- Corporate and employer tax compliance services.
- Introduction
- Refinements to SIV
- New additional investor gateway
- SIV and PIV – key differences
- Next steps
Introduction
Fund managers should closely follow the implementation of proposed changes to the business investor visa regime announced by the Government in October 2014. Following a review into the Business Innovation and Investment Programme, which covers the Business Innovation and Investment (Provisional) visa (subclass 188) (Sub Class 188 Visa), the Australian Government announced refinements to the Significant Investor stream (SIV) of Sub Class 199 Visa as a result of the review. Fund managers may need to reconsider and amend the structure and documentation of new and existing SIV managed investment schemes in light of the proposed refinements. Fund managers may also take advantage of a new streamlined pathway for premium (A$15 million) investors.
Refinements to SIV
Some of the refinements include:
- Prohibition on encumbering complying investments or using the investment as security for a loan
- Residence requirement of 180 days per year for secondary (family) applicants
- Austrade being introduced as a nominator, in addition to the Australian states and territories, in order to focus on investment in the right sector
- Allowance of ‘role swapping’ between primary and secondary applicants during the provisional visa stage in order to meet residency requirements
Whether the above changes will have any significant impact on the flow of SIV applications is yet to be seen. As at 30 September 2014, more than $2.18 billion had had been invested in Australia by primary applicants for SIV visa, and there are another 595 applicants, or just over $3 billion of investments, in the pipeline.1
New additional investor gateway
The Sub Class 188 visa already contains three streams – Business Innovation, Investor, and SIV. In short, the SIV is a state or territory nominated pathway to provide for significant migrant investment into Australia under the Business Innovation and Investment visa programme and requires the applicant to invest at least $5 million into complying investments for a minimum of 4 years.
The Government has announced the introduction of a new fourth stream – the Premium Investment stream (PIV). The PIV is intended to be a more expeditious, 12 month pathway to permanent residency than the Significant Investor stream. A PIV applicant will require an investment of $15 million into approved investments.
SIV and PIV – key differences
The key differences between the SIV stream and proposed PIV stream are highlighted below.
Features |
Significant investor visa |
Premium investor visa |
Timeframe for permanent residency | The significant investor (sub class 188) visa is a provisional visa, valid for four years that has a pathway to permanent residency. | By applying under the premium investor visa stream, applicants will have an opportunity for permanent residence after 12 months of maintaining their investment. |
Nomination requirement | Applicants must be nominated by a state or territory government before being invited to apply for this visa.
A proposed change to the SIV stream is that Austrade will also be a nominating agency. |
Nomination will be exclusively by Austrade. |
Minimum investment amount | Applicants must make a ‘complying investment’ of at leastA$5 million in Australia. | Applicants must invest at least A$15 million into ‘complying investments’. |
Complying investment | A ‘complying investment’ generally includes one or more of the following:
There is suggestion that the above list may change to align the criteria for complying investments with the Government’s national investment priorities.2 This could mean, for instance, changes to the list of eligible managed fund investments that SIV compliant managed funds could invest in, either on a class of assets basis or on a case-by-case basis. |
Austrade will assume policy responsibility for determining what constitutes a complying investment for the purposes of PIV.
Austrade is still in the early stages of deliberation with regard to these new policy responsibilities (and intends to consult with stakeholders as part of the process for reviewing complying investment policy settings for PIV and SIV)3. Based on the Government’s suggestion to align the criteria for complying investments with the Government’s national investment priorities it is likely that any investment parameters set by Austrade will be in line with the federal government’s national investment policy.4 Potential investment sectors could include5:
|
State restrictions on investment apportionment | Each Australian state has their own requirements as to how the A$5 million must be apportioned among complying investments.
Applicants seeking a NSW nomination will continue to be able to invest 100 per cent of their funds into ‘complying funds’ of their choice.6 |
See above. The Government has not yet released any apportionment requirements regarding investment in complying investments. |
Other restrictions | Applicants will be prohibited from using complying investments as security for loans.
This would, for instance, affect managed funds which allow investors to borrow against their investment and repatriate those borrowed funds overseas. |
At this stage no encumbrance restriction has been specified.
However given an objective of PIV is to enhance the inflow of foreign investment into Australia, it seems likely that any borrowing against complying investments and repatriation overseas would be restricted (ie to be consistent with that objective). |
Residency requirement | Currently, the visa requires the primary applicant to be present in Australia for at least 40 days for every year or part year that they have held a provisional Significant Investor visa.
The residence period does not need to be met per year but can be met cumulatively over the time the primary visa holder held the provisional visa. Accordingly during the course of the four year visa term, the applicant needs to reside in Australia for a minimum of 160 days (cumulatively). The Government intends to introduce a new 180 day per year residency requirement for secondary SIV applicants (ie. family members of the primary SIV applicant). The residence requirements for primary applicants remain unchanged. |
At this stage, no minimum residency requirement for either primary or secondary applicants. |
Visa extensions | Applicants can apply for a maximum of two additional two year extensions on their provisional visa.
At the time of applying for an extension, the applicant must have held a provisional Significant Investor stream visa for at least three years or have not held more than one provisional visa in the Significant Investor Extension stream. |
It has not yet been announced whether extensions will be permitted under PIV. |
Significant and Premium Investor Visa Programmes
Changes to the Significant Investor Visa (SIV) and the introduction of the Premium Investor Visa (PIV)
On 1 July 2015 the PIV was introduced as a new stream within the Business Innovation and Investment (Provisional) (Subclass 188) visa and the Business Innovation and Investment (Permanent) (Subclass 888) visa.
For SIV applications lodged on or after 1 July 2015, a new Complying Investment Framework also applies. Further information about the new Complying Investment Framework, including a one page outline of the framework, is available from the Austrade website.
Please note that the rules that were in force at the time that you applied for your SIV will continue to apply for the duration of your provisional visa, including any Extension stream visas you apply for that relate to that provisional visa. If you applied for a SIV prior to 1 July 2015, the rules in force prior to 1 July 2015 will continue to apply to you.
Guidelines on documentation requirements for applicants from the People’s Republic of China –
Documentation Guide for Business Innovation and Investment Visa Applications from PRC residents (pdf, 907kb)
For SIV applications lodged on or after 1 July 2021
Document Checklist for Subclass 188 SIV (pdf, 409kb)
Other 188 Visa eligibility streams:
for business owners seeking to establish business operations in Australia
for people who are willing to invest $1.5 million in an Australian State or Territory bonds
for people willing to invest $5 million into complying investments in Australia
for people with significant funds who are willing to invest at least $15 million into complying premium investments in Australia.
for people who have a funding agreement from a third party for at least AUD200 000 to undertake a complying entrepreneur activity
Note that business migration can be extremely complex, and even determining whether you have a good chance of qualifying can be difficult. In addition, you may be able to qualify in a number of different business migration categories.
Contact us today for a commitment free briefing with our Registered Migration Agents in Melbourne to find more about your visa options.