A provisional visa for high net-worth individuals who are willing to invest at least A$5 million into complying significant investments in Australia and want to maintain business and investment activity in Australia. You can be nominated by a state or territory government, or by Austrade on behalf of the Commonwealth Government.
To find out if you’re eligible for this visa, read the Department of Home Affairs' criteria for the Business Innovation and Investment (Provisional) visa (subclass 188).
Victorian nomination eligibility
All applications received between 8 September and 21 September 2020, must address an additional criterion. All business and investment activity must contribute to Victoria's economic recovery or health response to be approved for visa nomination.
Contribution to Victoria's economic recovery or health response
You must address this new criterion using the 'Economic Recovery - Business and Investment Support Form' when you submit your application through the Live in Melbourne website.
Factors that will be taken into consideration include:
- Investment or business activity in Victoria's future industries. These are:
- digital technologies
- advanced manufacturing
- health and life sciences
- new energy and emissions reduction
- circular economy
- targeted industries within priority precincts.
- Business or investment activity which creates or retains employment in Victoria.
- Business or investment activity which is innovative.
There is no age limit for this visa stream and you are not required to meet the Department of Home Affairs' points test.
You will need to make an investment that complies as follows:
- invest a minimum of A$500,000 into Venture Capital and Growth Private Equity funds
- invest a minimum of A$1.5 million in emerging companies
- you may be required to invest in a balancing investment to make up a total of at least A$5 million in complying investments, depending on the amount invested in Venture Capital and Growth Private Equity funds and emerging companies.
Further information is available on the Department of Home Affairs website.
Contribution to Victoria
To qualify for Victorian Government visa nomination, you must show that your complying investments will make a contribution to the Victorian economy in two key investment areas:
1. Venture Capital and Growth Private Equity investment
To demonstrate economic benefit to Victoria through your Venture Capital and Growth Private Equity investment you will need to show that:
- the Venture Capital and Growth Private Equity fund is actively sourcing investment in Victoria, or
- the Venture Capital and Growth Private Equity fund provider maintains an office in Victoria.
2. Emerging companies and balancing investment
To demonstrate economic contribution to Victoria through your combined ‘emerging companies’ and ‘balancing investment’ components, you will need to show that:
- Victorian investment is included in the chosen investments, or
- the managed fund provider maintains an office in Victoria.
Your fund manager can provide you with a fund compliance form that indicates the contribution the fund will make to Victoria.
Your fund manager must provide you with sufficient information to allow you to fully understand the terms and conditions of an investment and the financial risk involved in that specific investment.
Sufficient funds to settle in Victoria
The applicant and their dependents must have available no less than AUD 200,000 to settle in Victoria. It is the responsibility of the applicant to research and determine the cost of living in Victoria to ensure their own financial resources are adequate for settlement. See further information on the cost of living in Victoria.
Living in Victoria
You must have a genuine and realistic commitment to reside in Victoria and continue to contribute to Victoria through investment activity.
Victorian nomination requirements before 1 July 2015
On 1 July 2015, the Department of Home Affairs introduced a new Significant Investor visa Complying Investment Framework. For applicants nominated by Victoria before this date, view the previous nomination requirements for complying investments and contribution to Victoria before 1 July 2015.
Agreeing to the nomination obligations
You will be required to read, understand and agree to Victoria’s nomination obligations.
You need to apply for Victorian visa nomination before you make a formal application for your visa. Applying for visa nomination from the Victorian Government involves three steps:
Step 1: Submit an expression of interest
Submit an expression of interest to the Department of Home Affairs through SkillSelect and nominate 'Victoria' as your preferred destination.
Step 2: Apply for visa nomination
- Business Innovation and Investment (Provisional) visa (subclass 188) – Significant Investor stream application form. You will need to register as a user of this website - see register button below.
You will need to prepare the following documentation for your application and upload it when requested:
- Business Innovation and Investment (Provisional) visa (subclass 188) – Significant Investor stream Nomination Conditions form
- Appointment of an Agent/Representative form (if applicable).
All forms are available from the Supporting documentation and forms page.
Step 3: Lodge a formal visa application
If you receive visa nomination from the Victorian Government, an automatic invitation will be sent to you by SkillSelect advising you to lodge a formal visa application with the Department of Home Affairs within 60 days. Nomination can be provided to an individual applicant only once in a 12 month period. Please ensure the application EOI is correct at the time of nomination. Applicants will be unable to use the nomination if an application is not lodged within the 60 period or if there are substantial errors with the application, and will be required to wait 12 months to re-apply.
Victorian nomination processing
Processing times can vary. You can expect an outcome within ten business days from the time your complete Victorian nomination application is lodged.
We will contact you or your agent (if applicable) if we need more information to assess your application.
You or your agent (if applicable) will be notified of the outcome of your visa nomination application by email.
Pathway to permanent residence
If you adhere to the provisional obligations and meet the permanent requirements, you may be able to go on and apply for the permanent visa.
As part of your application, you will be required to agree and adhere to the following obligations:
- I have read (or have had read to me) the contents of my nomination application and confirm that the information contained therein is true and correct.
- I confirm that I meet all of the Australian Department of Home Affairs’ visa eligibility criteria for the Business Innovation and Investment (Provisional) visa (subclass 188).
- I understand that it is my responsibility to ensure that I meet the Victorian Government visa nomination criteria and the Department of Home Affairs’ visa eligibility criteria for the Business Innovation and Investment (Permanent) visa (subclass 888).
- I will notify the Victorian Government of any changes to my contact details and agree to participate in any surveys that the Victorian Government may conduct.
- I will make contact with the Victorian Government (via the Live in Melbourne website) within one month of arrival in Victoria.
- I will maintain complying significant investments that provide economic benefit to Victoria for the duration of my subclass 188 visa/s.
- I have sufficient financial resources to support myself and my dependents to settle in Victoria and I understand that it is my responsibility to determine the cost of living in Victoria.
- I agree I have available no less than AUD 200,000 for settlement purposes in Victoria.
- I will establish a residence and reside in Victoria to the exclusion of all other Australian states and/or territories
- I shall not transfer my nomination to any other Australian State or Territory.
- I understand that it is my responsibility to approach the Skilled and Business Migration Program if I am uncertain of any conditions, to seek clarification.
- I understand these Nomination Conditions contain words and phrases with particular meanings as defined by the Skilled and Business Migration Program. Descriptions of these terms can be reviewed on the Live in Melbourne website at any time.
The Victorian Government
- may share information relating to the application and the applicant’s business/investment activities in Victoria with the Department of Home Affairs.
- reserves the right to make direct contact with the applicant in relation to this application or related matters.
- has no legal authority to deal with visa matters and will not advocate to the Department of Home Affairs or the Administrative Appeals Tribunal on behalf of the applicant.
- does not endorse any investment made, or any business activity undertaken, by the applicant nor does it accept liability for any financial loss, cost or expense incurred a result of any business decision, business activities or investments made by any person in any way connected with this application, or otherwise.
- nomination does not imply that the applicant’s investment has been assessed as a complying significant investment (as defined by regulation 5.19C of the Migration Regulations 1994 (Cth)). Whether an investment meets the definition of complying significant investment is assessed by the Department of Home Affairs.
Without express written consent from the Victorian Government, failure to comply with the above conditions may result in the withdrawal of Victorian Government nomination for the applicant’s visa.
If you need extra time to meet the criteria for the permanent subclass 888 visa, you may be eligible to apply for a further subclass 188 visa in the Significant Investor Extension stream. You need to apply for Victorian visa nomination before you apply for the visa. To be considered for Victorian extension nomination, you:
- must have a subclass 188 visa in the Significant Investor or Significant Investor Extension stream. If you hold a subclass 188 visa in the Significant Investor stream, it must have been held for at least two years and nine months (from date of visa grant)
- have maintained complying investments for the duration of your provisional visa(s)
- are likely to meet the Victorian nomination criteria for the permanent subclass 888 visa in the future.
How to apply
To apply for nomination extension, complete the following forms as part of your online application attachments for 188X - Extension:
- Department of Home Affairs' Nomination - Business Skills class | Form 1414
- Appointment of Agent / Representative for state nomination form (if applicable).
All forms are available from the Supporting documentation and forms page.
If you are subject to COVID-19 Concessions, the online application form will ask you to provide further information on how you meet the relevant concessions.
Processing times can vary. You can expect an outcome within five working days from the time your complete Victorian nomination application is lodged.
Please contact the Victorian Skilled and Business Migration Program via email with any queries regarding visa nomination eligibility: email@example.com
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