In recent years to promote investment in the country, Australia has started a Residency by Investment program which can open the pathway for future permanent visa or citizenship in the country. Although Australia has a large number of visa types.
A vast country with varied climates, Australia is considered a continent masquerading as a country. It is one of the largest countries in the world and is extremely rich in natural resources. A highly developed country, Australia has a very high standard of living and four Australian cities led by Melbourne ranked at No. 1 figure among the ten best cities to live in the world. This high standard of living in Australia along with political stability and economic opportunities means that people from across the world desire to immigrate to Australia.
Australia has identified its attractiveness as an immigration destination and seeks to use it to bring investment into the country through the Residency by investment program which grants a path to a temporary residence and ultimately permanent residency and citizenship.
What are the options for Residency by Investment in Australia?
In recent years to promote investment in the country, Australia has started a Residency by Investment program which can open the pathway for future permanent visa or citizenship in the country. These Visas are called Business Innovation and Investment visas. Although Australia has a large number of visa types, the five most prominent types which are included in the program are:
The Business Innovation stream for individuals wishing to promote their new or existing business in Australia and nominated by State or Territorial governments. Individuals must be renowned in the field of business and make a significant contribution to the economy.
The Investor stream option (with nomination by the State or Territorial Government) for individuals who contribute a minimum sum of AUD 1.5 million into an Australian territory to maintain compliant investment and business activity.
The Significant investor stream option (with nomination by the State or Territorial Government or Austrade) for Individuals who contribute a sum of AUD 5 million into the Australian territory for promoting compliant business or investment.
The Premium Investor Stream Option (with nomination by the State or Territorial Government or Austrade) for individuals who contribute a sum of AUD 15 million into compliant premium investments.
The Entrepreneur Stream (with nomination by the State or Territorial Government or Austrade) for individuals who have a funding agreement with a third party to carry out entrepreneurial activities.
What are the visas granted in the Residency by investment program?
The Residency by Investment program grants visas under the category of Business Innovation and Investment Visa. The Visas under this category can be of three types:
- Temporary Visas (Subclass 188) (Also called Provisional Visas)
The Temporary Residence Visas are granted in all the five categories listed above (Business Innovation, Investor, Significant Investor, Premium Investor, and Entrepreneur). The Visa is valid for a period of up to 4 years and 3 months.
- Extension Visas (Subclass 188)
The extension visas are granted for persons who have completed a required time period under the Temporary Residence Visa in the Business Innovation and Significant Investor streams. The extension visas permit an extension to the extent that the total time period does not 6 years under the temporary and extension visa combined for the Business Innovation stream and 8 years under the Significant Investor stream.
- Permanent Residence Visas (Subclass 888)
The individuals who have completed 4 years with a temporary residence visa (subclass 188) under Business Innovation, Investor, Significant Investor, and Entrepreneur are eligible to apply for Permanent Residence Visas. For investors who are in the Premium Investor stream, a 12-month stay on the temporary visa is sufficient to apply for a permanent visa.
What is the eligibility for a Business Innovation and Investment Visa?
For the temporary visas (Subclass 188), the following preliminary requirements have to be fulfilled for all streams
- an expression of interest has to be submitted through an online platform. Selected applicants will be nominated by a state or territory government agency or Austrade and invited to apply for a temporary visa.
- The applicant must meet the character requirement and must not be involved in unacceptable activities
- Fulfill health requirement
- Sign the Australian Values statement
- Have no debt to the Australian government
- The applicant must not have had a visa canceled or a previous application refused
Additionally, the specific eligibility (basic overview) for the Visas are as below. More information can be provided by Empire Global on request.
|Business Innovation||· A new or existing business in Australia|
· Assets of at least AUD 800,000
· Age under 55
· 65 on the points test with knowledge of English
|Investor||· Investment of AUD 1.5 Million in an Australian State or Territory|
· Age under 55
· 65 on the points test with knowledge of English
|Significant Investor||· Investment of AUD 5 Million in an Australian State or Territory|
· Knowledge of English
|Premium Investor||· Receive an invitation to apply|
· Make a complying premium investment of at least AUD15 million
· Have net assets of at least AUD15 million
· Agree not to bring action against the Commonwealth
|Entrepreneur||· Receive an invitation to apply|
· Be under 55
· Have a complying entrepreneur activity
· Receive funding from an approved entity
For the extension visas (subclass 188), the following requirements in addition to the preliminary requirements which are similar to the temporary visa need to be fulfilled:
|Business Innovation Extension||· Must have held the Business Innovation visa for a period of at least 3 years|
· Must not have held more than one Business Innovation and Investment (provisional) visa
· Ownership interest in the nominated main business must be maintained
· The commitment to be involved in the day to day affairs of the business must be maintained
· Demonstrate a need to be in Australia to operate the main business
|Significant Investor Extension||· Must have held the Significant Investor visa for a period of at least 3 years|
· Other conditions similar to the Business Innovation Extension Stream
For the permanent residence visas, the preliminary requirements remain the same as for a temporary residence visa. However, the following additional conditions need to be fulfilled:
|Business Innovation||· Must have held the Business Innovation or Business Innovation Extension stream visa (subclass 188)|
· Annual business turnover of AUD 300,000 in the last 12 months
· The minimum residency period of 1 year in Australia
· Ownership and management of a business in Australia
|Investor||· Must have held the Investor visa (subclass 188)|
· Must have held the designated investment of AUD 1.5 Million for 4 years
· Must have lived in Australia for at least 2 of the 4 years immediately before applying
|Significant Investor||· Must have held the Significant Investor visa or its extension visa (subclass 188)|
· Must have held the designated investment of AUD 5 Million for 4 years
· A minimum residency requirement to be fulfilled
|Premium Investor||· Must have held the Premium Investor Visa (subclass 188) for a continuous period of 12 months|
· Must have held the designated investment of AUD 15 Million for the entire period of the Subclass 188 visa
|Entrepreneur||· Must have held Entrepreneur visa (subclass 188) for a period of 4 years|
· Residence of at least 2 years out of 4 years in the temporary visa
What is the cost of a Business Innovation and Investment visa?
The costs for the application for the various visa types can vary significantly. The amounts listed below are only the minimum for the stream and can significantly increase depending on the applicant. All costs are in AUD.
How long does it take to receive a Business Innovation and Investment visa?
There is no minimum processing time for any of the visas under the Business Innovation and Investment visa category as there are a very small number of applications. The process of receiving an invitation and/or nomination from the governments or government agencies may however take time.
Empire Global with its specialized team can simplify the entire process for applying for a Business Innovation and Investment visa in Australia. Get in touch with us to know more about you can benefit from the program and fulfill its requirements.
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