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Business Innovation and Investment (Provisional) visa (subclass 188C) – Significant Investor stream

This provisional visa is for people who invest at least A$5 million in Australian investments that meet certain requirements and maintain investment activity in Australia.

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Applications have closed

Applications for NSW nomination for this visa subclass have now closed for the 2020–21 financial year.

We are working to finalise all on-hand applications by 30 June 2021.

Applications for the 188C Extension stream remain open.

Apply for 188C extension visa

Eligibility

Visa eligibility

To see if you’re eligible for this visa, read the Home Affairs' criteria.

Age

There is no age limit for this visa stream and you are not required to meet the Home Affairs' points test.

Complying investments

You must make a complying significant investment of at least A$5 million and have a genuine intention to hold that investment for at least 4 years. Your investment must be in the following proportions

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

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. Your investments cannot be used as security or collateral for a loan.

We recommend you review the more detailed information about complying significant investments available at Austrade - Guide to investing.

Sufficient funds to settle in NSW

You must provide evidence of sufficient funds for settling and living expenses for a minimum 12 months in NSW.

How to apply

Applications are closed

If you have already applied, find out about next steps.
 

You need to apply for NSW nomination before you can apply to Home Affairs for this visa. Applying for NSW nomination form involves the following steps.

Submit an Expression of Interest (EOI)

Submit an EOI through SkillSelect selecting NSW as your preferred state.

Apply for NSW nomination

Apply to NSW for nomination using our online form.

See our guide to supporting documents for information about what supporting evidence you need to supply at the time you apply to NSW.

Pay application fee

You (or your migration agent) will be emailed a payment link immediately after submitting your online application form. This payment link is valid for 30 minutes only.

Your application will only be assessed after you completed the application payment. To ensure the timely assessment of your application, you must complete payment within the 30-minute timeframe.

Application fees if you are applying from

  • within Australia: A$902
  • outside Australia: A$820

Application fees are non-refundable. Applications that remain unpaid will be closed by our office. Retain a copy of your receipt as proof of payment.

Application processing time

You will receive an outcome, or request for further information, within one week of your application payment.

Next steps

If you are nominated by NSW, you will receive an automatic invitation to apply for the visa through SkillSelect. This invitation is valid for 60 days.

Nomination extension 

If you need additional time to meet the criteria for the permanent subclass 888 visa, you may be eligible able to apply for an extension of your provisional Significant Investor visa.  

To be considered for an extension, you must: 

  • meet the Home Affairs’ criteria for an extension 

  • hold a subclass 188 visa in the Significant Investment or Significant Investor Extension stream. If you currently have a subclass 188 visa in the Significant Investor stream, you must have held it for at least two years and nine months from the date of visa grant  

  • have maintained your complying investments for the duration of your provisional visa(s), please see Complying investment frameworks section for further detail 

  • be likely to meet the NSW eligibility criteria for the permanent subclass 888 visa in the future. 

If you were nominated by another Australian state or territory for your provisional visa, you must obtain a letter of release from your nominating state or territory on the Home Affairs’ Form 1414.  

How to apply

To apply for a nomination extension: 

  • apply using our online form 

  • complete your application payment. You will be emailed a payment link immediately after submitting your online application form. This payment link is valid for 30 minutes only. 

See our guide to supporting documents for information about what supporting evidence you need to supply at the time you apply to NSW. 

Application fees 

If you were nominated by NSW, and are applying from:  

  • within Australia: A$902 

  • outside Australia: A$802 

If you were nominated by another Australian state or territory, and are applying from: 

  • within Australia: A$1,804 

  • outside Australia: A$1,640 

Application processing time 

You will receive an outcome, or request for further information, within four weeks of your application payment. 

Next steps 

If your application is approved, you will receive a notification of approval by email with a signed copy of the Home Affairs’ Form 1414. NSW nomination is valid for 90 days.   

Complying investment frameworks

Refer to the requirements below according to the complying investment framework you applied for your visa under.

Pre 1 July 2015 complying investment framework

For applicants who hold their first provisional subclass 188 visa

You must meet criteria 1.1, 1.2 or 1.3 below.

1.1. If you were nominated by NSW before 1 September 2014, you have held a complying investment* continuously for the whole of the period during which you have held your subclass 188 visa, including at least A$1.5 million in NSW Waratah Bonds.

1.2. If you were nominated by another state/territory before 1 September 2014, you have held a complying investment* continuously for the whole of the period during which you held your subclass 188 visa and you meet 2.2(a) or 2.2(b) below.

a) You have invested at least A$1.5 million in NSW Waratah Bonds or

b) You can demonstrate investment activity in NSW of at least A$1.5 million**, and

i) You can demonstrate that you have established a residence in NSW, and

ii) You have a genuine commitment to undertake further beneficial business or investment activity in NSW.

1.3. If you were nominated after 1 September 2014, you have held a complying investment* continuously for the whole of the period during which you have held your subclass 188 visa.

Post 1 July 2015 complying investment framework

You have held a complying investment* continuously for the whole of the period during which you have held your subclass 188 visa.

* As per Department of Home Affairs’ definition of ‘complying investment’

** Excludes residential real estate

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