Subclass 188C Visa - Business Innovation and Investment (Significant Investment)
The Subclass 188C visa is a provisional visa under the Australian Business Innovation and Investment Program, specifically designed for individuals who are willing to make a significant investment in an Australian state or territory.
Here's an overview of the key points about the Subclass 188C visa:
- Purpose: The Subclass 188C visa, also known as the Business Innovation and Investment (Significant Investment) visa, is aimed at attracting high-net-worth individuals who are willing to make a significant investment
in an Australian state or territory's economy.
- Investment Requirement: To be eligible for the Subclass 188C visa, applicants must make a significant investment of at least AUD $5 million in an Australian state or territory's economy. This investment must be in
an approved investment fund or a direct investment in Australian assets, such as property or businesses.
- State Nomination: Applicants for the Subclass 188C visa must be nominated by an Australian state or territory government. Each state or territory may have its own specific requirements and criteria for nominating applicants
under this visa stream.
- Provisional Visa: The Subclass 188C visa is a provisional visa, which means that it allows holders to live and work in Australia temporarily for up to four years. After holding the visa for a specified period and meeting
certain criteria, holders may be eligible to apply for permanent residency through the Subclass 888 visa (Business Innovation and Investment Permanent).
- Business and Investment Activities: While holding the Subclass 188C visa, individuals are encouraged to engage in business and investment activities in Australia. They may also bring their family members to Australia
as secondary applicants on the visa.
- Health and Character Requirements: All applicants for the Subclass 188C visa, as well as any accompanying family members, must meet Australia's health and character requirements. This typically involves undergoing
health examinations and providing police clearance certificates.
- Application Process: The application process for the Subclass 188C visa involves submitting an Expression of Interest (EOI) through the Australian Government's SkillSelect system, obtaining state or territory nomination,
and then submitting a visa application. Applicants must ensure they meet all eligibility criteria and provide accurate information to avoid delays or rejection of their visa application.
- Compliance Obligations: Visa holders are required to comply with the conditions of their visa, including the terms of their investment. They must also provide regular updates to the Australian government on the status
of their investment.
Overall, the Subclass 188C visa provides an opportunity for high-net-worth individuals to make a significant investment in Australia and contribute to the country's economy while enjoying temporary residency.