188 Business Innovation and Investment (Provisional) visa (subclass 188) – Premium Investor stream

At a Glance

Item	Details
Visa name	Premium Investor stream, subclass 188
Application status	Closed to new applications
Closure date	1 July 2024
Visa type	Provisional visa
Stay	Up to 4 years 3 months
Cost	From AUD9,455 main applicant
Eligibility timing	Austrade nomination and invitation required
Investment requirement	At least AUD15 million
Work rights	Work in Australia
Study	Study in Australia
Medicare	Not stated in the source
Travel facility	Multiple entry while valid
Permanent residence	Subclass 888 possible if eligible
Citizenship	Not stated in the source
Family sponsorship	Eligible family members may apply
Visa record	Digital visa linked to passport
Application location	Inside or outside Australia
Processing times	Processing-time guide only

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Purpose

The Premium Investor stream was for people nominated by Austrade who made a complying premium investment or philanthropic contribution of at least AUD15 million in Australia.

This stream closed to new applications on 1 July 2024.

Stay and travel

The visa is valid for 4 years and 3 months from the grant date.

It allows multiple entry. You may leave and return to Australia as often as you wish while the visa remains valid. Time spent outside Australia does not extend the visa period.

To stay longer, you must apply for another visa. You may be able to apply for the Business Innovation and Investment (Permanent) visa (subclass 888), Premium Investor stream, if eligible.

Eligibility

You were required to:

• Be nominated by Austrade and receive an invitation to apply.
• Submit an Expression of Interest before invitation; Austrade did not accept unsolicited EOIs.
• Have net assets of at least AUD15 million, owned by you, your partner, or jointly.
• Show assets were lawfully acquired, unencumbered and available for the investment.
• Make a complying premium investment of at least AUD15 million after lodging the visa application.
• Intend genuinely to hold the investment for the visa period, except philanthropic contributions.
• Have a genuine and realistic commitment to continue investment activity in Australia after the visa ends.
• Not have a history of business or investment activities unacceptable in Australia.
• Agree not to bring action against the Commonwealth for loss relating to the complying investment.
• Meet health and character requirements.
• Have no outstanding Australian Government debt, unless repayment arrangements were approved.
• Meet functional English requirements or pay the second instalment charge.
• Sign the Australian Values Statement if aged 18 or over.
• Have an acceptable immigration history; previous refusal or cancellation may affect eligibility.

Austrade must not withdraw its nomination after application, or the visa could not be granted.

Complying premium investment

The investment could include:

• Australian Securities Exchange-listed assets.
• Australian government or semi-government bonds or notes.
• Eligible Australian corporate bonds or notes.
• Australian proprietary companies operating qualifying businesses.
• Australian real property, excluding residential property.
• Deferred annuities issued by Australian registered life companies.
• State or territory government-approved philanthropic contributions.

For eligible funds, cash could not exceed 20% of net assets, and derivatives could only be used for risk management.

Income from a complying investment in Australia is subject to Australian tax law.

Do not make the complying investment before lodging the visa application. After lodgement, the Department would invite you to invest only after being satisfied you met other criteria. The investment timeframe was usually 70 days from the written invitation.

Rights

With this visa, holders could:

• Stay in Australia while the visa remained valid.
• Undertake business and investment activity.
• Work and study in Australia.
• Travel in and out of Australia multiple times.
• Include eligible family members.
• Attend free Adult Migrant English Program classes, if eligible.
• Apply for permanent residence through subclass 888, if eligible.

Check individual visa conditions, work rights and study entitlements through VEVO.

Costs

Applicant	Visa application charge
Main applicant	AUD9,455
Family member aged 18 or over	AUD4,725
Family member under 18	AUD2,365

A second instalment applied to applicants aged 18 or over without functional English:

Applicant	Second instalment
Main applicant	AUD9,795
Family member	AUD4,890

The second instalment was payable only when requested and was refundable if the visa was not granted.

Other possible costs included health examinations, police certificates and biometrics. Application fees were not refunded if the application was refused.

Family provisions

You could include members of your family unit in the original application and add dependent children before a decision.

Family members applying with you had to meet health and character requirements. Non-migrating family members had to meet character requirements and might also need to meet health requirements.

Dependent children

A child aged over 18 but under 23 had to be dependent on you or your partner. A child aged 23 or over had to be unable to support themselves because of physical or cognitive limitations and be dependent on you or your partner.

Evidence of financial dependency for at least 12 months before application was required. A child who turned 18 or 23 during processing had to continue meeting the applicable dependency requirements.

For children under 18, consent was required from any person with legal authority over where the child lived who was not migrating. Evidence could include:

• Form 1229.
• A statutory declaration of consent.
• A relevant court order.
• Evidence that home-country law allowed migration.

After grant, family members seeking the same visa had to lodge a separate subsequent entrant application in ImmiAccount.

Health insurance and healthcare

The Department recommended adequate health insurance. Visa holders were personally liable for healthcare costs in Australia.

Reciprocal healthcare arrangements may apply for some countries.

Obligations and conditions

You and included family members had to:

• Comply with visa conditions and Australian laws.
• Follow Australian workplace laws.
• Hold the AUD15 million investment for at least 12 months.
• Maintain a genuine and realistic commitment to business and investment activity if applying for subclass 888.
• Notify the Department of changes to contact details, passport, investments, relationship status or a child's birth.

Keep a valid visa while in Australia. If you held a Bridging Visa A and left Australia, it ceased; you needed a Bridging Visa B or another visa to return.

Required documents

Applicants needed to provide clear colour scans or photographs of documents. Non-English documents required English translations.

Key evidence included:

• Current passport identity pages and national identity card, if available.
• Name-change evidence, if applicable.
• Form 1139A Statement of Assets and Liabilities Position, dated less than three months before invitation.
• Evidence of asset ownership, value and liabilities.
• Evidence of at least AUD15 million in net assets.
• Signed declaration explaining the proposed fund-transfer method.
• Overview of proposed Australian investments.
• Signed declaration of lawful sources of funds and supporting evidence.
• Proof that investment funds originated from nominated assets.
• Functional English evidence, or a statement agreeing to pay the second instalment.
• Form 80.
• Police certificates for each country where an applicant aged 16 or over spent 12 months or more during the previous 10 years.
• Military records or discharge papers, if applicable.
• Partner and dependent-child relationship evidence.
• Health examination or biometrics evidence, if requested.

Evidence for assets could include bank statements, property titles and valuations, mortgage records, company records, financial statements, stock or bond records, and complete trust deeds.

Application steps

1. Obtain Austrade nomination and an invitation to apply.
2. Gather identity, asset, investment, English, character and family documents.
3. Apply online through ImmiAccount, following invitation instructions.
4. Pay the correct application charge and retain the transaction reference number.
5. Submit supporting documents as directed.
6. Wait for any request for health examinations, biometrics, further information or investment.
7. Make the complying investment only after written invitation.
8. Provide transaction evidence and Form 1413D for each investment component.
9. Pay any required second instalment before grant.

Applicants in China, Hong Kong, Macau or Taiwan were directed to submit documents to the Australian Consulate General Hong Kong. Applicants elsewhere were directed to send documents by registered post or courier to the Adelaide Business Skills Processing Centre.

Important warnings

• New applications are closed.
• Austrade nomination and invitation were mandatory.
• Unsolicited Expressions of Interest were not accepted.
• Do not invest before lodging the application or before receiving written investment instructions.
• The visa could not be granted if Austrade withdrew nomination.
• Provide true and accurate information and prove identity.
• Do not cancel a current visa while awaiting a decision in Australia; this could leave you unlawful and ineligible for a Bridging Visa A.
• Australian visas are digital. Use VEVO to view visa details and conditions.