The migration allocations for the year ending 30th of June 2024 have zero allocations for Business and Investor Visas. That signifies that there are no Business or Investor Visas available for this year, as illustrated in the chart below.

This means it will not be possible to get a state nomination for any of the four streams of the Business and Investor Visa Program. 

The four streams of the Business Innovation and Investor Programme (BIIP) are:

• Business Innovation stream
• Investor stream
• Significant Investor stream
• Entrepreneur stream

 Why did they close the Business 188 visa?

The Parkinsons’ Migration Review Final Report had several negative comments about the Business Innovation and Investor Programme. These negative comments included that the overall age of business Visa applicants is higher than other visas and that this could cause high medical expenses. Further, there were comments that 188 Visa holders had low incomes while in Australia.

In relation to the income point, we argue that this was based on accurate information that underestimated the range of income generated by Business Visa holders, including through their business and personal. 

The migration review also recommends revisiting the allocation of places across the permanent skilled program. In particular, it suggests reconsidering the size and role of the Business Innovation and Investment Program (BIIP), noting more positive outcomes from the Significant Investor Visa.

Other visa options

If you do not want to wait until new Business and Investor Visas are announced, you may consider the Global Talent Visa. 

To learn more about the Global Talent Visa and to explore your immigration options, please visit: https://www.workvisalawyers.com.au/services/global-talent-distinguished-talent-visas/global-talent-independent-visa.html

New Investor Visa opportunities coming from July 1, 2024

The Migration Review Final Report did mention some positive contributions by their Significant Investor Visa and suggests consideration be given to whether the BIIP is retained as a substantial program.

We expect a redeveloped version of the Significant Investor Visa to be introduced from 1 July 2024. 

On page 66 of the report, there are suggestions that consideration should be given to whether the BIIP is retained as a substantial program: “We note that outcomes for the small Significant Investor stream have been stronger than for the remainder of the BIIP. If there is a desire to retain some element of the BIIP, consideration could be given to drawing on the relative strength of this stream in designing a niche investment visa product, much more sharply targeted to select migrants able to drive innovative investments or play a valuable role in the venture capital industry.”

It is expected that the new investor Visa will be similar to the current significant investor Visa and may require: 

• $5000,000 investment into a complying investment
• Complying investments are yet to be determined by the federal government and may include a stipulated percentage of investment into venture capital.

If you intend to invest in Australia, we can help you find the best Australian business visa options. Our team of experienced Immigration Lawyers and Migration Agents looks forward to assisting you. If you are interested in a Significant Investor Visa for Australia, please contact us.

Sources:

https://immi.homeaffairs.gov.au/what-we-do/migration-program-planning-levels

https://www.homeaffairs.gov.au/reports-and-publications/reviews-and-inquiries/departmental-reviews/migration-system-for-australias-future

https://www.homeaffairs.gov.au/reports-and-pubs/files/review-migration-system-final-report.pdf

 How can Work Visa Lawyers help?

If you need help with this visa, Work Visa Lawyers can assist you.

Work Visa Lawyers is highly experienced in all parts of an employer-sponsored visa application process. We can assist with all aspects of the application and will provide an eligibility assessment before advising you to proceed with a visa application.

Based in Adelaide South Australia, we provide Australian Immigration advice to people and businesses from all over the world. You can book an appointment online or call us at (+61) 8 8351 9956.

Choosing to move to Australia is a very exciting decision – congratulations!  Now the question is, which visa is right for you?  If you are able to invest, the 188C visa otherwise known as the Significant Investor visa (SIV) may be right for you.  But what is it and how does it work?

CLICK HERE to know everything about the  Investor visa (SIV)

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1.     Why Would I Want the 188C SIV Significant Investor Visa?

The 188 Subclass is a group of visas for people looking to invest in Australia.  There are a number of visa types in this subclass which vary in their conditions based on the value of the investment made.  Compared to other business visas, the 188C has the following advantages:

• No upper age limit;
• No English language requirement;
• No points test;
• Able to bring eligible dependants (spouse/partner, dependent children up to 23 years old);
• No academic qualification requirement;
• No business management skills or fund management experience requirements;
• May be applied for from within Australia or outside Australia;
• Ability to extend visa (up to 8 years in total);
• Flexible residential requirement (you need only reside in Australia 40 days per year);
• Pathway to permanent residency.

Of course, the biggest attraction factor for many is that the 188C SIV offers successful applicants a direct pathway to permanent residency in Australia.

Work Visa Lawyers can help with your application for a 188C SIV Significant Investor visa.

2.     Who Can Apply for SIV Australia?

The 188C SIV Significant Investor visa is open to applicants with high assets and a high income, who are willing to make a AUD 5 million investment in Australia.

Key Criteria：

The applicant and/or their spouse must:

1. Have net personal assets of AUD 5 million;

2. Be nominated by an Australian state or a territory or the Australian Trade and Investment Commission (Austrade);

3. Be willing and able to make an investment of AUD 5 million into a complying significant investment fund.

3.     How Do I Become a Permanent Resident?

188C SIV Significant Investor visa holders are eligible to become permanent residents of Australia if they:

• Hold the AUD 5 million complying investment for 4 years;
• Either spend 160 days in Australia, or their spouse spends 720 days in Australia; and
• Are nominated by an Australian state or a territory, or Austrade.

Permanent Residency does not happen automatically though – you must apply for it!  At Work Visa Lawyers, we can help with this aspect of the visa process too.

4.     What Happens To the Money I Invest?

One of the most common questions we get asked about the 188C SIV Significant Investor visa is, “what happens to the money I invest?”  Once you have signed up, your money is invested into managed funds which the Australia Government identifies as being beneficial to Australia.  These are used to boost the national economy.

The investment is split into:

• AUD 500,000 in venture capital and growth private equity funds which will invest in start-ups and small private companies;
• AUD 1.5 million in approved managed funds which must invest in new companies listed on the Australian Stock Exchange; and
• a ‘balancing investment’ of at least AUD 3 million in managed funds.

The money must remain invested for at least 4 years, although it may be transferred to another complying investment during this period.

You remain the legal owner of the money during and after the investment period and if your investment grows, that growth belongs to you too (subject to Australian tax law).  Once the minimum investment period is complete, your investment is returned to you and you may use it as you wish.

Of course, as with any investment, there is a chance of financial loss.  You should always obtain advice from an experienced lawyer and an independent  financial advisor before making this kind of decision*.  Make an appointment with Work Visa Lawyers today to discuss whether this is the right visa for you.

*Work Visa Lawyers are not financial advisors and cannot provide you with financial advice – you should also speak with an independent financial advisor before making this decision.

5.     How Do I Apply For a 188C SIV Significant Investor visa?

If you meet the requirements in point 2, you can apply for a 188C SIV Significant Investor visa from anywhere in the world.  First, you will need to lodge an Expression of Interest (EOI) with either the state or territory in which you wish to reside, or with Austrade.  Work Visa Lawyers proudly recommends South Australia, but we can assist with your application to any state, territory or Austrade.  The state/territory or Austrade will assess your EOI and if you meet the criteria, they will nominate you for a Significant Investor 188C visa.  Once you are nominated, you will need to submit an application, complete with evidence that you meet the requirements.

To ensure your application is completed correctly and give you the best chance of success, you should engage an experienced immigration law firm like Work Visa Lawyers to draft and lodge your paperwork for you.

Applying from within Australia

If you are already in Australia and want to stay here while you wait for your 188C SIV Significant Investor visa application to be processed, you may need another visa for the duration, usually this will be a Bridging Visa.  There are 2 options depending on your situation.

-Bridging Visa A

Bridging Visa A (BVA) allows applicants to stay in Australia until a visa decision is reached. The BVA does not have a travel facility however, so should you wish to travel outside of Australia for any reason while waiting for your visa, you will need to apply for Bridging Visa B.

-Bridging Visa B

Bridging Visa B (BVB) allows applicants to leave and return to Australia whilst awaiting a decision on visa applications.  This visa is ideal if you have business or personal needs to attend to outside Australia, but wish to return.

Applying from Outside Australia

Applying from outside Australia is ok too!  Work Visa Lawyers has Immigration Lawyers and Registered Migration Agents available for consultation at a time that suits you via Zoom, over the telephone, or face to face in our Adelaide office.  Our staff speak many languages and we can arrange an interpreter if you would like one.

6.     Who Is Applying For the 188C SIV Significant Investor visa?

Since the launch of SIV program in November 2012, the bulk of applications originated in the following 5 main countries and regions, primarily in Asia.  This is in part due to Australia’s geographical proximity to Asia, but Australia is also an ideal location for lifestyle, universities and healthcare, global business, and financial security.

Applications were from:

• Mainland China, 84.8%
• Hong Kong, 5.1%
• Vietnam, 1.3%
• Malaysia, 1.2%
• South Africa, 1.1%

7.     Changes Are Coming Soon!

This article is correct at the date of publication but changes are coming! In April 2023, the Minister Clare O'neil confirmed that the Business Innovation and Investment Program will not be abolished. However, a radical restructure is needed to attract highly skilled people who will create the future jobs for Australians.

Author:

Wendy Guan, Registered Migration Agent at Work Visa Lawyers

Do you need help?

Our team of experienced Immigration Lawyers and Migration Agents look forward to assisting you with your Australian visa or appeal.

Based in Adelaide South Australia, we provide Australian Immigration advice to people and businesses from all over the world.

If you require further information regarding your Australia visa options you can contact us through:

(08) 8351 9956 or +61 8 8351 9956 or This email address is being protected from spambots. You need JavaScript enabled to view it.

You can also subscribe our Facebook: WORK VISA lawyers

SOURCES:

https://www.homeaffairs.gov.au/research-and-statistics/statistics/visa-statistics/work/significant-investor-visa

https://immi.homeaffairs.gov.au/visas/getting-a-visa/visa-listing/business-innovation-and-investment-188

Investor visas are one of the best ways to get permanent residency in Australia. If you want to move to Australia and you have the means to invest five million Australian dollars, the 188 Significant Investor visa might be ideal for you.

The Business Innovation and Investor 188 visa is the visa for experienced business people or high net-worth individuals. There are four streams of the 188 visa, depending on how much you are able to invest, but the Significant Investor visa is the stream with the most benefits. Here are 10 reasons we think you’ll love the Significant Investor visa.

July is the start of the new immigration program year and this is the latest news on the upcoming changes for Australian immigration.

Minister for Immigration Alex Hawke made a statement on Wednesday 19 May on how the Business and Innovation and Investor Program will be changing in 2021.  New rules commence on 01 July 2021 and although the legislation is yet to be released, the Minister’s statement gives us a good idea how the program will operate moving forward and how the changes will affect you, the investor.

What is the Business Innovation and Investment Program?

The Business Innovation and Investment Program provides a path for people to migrate to Australia on the proviso that they financially invest in the Australian market.  This visa category is one of the fastest and easiest ways to get permanent residency and even citizenship in Australia.  It also allows you to bring your immediate family to Australia, something other visas have not always made easy.

What Are the Changes?

The new legislation has not yet been released so we do not have a full picture of the new system, but based on Minister Hawke’s statement, the following changes will occur as of 01 July 2021:

• The 132A and 132B Business Talent visas will no longer exist
• The 188D Premium Investor visa will no longer exist
• The ratios of the Complying Investment Framework are changing
• The threshold for the 188B Investor visa is increasing from $1.5 million to $2.5 million
• The 188B Investor visa will now have to invest in accordance with the Complying Investment Framework
• The term of all 188 visas will be 5 years, but complying visa holders will be able to apply for permanent residency after just 3 years

In summary, the new visas under the Business Innovation and Investment Program are:

How do I get Permanent Residency?

Under the old rules, holders of the 132 Business Talent visa were granted immediate permanent residency.  The changes are doing away with this visa and new applicants will have to spend some time as temporary visa holders before they can apply to become permanent residents of Australia.  Previously, temporary visa holders in the 188 stream could stay for 4 years and apply for permanent residency at the end of those 4 years.  This lead to something of a panic at the end of the 4 years, with visa holders scrambling to get paperwork formalised in time so that a visa extension would not be needed.  In order to grant more flexibility, 188 visa holders now have a temporary visa of 5 years but can apply for permanent residency after 3 years, provided they comply with the requirements.

The requirements vary slightly from case to case, but generally speaking to comply with the 188 and qualify for permanent residency, you must:

• Reside in Australia for at least 40 days per calendar year; and
• Your investment must adhere to the rules of the Complying Investment Framework.

Complying Investment Framework

The Complying Investment Framework sets out how the funds must be invested.  This framework has always existed for 188 visas but effective 01 July 2021, the percentages allocated into the various components will change. 

The components are:

• Venture Capital and Private Equity
  This is used to invest in Australian start-ups and small private companies.
• Approved Managed Funds
  This is used to invest in new companies listed on the Australian Stock Exchange (ASX).
• Balancing Investment
  the remaining total of investments can comprise any of the above 2 categories.

Perhaps the most significant change of the announcement, is that the holders of 188B Investor visa must now also comply with the Complying Investment Framework (CIF).  Prior to this change, holders of the Investor visa could invest their funds into Australian Government bonds.  The change has been made to ensure the money coming from investor visas goes to new businesses and creates local jobs.  While the CIF is a slightly higher risk venture than government bonds, we hope that potential applicants can see the reasoning behind the change and that it does not dissuade them from their plans to move to Australia.

Entrepreneur Visa

The Entrepreneur visa is the lowest threshold investment visa, requiring an investment of $200,000.  The Department of Home Affairs announced in December 2020, that the required assets of the applicant would increase from $800,000 to $1.25 million in July 2021, but yesterday’s announcement was silent on any further changes to this visa.  We await the release of the new legislation which will give us all the details on whether anything else is different.

Tax Improvements

Historically, tax for investors in Australia has been needlessly complicated.  Following the 2021-2022 Federal Budget announcements it appears the government intends to simplify the tax rules for visa holders.  The Australian government plans to replace the existing framework with a new set of rules that are easy to understand and apply.  This should reduce the cost of complying with the rules, and provide more certainty for investors.

One new rule is that any person who physically resides in Australia for 183 days or more in a year will be considered an Australian tax resident.  Those who have been here for fewer than 183 days will have other criteria but the government assures us these will be simpler and based on measurable facts.

If Australian tax law was putting you off investing in Australia, it is worth revisiting the idea with your financial advisor.

What Now?

If you have the means to invest and you are considering a move to Australia, the Business Innovation and Investment Program remains one of the best pathways to entry, even after the changes.  You don’t need to worry about things like points or skills assessments, you can bring your spouse and children with you, and you can apply for permanent residency – now in only 3 years!  Of course this is a big decision and we recommend you speak to an experienced lawyer and an independent  financial advisor *  Make an appointment with Work Visa Lawyers today to discuss whether this is the right visa for you.

*Work Visa Lawyers are not financial advisors and cannot provide you with financial advice – you should also speak with an independent financial advisor before making any investment decisions.

Australian Business and Significant Investor Visas Subclass 188 Closed - New Visa Expected in 2024! Read more here! 

Author

Chris Johnston, Principal Lawyer and Founder of Work Visa Lawyers

Do you need help?

Our team of experienced Immigration Lawyers and Migration Agents look forward to assisting you with your Australian visa or appeal.

Based in Adelaide South Australia, we provide Australian Immigration advice to people and businesses from all over the world.

If you require further information regarding your Australia visa options you can contact us through:

(08) 8351 9956 or +61 8 8351 9956 or This email address is being protected from spambots. You need JavaScript enabled to view it.

You can also subscribe to our Facebook: WORK VISA lawyers

SOURCES:

• 17 December 2020, Australian Government, Alan Tudge press release, URL: https://www.homeaffairs.gov.au/reports-and-publications/submissions-and-discussion-papers/biip-getting-better-deal-australia.

• 19 May 2021, Australian Government, Alex Hawke press release, URL: https://minister.homeaffairs.gov.au/AlexHawke/Pages/getting-a-better-deal-for-australia-from-visa-investments-19-05-2021.aspx.

• Federal Budget 2021-2020 Fact Sheet, Australian Government, URL:
  https://budget.gov.au/2021-22/content/factsheets/download/factsheet_tax.pdf

On 17 December 2020, the Morrison Government has made an announcement to reform business and investor visas aiming to maximise the economic benefits for Australia.

What changes have been announced?

• 9 steams reduced to 4 streams

The business program will be simplified from 9 streams to 4 streams which are:

• Business Innovation(perhaps similar to the current 188A)
• Entrepreneur (perhaps a development of the current 188E)
• Investor (perhaps as development of the current188B)
• Significant Investor (further developments to the 188C).

From 01 July 2021, the Premium Investor (188D), Significant Business History (132A) and Venture Capital Entrepreneur visas (132B) will be closed to new applications. However, those already lodged before 01 July 2021 will continue to be processed.

• Visa timeframe changes - all include a provisional visa with path to PR

These four streams Business Innovation (188A); Entrepreneur (188E); Investor (188B) and Significant Investor (188C) are provisional visas and Permanent Residence pathways.  Those visa holders need to meet certain requirements after 3 years to be eligible to apply for a Permanent Residence. 

The visa effective timeframe will be extended to 5 year for visa holders.

Business Innovation and Significant Investor visa holders will also continue to be able to extend their provisional visas if they do not meet the business and residence thresholds in the required timeframe.

• Changes for 188A Business Innovation visa eligibility requirements

Personal and Business assets will be increased from AUD800,000 to 1.25 million dollars for the visa applicants to demonstrate.

Annual turnover will also be increased from AUD500,000 to AUD750,000 to prove their business acumen.

• Changes for Entrepreneur (188E) visa requirements

The requirement for receiving at least AUD200,000 funding  from an approved entity is scrapped. Visa applicants will need to be endorsed by a State or Territory government.

Further changes will be announced in the early half of next year. Work Visa Lawyers are closely monitoring the changes.

Australian Business and Significant Investor Visas Subclass 188 Closed - New Visa Expected in 2024! Read more here! 

Comments by Chris Johnston (Lawyer & RMA):

Overall, the changes announced make Business and Investor visas more expensive and more time consuming for applicants.

The big question is, will this impact on demand, or will there still be plenty of potential applicants for business and investor visas.

The concern underlying this, is that the Federal Government has made a number of changes to visa, the employer sponsored 482, the seldomly used 494 Regional visa, that have made the processes more expensive and complicated, and that have been shunned by business, industry and applicants. 

The most successful visa revamp has been the GTI Visa, a variation of the Distinguished Talent Visa, that has lowered the requirement and been met very enthusiastically. 

The other big question to be asked is, why are there no feartures in this major revamp, to benefit regional areas?  Without incentives for regional areas, the Business and Investor migrants will likely all cluster around Melbourne and Sydney. 

It has become harder for 188A visa applicants to apply for a permanent residence visa subclass 888.  188A visa applicants will be required to continuously meet certain requirements (i.e. ownership & continuous management) for 3 years before a permanent resident visa application.  

The turnover requirement has also been adjusted for 188A visa application (AUD500, 000 to AUD 750,000 annual turnover).  This adjustment will encourage 188A visa holders to open High net worth businesses in Australia in order to boost Australian economy after the COVID crisis.

Previously, 188A visa holders more inclined to open small businesses e.g. café and restaurants, those businesses will be unlikely to fulfil the new turnover requirement.

The Australia government should perhaps consider trying to balance the needs of Australia market and the needs of business migrants. High threshold requirements for business migrants to obtain a PR will make Australia a less attractive country to migrate and migrants may choose to migrate to other popular and investment policies friendly countries like Malta; Cyprus and United Kingdom.    

The Australia Government should consider the following factors to maintain and improve the benefits delivered by Business & Investment visas:

• Improving servcie standard times and levels of communication during the process of applying and waiting for a result.
• Maintaining good relationship with key migration source countries.
• Create visa options to benefit Regional Australia not only to Sydney & Melbourne.

Do you need help?

Our team of experienced Immigration Lawyers and Migration Agents look forward to assisting you with your Australian visa or appeal.

Based in Adelaide South Australia, we provide Australian Immigration advice to people and businesses from all over the world.

If you require further information regarding your Australia visa options you can contact us through:

(08) 8351 9956 or +61 8 8351 9956 or This email address is being protected from spambots. You need JavaScript enabled to view it.

Subcribe to our facebook to get updated migration information: WORK VISA Lawyers 

 You may also interested in the following topics: 

• Do you know Offshore Partner Visa Applicants can now benefit from some COVID concessions?  PMSOL added another occupation Social Worker (272511). 

• State & Territory Nominations Latest updates for 190 and 491 visas - VIC, NSW, TAS, ACT and SA

• NSW announced updated 491 state nomination requirements/ new opportunities for offshore applicants！

• Global Talent Independent Program Visa FREE assessment online 

• 最新一轮189/491邀请数据/本轮189签证分数掉至65分

Sources

https://minister.homeaffairs.gov.au/alantudge/Pages/Getting-a-better-deal-for-Australia-from-business-and-investment-visas.aspx

Rebrand to “Move to South Australia - Skilled + Business Migration”

https://www.migration.sa.gov.au/ now has a new look.

We noticed that Immigration South Australia has changed its name to Move to South Australia.

Move to South Australia has updated its criteria for interim 491 and 190 nominations to support and prioritise South Australia’s economic recovery and public health response. 

Work Visa Lawyers launched a new online tool to help you explore your Australian Business Visa options.

Also available in Mandarin Chinese https://youtu.be/R2r8G5RsyFU

Hope you found the video helpful! Remember to subscribe to the Work Visa Lawyers channel for more videos.

Let us help you find your Australian Business Visa options:

Business visa holders, whether they be permanent or provisional, must continue to meet certain conditions after arrival in Australia. Being aware of all the visa conditions and utlising the available support is key to ensuring a successful venture in Australia.

Work Visa Lawyers was pleased to accompany some of our business visa holders to the ACBC South Australian & Immigration SA Central Adelaide Trade Showcase. We would like to thank Immigration SA, as well as the China Business Council (ACBC), and KPMG for hosting the fantastic event.

When starting a business in Australia you need to make sure you have the right visa. You can do this by using a registered Australian migration agent such as, Work Visa Lawyers. Whether you want to establish a large or small business in Australia, it is important that you and your business have all the correct certifications. To do this, we recommend you get help when structuring your business. ABN Australia is a trusted and establish company who can help you do that. It is also important that you use an analyst to monitor your investments, expenses, and general accounting to ensure your business is operating legally.