Applications for subclass 188 visa nomination close 5pm (AEST) Monday 31 May 2021
NSW will close to new applications for all streams of the 188 visas from 5pm Monday 31 May 2021.
This is to ensure all applications for NSW nomination submitted before this time can be processed prior to the changes being implemented by the Department of Home Affairs on 1 July 2021.
We strongly encourage you to submit a complete application to ensure it can be finalised by 30 June 2021.
Strategic priorities of the program
The NSW Government priorities for the business and investor visa program are
- attract business, investor, entrepreneur, targeted skilled migrants and students to contribute to innovation, productivity, economic competitiveness and the overall economic growth of NSW
- facilitate NSW employers access to a skilled workforce and global talent, and respond to skills needs through the migration program
- lead advocacy on business and skilled migration issues to support the NSW economy
- streamline NSW Government visa nomination services to deliver on NSW policy objectives and a good customer experience.
NSW nomination processing times
- For Significant Investor visa applications (subclass 188C): 1 week.
- All other business and investor visas: 4 weeks.
Length of NSW nomination for different subclasses
- Nomination for subclass 132 or 188 visas is valid for 60 days.
- Nomination for subclass 888 visas is valid for 90 days.
- Nomination for subclass 405, 892 or 893 visas is valid for 12 months.
If you miss the deadline to apply for the visa to Home Affairs before your NSW nomination expires, you will be required to re-lodge a new application to NSW, where a new application fee will be charged.
If you have been nominated by another Australian state or territory
Your nominating state or territory must agree to release and transfer your nomination.
Guarantee of visa application
NSW nomination does not guarantee a visa grant from the Department of Home Affairs. You must also meet all of the Department of Home Affairs requirements to be approved for the visa.
Investment requirements for visa 888A
You must have purchased your nominated assets at least 12 months before applying for NSW nomination. You will need to demonstrate that you have held the investment until the time of application.
To assess this, we will look at the business' most recent financial statements, such as the balance sheet at the time you apply for NSW nomination.
Investment in property, plant and equipment and/or inventory that is not in the business’ financial statements and not used for the ongoing operations of the business does not count towards the business investment requirement.
Fixed asset appreciation or deprecation
We will assess the cost price/purchase amount of the fixed asset purchased.
You purchased plant and equipment three years ago for A$100,000 and the value of this plant and equipment has decreased to A$75,000 at present.
Assessment: A$100,000 will count towards the business investment requirement.
You purchased property three years ago for A$250,000 and the value of the property has increased to A$300,000 at present.
Assessment: A$250,000 will count towards the business investment requirement.
Demonstrating amount of investment in inventory
The amount of inventory in the balance sheet of the most recent fiscal year at the time of application will count towards the business investment requirement.
Attributing cost of existing business to investment requirement
If you have bought an existing business, the existing plant and equipment as outlined in the contract of sale for the business will not be counted towards the business investment requirement.
Only new investment after you have purchased the business in plant and equipment will count towards this requirement.
This can be assessed from the depreciation schedule for the relevant assets that demonstrate the cost price/purchase amount of the assets and the date the assets were purchased.
I have purchased an existing business. In the contract of sale for the business, A$100,000 is stated as the cost of the plant and equipment of the business.
I am now applying for NSW nomination for the permanent 888A visa. My most recent financial documents state that the business has A$250,000 plant and equipment.
Assessment: Only the amount that you have invested in plant and equipment after purchasing the business will be counted towards the business investment requirement.
Demonstrating investment in goodwill
If you have purchased an existing business, the amount that has been specified for goodwill in the contract of sale for the business will count towards the business investment requirement.
When you apply for NSW nomination, if the amount for goodwill in the balance sheet is higher than the amount for goodwill that was in the contract of sale for the business, only the goodwill amount in the contract of sale will count towards the business investment requirement.
I purchased an existing business several years ago after being granted my 188A visa. The amount for goodwill in the contract of sale of the business was A$300,000. I am now ready to apply for NSW nomination for the 888A visa. In my most recent balance sheet the goodwill amount is A$400,000.
Assessment: The A$300,000 for goodwill in the contract of sale to purchase the business will count towards the business investment requirement.
Investing in property that will be sold
If your business activities involve dealing in land (that is, you acquire land for the purpose of building a residential or commercial property and selling the developed property), the value of that land is not included in calculating the business investment requirement.
Likewise, the construction costs of developing the property for purposes of sale, as well as inventory of 'unsold properties', will not count towards the business investment requirement.
This is because the property is not considered to be used for the ongoing operations of the business, as the purpose of the business is to develop and sell land and buildings for a profit.
Investments in property, plant and equipment, inventory and/or purchased goodwill
|Counts||Does not count|
|The assets with an asterisk (*) in the balance sheet template (leasehold, property and land, renovations/improvements, furniture and fitout, vehicles, equipment/tools, computer equipment) will count towards the business investment requirement, provided the assets were not acquired as part of the purchase of a business.||
Other assets, such as cash, do not count towards the business investment requirement.
Paid up capital does not count towards the business investment requirement.
A shareholder’s loan does not count towards the business investment requirement.