Australian and Investor Migration Guide World Trade Centre Tower 4, Level 10, 611 Flinders Street Melbourne, Victoria 3005, Australia T +61 3 8672 7900 F +61 3 8630 2800 E info@evolvelawyers.com.au www.evolvelawyers.com.au Evolve Lawyers Pty Ltd Liability limited by a scheme approved under Professional Standards Legislation
Migration Overview Subclass 188 & 888 Innovation and Investment (4 streams) 188A Innovation (Provisional) 888A Innovation 188B Investor Visa (Provisional) 888B Investor Visa 188C Significant Investor (Provisional) 888C Significant Investor 188E Entrepreneur Visa (Provisional) 888E Entrepreneurial Visa Premium Investor (Provisional) Premium Investor Subclass 132 Talent (2 streams) Direct entry to permanent residency 132A Significant History 132B Venture Capital Entrepreneur 4838-7702-6089, v. 2 Page 1
188/888A Innovation Stream Subclass 188A (Provisional) Subclass 888A People with business skills who want to establish, develop and manage a business in Australia. State Government Nomination & SkillSelect Before applying, you must first submit an expression of interest through the Government s SkillSelect system (detailing your work experience, qualifications, language ability and business / investment experience). An Australian state government will then invite the applicant to apply for a relevant visa. You can only make an application once you are invited. Requires state government nomination. Multiple returns Seek permanent residency For at least 2 of the past 4 years you have had an ownership interest in an established business with at least $500,000 turnover. Net business and personal assets of at least $800,000 that can be transferred to Australia within two years of visa grant. interest of at least 51% in a business with less than $400,000 turnover; or 30% in a business with more than $400,000 turnover; or 10% in a publically listed company. A genuine desire to own a business and maintain a management role in that business in Australia. Continue to own an interest and have an active management role for 2 years prior to the application. turnover of $300,000 in the 12 months before you apply. interest of at least 51% in a business with less than $400,000 turnover; or 30% in a business with more than $400,000 turnover; or 10% in a publically listed company. You cannot obtain ownership in your business from a person that previously held a Subclass 888 Visa (unless in joint ownership of that business). Meet at least two of the following throughout the year prior to your application: business net assets of at least $200,000; net personal and business assets of at least $600,000; employed at least 2 full time employees in your business (being Australian citizens or residents and not family members). requirements Overall successful business career. No involvement in unacceptable business activities. Have no debts owing to the Australian Residence requirement of at least 1 year in the 2 years prior to your application. Must have met all the requirements of your Subclass 188 (Provisional) visa. No debts owing to the Australian No involvement in unacceptable business or investment activities. Points Test At least 65 points on points test. Not applicable. Age In most cases below 55 years of age. Not applicable. Page 2
188/888B Investor Stream Subclass 188B (Provisional) Subclass 888B People who want to make a state government designated investment of at least $1.5 million and maintain business and investment activity in Australia. State Government Nomination & SkillSelect Before applying, you must first submit an expression of interest through the Government s SkillSelect system (detailing your work experience, qualifications, language ability and business / investment experience). An Australian state government will then invite the applicant to apply for a relevant visa. You can only make an application once you are invited. Requires state government nomination. Multiple returns Seek permanent residency For at least 1 of the 5 years immediately before you are invited to apply, have directly managed one of the following: an interest owned by you or/and your partner of at least 10 per cent in a qualifying business; at least AUD1.5million in eligible investment owned by you or/and your partner During the 2 years immediately before you are invited to apply, have legally acquired net business, investment and personal assets of at least $2.25 million that can be transferred to Australia within 2 years of visa grant. Make a designated investment of at least $1.5 million and hold it for 4 years A genuine commitment to continue your business and investment activity in Australia even after your designated investment has matured. Designated investment with a state government must have been held for 4 years. Must have been in Australia and held a Subclass 188 (Provisional) visa in the Investor stream for at least 2 years in the 4 years prior to your application. requirements Have high level of management skill in relation to the investment or business activity. Have at least 3 years experience. Overall successful business career. No involvement in unacceptable business activities. Have genuine intention to live for at least 2 years in the state in which you made the designated investment. Have no debts owing to the Australian You must have been in Australia and held your provisional visa for at least two of the four years immediately before you apply. Must have met all the requirements of your Subclass 188 (Provisional) visa. Have no debts owing to the Australian No involvement in unacceptable business or investment activities. Complied with all relevant Australian laws. Points Test At least 65 points on points test. Not applicable. Age In most cases below 55 years of age. Not applicable. Page 3
188/888C Significant Investor Stream Subclass 188C (Provisional) Subclass 888C People willing to invest at least $5 million into complying investments in Australia and want to maintain business and investment activity in Australia. State Government Nomination & SkillSelect Before applying, you must first submit an expression of interest through the Government s SkillSelect system (detailing your work experience, qualifications, language ability and business / investment experience). An Australian state government will then invite the applicant to apply for a relevant visa. Alternatively, Austrade can also invite the applicant. You can only make an application once you are invited. Requires state government nomination. Multiple returns Seek permanent residency Must make a complying investment of $5 million and hold that investment for 4 years. Complying investments must include: At least AUD500 000 in venture capital and growth private equity funds. At least AUD1.5 million in approved managed funds investing in emerging companies listed on the Australian Stock Exchange. A balancing investment of at least AUD3 million in managed funds that may invest in a range of assets, including ASX-listed companies, Australian corporate bonds or notes, annuities and commercial real estate. Your complying investment must be held continuously for 4 years. requirements Genuine commitment to reside in the state that nominated you. Genuine commitment to continue your business and investment activity after your complying investment matures. Live in Australia for at least 40 days per year (calculated cumulatively) for the duration of your provisional visa, or your spouse to live for at least 180 days per year (calculated cumulatively) for the duration of your provisional visa. Have no debts owing to the Australian Must have met the residence requirements: Must have been in Australia and held a Subclass 188 (Provisional) visa for a minimum of 40 days per year; or your partner must have been in Australia on this visa for a minimum of 180 days per year. Have no debts owing to the Australian No involvement in unacceptable business or investment activities. Points Test Not applicable. Not applicable. Age Not applicable. Not applicable. Page 4
188/888E Entrepreneur Stream Subclass 188E (Provisional) Subclass 888E People with innovative ideas and business skills who want to commercialise a product or service or develop a business in Australia. State Government Nomination & SkillSelect Before applying, you must first submit an expression of interest through the Government s SkillSelect system (detailing your work experience, qualifications, language ability and business / investment experience). An Australian state government will then invite the applicant to apply for a relevant visa. You can only make an application once you are invited. Requires state government nomination. Multiple returns Seek permanent residency Be undertaking or proposing to undertake a complying entrepreneur activity in Australia and have a genuine intention to continue this activity. This activity must not relate to any of the following excluded categories: Residential real estate Labour hire Purchase of an existing enterprise or a franchise in Australia. Have one or more legally enforceable agreements to receive funding with a total of at least AUD200 000 from one of the following entities: Commonwealth Government agency State or Territory Government Publicly Funded Research Organisation Investor registered as an Australian Venture Capital Limited Partnership or Early State Venture Capital Limited Partnership Specified Higher Education Provider Under the agreement at least 10% of the funding must be payable to the entrepreneurial entity within 12 months of the day the activity starts to be undertaken in Australia. Held at least 30% interest in your entrepreneurial entity when you entered into the agreement. A business plan for the entrepreneurial entity noting how your innovative idea will lead to the commercialisation of a product or service in Australia, or the development of an enterprise or business in Australia. Must be able to demonstrate a successful record of entrepreneurial activities in Australia, measured by a combination of key success factors and supporting success factors. You will need to demonstrate the completion of at least two key success factors or a combination of one key success factor and three supporting success factors. Key success factors include: Employing two or more Australians, permanent residents or other eligible persons Generating an annual turnover of at least AUD300 000 Filing a provisional patent or acquiring a standard or innovation patent Receiving ongoing funding or investment in your entrepreneur activity Entering into a partnership with a University Selling an entrepreneurial venture for AUD2,000,000. Supporting success factors include: Diversifying entrepreneurial activities into other business areas Receiving a statement of success from a state or territory government nominator Receiving sponsorship from the corporate sector Starting at least one other business or contributing to at least two other businesses Receiving formal awards or recognition Raising or contributing to social capital. Page 5
Subclass 188E (Provisional) Subclass 888E Entrepreneurial activities in Australia must not be in one of the following categories: Residential real estate Labour hire Purchase of an existing enterprise or a franchise in Australia. requirements Have competent English (equivalent to Band 6 in all parts of IELTS) and be able to provide evidence of this at the time you are invited to apply for the visa. No involvement in unacceptable business activities. Have no debts owing to the Australian Must have been in Australia and held your Subclass 188 (Provisional) visa in the Entrepreneur stream for at least two of the four years immediately before your application. Must have met all the requirements of your Subclass 188 (Provisional) visa. No debts owing to the Australian No involvement in unacceptable business or investment activities. Points Test Not applicable. Not applicable. Age In most cases below 55 years of age. Not applicable. Page 6
188/888 Premium Investor Stream (PIV) Subclass 188 PIV (Provisional) Subclass 888 PIV People willing to invest at least $15 million into complying investments in Australia and want to maintain business and investment activity in Australia. Austrade Nomination The Premium Investor stream is by invitation of Austrade on behalf of the Australian government only. Requires Austrade nomination. Multiple returns Seek permanent residency Must make a complying investment of $15 million. Complying investments must include: Australian securities exchange listed assets. Australian government or semigovernment bonds or notes. Corporate bonds or notes. Australian proprietary limited companies. Real property in Australia excluding residential property. Deferred annuities issued by Australian registered life companies. State or territory government approved philanthropic contribution. Your complying investment must be held continuously for 1 year. requirements Genuine commitment to continue your business and investment activity in Australia after the conclusion of your provisional visa You and your partner must not have been involved in unacceptable business or investment activities. Must have been held a Subclass 188 PIV visa for a minimum of 1 year. Have no debts owing to the Australian No involvement in unacceptable business or investment activities. Complied with all relevant Australian laws. Points Test Not applicable. Not applicable. Age Not applicable. Not applicable. Page 7
132 Talent Subclass 132A Subclass 132B High calibre business owners that want to do business in Australia and are nominated by a state A specific visa for people who have sourced venture capital funding and are nominated by a state State Government Nomination & SkillSelect Before applying, you must first submit an expression of interest through the Government s SkillSelect system (detailing your work experience, qualifications, language ability and business / investment experience). An Australian state government will then invite the applicant to apply for a relevant visa. You can only make an application once you are invited. Before applying, you must first submit an expression of interest through the Government s SkillSelect system (detailing your work experience, qualifications, language ability and business / investment experience). An Australian state government will then invite the applicant to apply for a relevant visa. You can only make an application once you are invited. Net asset ownership interests of at least $400,000 in qualifying businesses for at least 2 of past 4 years prior to the invitation to apply. Main business has annual turnover of at least $3 million in at least 2 of past 4 years prior to the invitation to apply. Net business and personal assets of at least $1.5 million that can be transferred to Australia within 2 years of visa grant. interest of at least 51% in a business with less than $400,000 turnover; or 30% in a business with more than $400,000 turnover; or 10% in a publically listed company. A genuine desire to own a business and maintain a management role in that business in Australia. Must obtain at least $1 million venture capital funding through a venture capital member firm of the Australian Venture Capital Association Limited. Venture capital investments assist businesses during its early phase with an expectation of high return. These businesses are usually innovative industries such as businesses in the life sciences, information technology and communications sectors. Must enter into formal agreement with venture capital funder. A genuine desire to own a business and maintain a management role in that business in Australia. Overall successful business career. No involvement in unacceptable business activities. Have no debts owing to the Australian Have no debts owing to the Australian Age In most cases below 55 years of age. Not applicable. Post Visa Grant Must make a genuine attempt to engage and manage a business in Australia for 3 years. If no genuine attempt to engage in business in Australia, your visa may be cancelled. Page 8
Annexure Points Test Factors Description Points Age English language ability Qualifications Special endorsement Financial assets turnover 188A experience 18-24 years 20 25-32 years 30 33-39 years 25 40-44 years 20 45-54 years 15 55 and older 0 Vocational English: IELTS 5 on each of the four components of speaking, reading, listening and writing. Proficient English: IELTS 7 or OET score B on each of the four components of speaking, reading, listening and writing. Australian trade certificate, diploma or bachelor degree by an Australian education institute or a bachelor qualification recognised by an education institution of a recognised standard. Bachelor degree in business, science or technology by an Australian institution; or a bachelor qualification by an education institution of a recognised standard. The nominating state or territory government agency could decide that your proposed business is of unique and important benefit to the state or territory where the nominating government agency is located. Net business and personal assets of you, your partner or you and your partner combined in each of the preceding two years of at least: $800,000 5 $1,300,000 15 $1,800,000 25 $2,250,000 35 Annual turnover in your main business during a period of at least two years of the preceding four fiscal years of at least: $500,000 5 $1,000,000 15 $1,500,000 25 $2,000,000 35 You have held one or more businesses before you were invited to apply for the visa for: Not less than four years within the preceding five years 10 Not less than seven years within the preceding eight years 15 5 10 5 10 10 188B experience innovation qualifications Eligible investment of at least $100,000 held for: At least four years before the time of invitation to apply for the visa 10 At least seven years before the time of invitation to apply for the visa 15 Evidence of registered patents or registered designs 15 Evidence of registered trademarks 10 Evidence of formal joint venture agreements 5 Evidence of export trade 15 Evidence of ownership interest in a gazelle business 10 Evidence of receipt of grants or venture capital funding 10 Nomination Special endorsement (limited places) 10 Page 9
Contact Us Winston Lay Director / Lawyer BCom, LLB(Hons)(Melb) Language: English T: + 61 3 8672 7903 F: + 61 3 8630 2800 E: wlay@evolvelawyers.com.au Shirley Ip Director / Lawyer BCom, LLB(Hons)(Adel) Language: English, Cantonese T: + 61 3 8672 7902 F: + 61 3 8630 2800 E: sip@evolvelawyers.com.au Amy Cai Director / Development BCom(Accounting)(Macquarie), MAppFin(Monash) Language: English, Mandarin T: + 61 3 8672 7901 F: + 61 3 8630 2800 E: acai@evolvelawyers.com.au Level 10, Tower 4,611 Flinders Street, Melbourne, Victoria 3005,Australia. T: + 61 3 8672 7900 F: + 61 3 8630 2800 E: info@evolvelawyers.com.au www.evolvelawyers.com.au IMPORTANT: This guide has been provided for your general information only. It is not legal or migration advice and must not be relied on as such. This guide has been produced to provide an overview in relation to the requirements relating to certain visa classes in Australia. It is not exhaustive and there may be further requirements not reflected in this guide. Evolve Lawyers Pty Ltd makes no warranties in relation to the accuracy or completeness of the matters set out in this guide. Should you require advice in relation to your circumstances, we recommend that you make contact with us. Page 10