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1,250,000 is also required . Despite the name of this stream , there is currently no visa requirement for the business to be of an innovative nature .
Investor , unofficially referred to as 188B , requires the applicant to invest AUD 2.5 million for at least 3 years in a structured framework with 20 % of the funds in a venture capital and private growth equity fund , 30 % in an emerging company share fund , and the remaining 50 % in a balancing fund . Under this stream the funds must be sourced only from business or investment activities which the applicant has owned and managed .
Significant Investor , unofficially referred to as the SIV or 188C , requires the applicant to invest AUD 5 million for at least 3 years in the same structured frame above for the Investor visa . The funds must be legally sourced or acquired which can include inherited or gifted assets . This stream has no age restriction and also has the lowest physical residence requirements in Australia with a minimum stay of 120 days for the first 3 years .
“ Significant Investor , unofficially referred to as the SIV or 188C , requires the applicant to invest AUD 5 million for at least 3 years .
” foreign income under temporary visas but not permanent residence visas . This is a major incentive to consider extending the temporary residence period and the extension visa is often used by Significant Investor visa applicants for this reason . A maximum of 9 years is possible under the temporary residence visa by using the extension visa options .
AUSTRALIA ’ S NEW PROGRAM HAS NO QUOTAS OR RESTRICTIONS BY COUNTRY
As a reflection of the Australian value of equality , Australia has no quotas or restrictions by country in the management of the BIIP program and there is no discretionary decision making preferences for specific groups of applicants over other groups .
All applications are decided upon specific objective criteria that must be met by the applicant to be approved for the specific visa stream . All criteria is mandated under legislation and cannot be waived ( unless specifically permitted in legislation ). Despite this there are many complexities and nuances particularly of the underlying policies and instructions that determine how criteria will be evaluated . These policies are not made publicly available but all registered migration agents are required to subscribe to services providing access to this information . The application process will require extensive supporting documentation and understanding of relevant policy .
With a current overall refusal rate of 17 % for the Investor visa stream , it is beneficial for future applicants to seek advice from a registered migration agent before proceeding with an application .
Entrepreneur , unofficially referred to as 188E , requires the applicant to present an innovative idea for a new ( startup ) entrepreneurial activity . The specific requirements are yet to be announced and will likely involve a review and endorsement by an industry eco-system service provider such as an incubator or through a government entrepreneur panel .
For all streams except the Significant Investor , the main applicant must be below 55 years of age . An age waiver is possible if endorsed by the nominating state or territory government and is subject to meeting a higher set of requirements as determined by the state or territory .
The Business Innovation and the Significant Investor streams also allow an extension visa ( a further subclass 188 ) to be obtained to extend the duration of the temporary residence period . This is a useful option if the applicant does not yet meet the requirements to qualify for the permanent residence visa ( subclass 888 ).
For applicants who have substantial income sourced outside Australia and intend to be a tax resident of Australia , the Australian tax department has specific provisions to exclude
JAMES ALAN HALL
James Alan Hall has been working as a registered migration agent 0428740 in Australia and as a Licensed Immigration Adviser 200800600 in New Zealand since 2003 . Hall is well known in the immigration industry , speaking regularly at international conferences . He has also written several articles for immigration publications . He provides mentoring and consulting to immigration practitioners and teaches continuing professional development classes to industry peers on immigration topics . Hall is the founder and managing director of ANZ Migrate , which has offices and partnerships around the world .