This information should also be read in conjunction with our previous blog on the Significant Investor Visa.
Steven Koch, Executive Director of the Skills and Employment of the Department of Education, Training and Employment (DETE) has provided further information about the eligibility criteria for applicants looking to apply for a Business Innovation and Investment (Subclass 188) visa – Significant Investor stream;
Significant Investor Visa stream
The Business Innovation and Investment (subclass 188) visa – Significant Investor stream is one of the visa streams available within the Department of Immigration and Citizenship’s (DIAC) Business Innovation and Investment Program.
Nomination for this visa will be considered by the Queensland Government for high net worth individuals who wish to invest and live in Queensland. The subclass 188 Significant Investor visa is a provisional visa with a pathway to permanent residency.
Queensland welcomes business investment and offers a range of business advantages including a stable economy, supportive government, and a solid growth forecast. Queensland’s low operating costs, highly skilled workforce and strategic Asia-Pacific location create an attractive investment destination. Queensland business owners and investors enjoy:
- a dynamic, innovative and stable economy with the most competitive payroll tax regime in Australia, including tax breaks for employers of apprentices and trainees
- a highly skilled workforce in strong, diverse industries
- an idyllic lifestyle
To apply for Queensland Government Nomination
Step 1: Review the eligibility criteria and visa conditions on the DIAC website.
Step 2: Review the Queensland eligibility criteria below to see if you meet the requirements.
Step 3: Lodge an Expression of Interest (EOI) through the DIAC SkillSelect database. Preference will be given to those that have selected Queensland in SkillSelect in the first instance.
Step 4: The Queensland Government will contact you and request further information.
Step 5: Once you have been nominated by the Queensland Government, you will receive an invitation from DIAC asking you to lodge an application within 60 days of nomination.
The complying investment must not be made until you have been informed by DIAC to do so.
Queensland eligibility criteria:
- To be eligible to apply for Queensland Government nomination, you must meet DIAC eligibility requirements
- Preference will be given to applicants with investments that have a direct economic benefit to Queensland. Applicants will be considered on a case by case basis.
- In order to receive nomination from the Queensland Government it is expected that you have a genuine and realistic commitment to reside in Queensland in order to meet the DIAC residency requirements.
Investment into Queensland Treasury Corporation bonds
Complying investments include Queensland Treasury Corporation’s Queensland Bonds which are used for significant infrastructure projects in Queensland.
Investment in a Queensland business
If you are going to invest your funds into either a new or existing business, the business will be required to be registered and operating in Queensland.
It must be a ‘qualifying business’, whereby it is operated for the purpose of making profit through the provision of goods, services or goods and services to the public and is not operated primarily or substantially for the purpose of speculative or passive investment.
As per DIAC requirements, investments into property will not be considered, however you may be eligible to invest in ASIC regulated managed funds which may invest in real estate in Australia.
Extension of time or extension of visa
To be able to be granted another Significant Investor visa, you need to be nominated by the original nominating State or Territory Government and have continuously held complying investment for the life of your previous provisional Significant Investor visa.
The Queensland Government will not allow you to transfer your nomination to another State or Territory.
Information you should be aware of
- Please be advised that applying for nomination correctly does not guarantee success. Nomination is granted at the discretion of the Queensland Government. Queensland Government sponsorship is subject to nomination planning levels as allocated by DIAC
- It is recommended that you seek your own professional legal and financial advice before investing. The Queensland Government will not take a role in your investment decision nor will it provide financial advice or guarantee any return on your complying investment.
- The Queensland Government may nominate an applicant for a visa, however the final decision and timeframe on the granting of the visa is made by DIAC. The Queensland Government takes no responsibility in the event that your visa application is rejected by DIAC.
If you require assistance with applying for the Significant Investor Stream then our team at FC Lawyers will be happy to provide any assistance you require.
It is important to note that for investments into the Queensland Treasury Corporation’s Queensland Bonds the amount of investment is up to the discretion of the investor and there is not set amount required.
If you have any Australian Significant Investor visa questions or wish to begin your visa application, please contact us today.