Business Innovation and Investment (Provisional) visa
The Australian Subclass 188 Visa – the investor residence visa subclass – is always the top concern of investors, because Australia has always been an ideal settlement destination for many people from all over the world, including Vietnam. Australia is highly advanced in education and health; its social security system is steadily ranked among the best in the world. Thus, the Australian Government regularly reviews and adjusts the subclass 188 visa to better adapt to reality.
Australian subclass 188 visa – Investor stream (stream 188B)
Subclass 188B visa – Investor stream has some changes against the previous requirements. Before these changes took effect, stream 188B required the applicant to invest AUD 1.5 million in a designated investment fund over 4 years. Then the threshold was changed to AUD 2.5 million of investment in the Compliant Investment Fund yet during the validity of the stream 188B visa. However, if you applied before July 1, 2021, the AUD 1.5 million investment requirement would still apply.
Some other requirements for the subclass 188 visa – Investor stream were also amended: The applicant must reach a score of 65 on the Innovative Entrepreneur and Investor rating scale, be nominated by the government of a state or territory, intend to permanently reside in Australia for at least 2 years, be under 55 years of age (exemption may apply if allowed by the Australian Government), and be able to use basic English (or pay the visa fee for the second submission). Remarkably, the visa validity was extended from 4 years and 3 months to 5 years.
Australian subclass 188 visa – Significant Investor stream (stream 188C)
Stream 188D visa – Premium Investor stream has been canceled and merged with stream 188C. Stream 188C visa – Significant Investor stream has some changes as follows: the $5 million investment in a Major Investment Fund over 4 years was changed to an investment of $5 million in the Compliant Investment Fund over the visa’s validity term.
The requirements on basic English proficiency (or paying the visa fee for the second submission), sponsorship/ nomination by the Australian Department of Foreign Affairs and Trade (Austrade) or a State/Territory government remain the same. Some other requirements were added; for instance, the principal applicant has to reside in Australia for 40 days/year and dependent applicants for 180 days/year before applying for a permanent residence visa.
The duration of stay of the subclass 188 visa – Significant Investor stream was extended after the change took effect. This means that if you apply after July 1, 2021 you will be entitled to temporary residency in Australia for 5 years, instead of 4 years and 3 months if you applied before July 1, 2021. It is notable that you may apply for 2 times of visa extension, equal to additional 4 years of stay. Thus, your stay in Australia can be extended up to 9 years if the Australian Government accepts your extension request.
Australian Subclass 188 Visa – Business Innovation stream (stream 188A)
Similar to the stream 188D visa, stream 132A visa – Business Talent, is no longer included in the investor residence program.
Stream 188A visa – Business Innovation stream has a number of changes in requirements that take effect after July 1, 2021, particularly: The applicant’s minimum net worth increased from $800,000 to $1,250,000; the applicant’s business’s minimum revenue increased from $500,000 to $750,000; and in addition, the applicant must have permanently resided in Australia for at least 1 year recently.
Similar to other streams of the Australian subclass 188 visa, the stream 188A visa – Business Innovation stream also has an extended temporary stay duration from 4 years and 3 months to 5 years. The applicant may apply for one renewal of the stream 188A visa, i.e. an additional 2 years of stay. If the extension request is accepted, the applicant may stay in Australia for up to 7 years.
Other mandatory requirements, such as: basic English proficiency (or paying the visa fee for the second submission), sponsorship/ nomination by the State/Territory government, under 55 years old (exemption may apply if allowed by the Australian Government), score of 65 on the Innovative Entrepreneur and Investor rating scale, and satisfactory health condition, remain unchanged.
Australian subclass 188 visa – Entrepreneur stream (stream 188E)
Stream 132B visa – Venture Capital Entrepreneur stream was also excluded from the Australian Government’s investor residence program. Thus, only stream 188E visa – Entrepreneur stream remains.
The Department of Immigration and Border Protection made some changes to the requirements for Stream 188E visa – Entrepreneur stream. For examples, the applicant must be recognized/ approved by a State/Territory’s government or public service agencies in the field of new ecological system inventions, instead of just the State/Territory’s government as before.
It is notable that the requirement to have a minimum $200,000 investment agreement signed with an Australian government-recognized investment fund was removed from the requirements for stream 188E visa after July 1, 2021. Instead, the applicant must have been temporarily residing in Australia for at least two years. The requirements for basic English proficiency, age of under 55 (exemption may apply if allowed by the Australian Government) remain the same.
Intensive consultancy on Australian subclass 188 visa by DHLEE lawyers
In the eyes of investors around the world, Australia has never lost its position in the spotlight as an investment and residence destination, thanks to its rapid growth and development. Australian subclass 188 visa – Investor residence subclass is a great opportunity for Vietnamese entrepreneurs to pave the way for Australian residency. By amending and updating the policies of subclass 188 visa, the Australian Government can better regulate investment funds and attract more potential investors.
The chance of obtaining Australian residency is extremely generous for Vietnamese investors holding subclass 188 visa. Of course, this good fortune is a hard-won triumph, as it must be traded off against lots of time and effort, not to mention the requirements for legal savvy.
DHLEE is always eager to be the partner of investors in their pursuit for Australian residency.
At DHLEE, our Australian subclass 188 visa consulting service will ensure customers get in-depth advice directly from a team of Australian immigration lawyers, who have more than 20 years of experience in immigration and used to work for the Australian Department of Immigration and Border Protection. DHLEE lawyers will scrutinize and access the procedures and customers’ documents in order to finalize the application in the fastest and most accurate manner possible, thereby optimizing the application preparation time for customers.
Furthermore, DHLEE’s lawyers will outline specialized pathways that suit individual circumstances and suggest plans that maximize the customer’s benefits. This may help save time and effort while avoiding problems that customers would have encountered if they had prepared the application by themselves.
For more detailed information about the Australian subclass 188 visa as well as the latest news on Residency and Investment in Australia, just leave your contact information and DHLEE’s consultants will reach out immediately.