Visa 188 - Significant Investor Stream (provisional)

Please note that from 1 July 2020 all applications for State nomination must be lodged through our new online application system. Applications received by email or in hard copy after this date will not be processed.

All State nomination places from the Department of Home Affairs (DHA) for Western Australia have now been allocated. We are not accepting any new applications for subclasses 188 or 132 until further notice.

Due to COVID-19 we are conducting all interviews with clients by telephone. Personal appointments will also be replaced by telephone interviews at the Western Australian Government Trade Office in Shanghai until further notice.

If you have an appointment with our staff, or intend to make one, please contact us on businessmigration@smallbusiness.wa.gov.au to arrange the appointment by telephone.

This visa is for applicants intending to make a significant investment(s) in Australia for a period of at least four years. This visa leads to permanent residency with the option to extend the initial four year term of the visa (see Visa Extension section below). The applicant has a genuine intention to reside in the state or territory whose government agency nominated the applicant.

Western Australian State nomination criteria includes:

  • you, your spouse or partner, or you and your spouse or partner combined have net business and/or personal assets of at least AUD$5 million which are available for investment within the complying investment framework in Australia immediately prior to visa grant
  • you have an additional AUD$50,000 which is available for domestic and/or settlement purposes
  • you will maintain your funds in Western Australia on maturity of your complying investments

Applicants will be considered on a case-by-case basis with the long term economic benefit to the Western Australian economy being the prime factor considered for approval of State nomination.

What is the complying investment framework?

Under the complying investment framework, Significant Investor visa applicants will be required to invest at least AUD$5 million over four years in complying investments, which must now include:

  • at least AUD$500,000 in eligible Australian venture capital or growth private equity fund(s) investing in start-up and small private companies. (Within two years of 1 July 2015 the Government expects to increase this to $1 million for new applications as the market responds)
  • at least AUD$1.5 million in an eligible managed fund(s) or Listed Investment Companies (LICs) that invest in emerging companies listed on the Australian Securities Exchange (ASX)
  • a ‘balancing investment’ of up to AUD$3 million in managed fund(s) or LICs that invest in a combination of eligible assets that include other ASX listed companies, eligible corporate bonds or notes, annuities and real property (subject to the 10 per cent limit on residential real estate)

Further information on the complying investment framework can be found on the Australian Trade and Investment webiste. Information on the process of applying for the visa can be found on the Department of Home Affairs website.

Visa 188 Significant Investor Stream holders will become eligible for permanent residence under the 888 Significant Investor Stream once they have held their complying investment(s) in Australia for four consecutive years and met the relevant Department of Home Affairs residence criteria of 160 days accumulatively over four years.

How to apply

STEP 1:
Lodge an online application for State nomination with the Business Migration Centre (BMC). A fee of $AUD750 applies to all visa nomination applications.

STEP 2:
If you are granted State nomination you can proceed to lodge an expression of interest (EOI) through SkillSelect. If you have not already done so.

STEP 3:
Once nominated through SkillSelect by the BMC, you will receive an invitation from Department of Home Affairs to lodge your visa application which must be completed within 60 days using Department of Home Affairs electronic lodgement system.

If you do not submit your visa application within 60 days, your State nomination will no longer be valid. If you plan to continue with your visa application you will need to submit a new State nomination application and pay another application fee to the Business Migration Centre.

Please note, Western Australia receives only a limited number of nomination places from the Department of Home Affairs. We usually receive more applications than the number of places, and are therefore unable to offer State nomination to all qualifying applicants who lodge an application. Applicants who have previously been granted a State nomination will not receive a second nomination unless under exceptional circumstances.

Visa 188 - Business Innovation and Investment - Significant Investor Stream - Extension

You might be able to extend your stay under an extension stream if you hold this visa under the Significant Investor stream and need extra time to meet the criteria for a permanent (subclass 888) visa.

Provisional visa holders in the Significant Investor stream can apply for up to two extensions (of two years each) for a total of an additional four years so your visa can last up to eight years.

The criteria can be found on the Department of Home Affairs website.

Lodging your application for the visa or extension

Before proceeding please ensure you have read all the requirements of the 188 visa criteria at the Department of Home Affairs website. Where you can also find details of all Australian migration programs.

Once you start your application, you can save it as you progress and return to it later. If you are completing the application on behalf of someone else, please ensure you save the application before submitting it so the applicant can personally complete the Applicant Declaration.

You will be required to attach documents throughout the application, please ensure any documents not in English are translated, and a copy of both the original and translated versions are included. Please do not include any personal information such as birth certificates, tax file numbers etc.

Due to upload limitations, please only provide the relevant pages addressing the criteria and not the full document.

Link opens in a new window to the application form