Business Innovation and Investment (provisional) visa (subclass 188)

Premium Investor stream

This provisional visa is for people who are nominated by Austrade and who invest at least AUD15 million in Australian investments and/or philanthropic contributions.

Overview

This stream is closed to new applications

Stay

4 years and 3 months

Cost

From AUD9,455.00

Processing times

For an indication of processing times for this visa, use the visa processing time guide tool. This will show the processing times for recently decided applications. It is a guide only and not specific to your application.

With this visa, you can

carry out business and investment activity in Australia
stay in Australia for up to 4 years and 3 months
apply for a permanent Business Innovation and Investment (Permanent) visa (subclass 888) Premium Investor stream if certain requirements are met.

See all conditions

Check your eligibility

You must

be nominated by Austrade
be invited to apply for this visa
invest at least AUD15 million in Australian investments and/or philanthropic contributions that meet certain requirements
have a genuine intention to hold the investment for the whole period of the visa (except any part of the investment that is a philanthropic contribution)

Help with your visa

If you are getting help with your visa, before you pay someone, read information on Who can help with your visa application.

About this visa

This stream is closed to new applications

With this visa, you can

How long you can stay

Stay longer

Include family

Cost

Apply from

Processing times

Your obligations

Adequate health insurance

Travel

Visa label

With this visa, you can

carry out investment activity in Australia
stay in Australia for 4 years and 3 months
bring eligible members of your family with you
apply for a permanent Business Innovation and Investment (Permanent) visa (subclass 888) Premium Investor stream

How long you can stay

This is a provisional visa. You can stay in Australia for 4 years and 3 months.

The visa is granted with multiple entry. You can leave and re-enter Australia as many times as you want while the visa is valid.

The visa starts on the date we grant it.

Stay longer

This is a provisional visa. You must apply for a new visa if you want to stay longer. Explore your visa options

Once you have this visa, you can apply for permanent residence through the Business Innovation and Investment (Permanent) visa (subclass 888) Premium Investor stream if certain requirements are met.

Include family

You can include members of the family unit in your application when you apply. You can also add dependent children to your application at any time before we decide your application.

Family members who apply for the visa must meet our health and character requirements.

In order for the primary applicant to be granted this visa, family members who are not coming to Australia must meet our character requirements and might have to meet our health requirements.

Cost

This visa costs AUD9,455.00 for the main applicant.

There is also a charge for each family member who applies for the visa with you:

family members over 18 years old: AUD4,725.00
family members under 18 years old: AUD2,365.00

You must pay an extra charge for any applicant 18 years old or older who has less than functional English.This charge is the second instalment. Pay it only when we ask you to. We will refund the charge if we do not grant you the visa. The second instalment charges are:

main applicant: AUD9,795
family members: AUD4,890

To work out what your visa will cost use the Visa Pricing Estimator. The estimator does not take into account the second instalment or other costs. You might also have to pay other costs for health checks, police certificates and biometrics.

Apply from

You can be in or outside Australia when you apply for the visa and when we decide on your application, but not in immigration clearance.

Processing times

Your application can take longer to process if:

you do not complete the application form correctly
you do not include all the documents we need or we need more information from you
it takes us time to verify your information

Your obligations

You and your family members who are part of your application must comply with all visa conditions and Australian laws.

If you apply for a Business Innovation and Investment (Permanent visa (subclass 888) Premisum Investor stream, you must genuinely have a realistic commitment to maintain business and investment activity.

You must also hold your investment of AUD15 million for a minimum of 12 months and follow Australian workplace laws.

Learn more about conditions for this visa.

Follow Australian workplace laws

All workers in Australia (including visa holders) have rights and protections at work. Pay rates and workplace conditions are set by Australian law.

Adequate health insurance

We recommend you take out health insurance to cover any unforeseen medical treatment you might need in Australia. You are personally liable for all your healthcare costs while you are in Australia. Insurance can help limit your financial liability.

See what we consider adequate health insurance.

Learn more about health insurance for overseas visitors.

Reciprocal healthcare agreements
Some countries have a reciprocal healthcare agreement with Australia. Find out more from Sevices Australia about reciprocal healthcare agreements.

Travel

You can travel outside Australia and return as many times as you want while the visa is valid.

The time you spend outside Australia does not extend the visa.

Visa label

Australian visas are digital.

We do not put a visa label in your passport. Instead, we link your digital visa record to your passport.

Eligibility

This stream is closed to new applications

Be nominated

You must be nominated by Austrade before being invited to apply for this visa.

Austrade must not withdraw their nomination after you apply, or we will be unable to grant you a visa.

Receive an invitation to apply

First you must submit an Expression of Interest (EOI). If Austrade accepts your EOI and nominates you, we will invite you to apply for this visa.

Austrade will not accept unsolicited expressions of interest.

Learn more about the Premium Investor program from Austrade.

Make a complying premium investment of at least AUD15 million

After you lodge your application, you must make a complying premium investment of at least AUD15 million in any of the following options

Australian securities exchange listed assets
Australian government or semi-government bonds or notes
corporate bonds or notes issued by an Australian exchange listed entity (or wholly owned subsidiary of the Australian listed entity), investment grade rated Australian corporate bonds or notes rated by an AFS licenced debt rating agency
Australian proprietary limited companies that operate qualifying businesses (providing goods or services to the public with a profit-making intention, and not passive or speculative in nature)
real property in Australia excluding residential property
deferred annuities issued by Australian registered life companies
state or territory government approved philanthropic contribution

To be an eligible fund, a further requirement is that cash is to be no more than 20% of a fund’s net assets and derivatives are to be used for risk management purposes only.

Premium investors may elect to make a portion or the entirety of their investment by way of a philanthropic donation (endorsed by a state or territory government.

Further information on the complying premium investment

Income that you earn from your complying premium investment in Australia is subject to tax under Australian taxation law.

You must also have a genuine and realistic commitment to continue your investment activity in Australia after your visa ends.

Do not make your complying premium investment before you submit a visa application. Once you have lodged an application, if we are satisfied you meet other criteria for the grant of the visa, you will be invited to make a complying premium investment.

Have net assets of at least AUD15 million

You must have net assets of at least AUD15 million. These assets could belong to you, your partner, or you and your partner combined. They must be legally acquired, unencumbered, and available to make the complying premium investment in Australia.

Not have a history of involvement in unacceptable activities

You and your partner must not have a history of involvement in business or investment activities that are of a nature that is not generally acceptable in Australia.

Agree not to bring action against the Commonwealth

You must agree not to bring any action against the Commonwealth for any loss relating to your complying premium investment. This also applies to any member of the family unit 18 years of age or older who is also an applicant for this visa.

Have functional English

All applicants aged 18 or over at time of application must have at least functional English. If you are unable to prove they have functional English you will have to pay the second instalment.

Meet our health requirement

You and any family members who apply for the visa with you must meet our health requirement.

If you apply for this visa from outside Australia, family members who are not coming to Australia may also have to meet our health requirement.

Meet our character requirement

You and family members aged 16 years or over who apply for the visa with you must meet our character requirement. We may also ask that other family members meet the requirement.

Sign the Australian values statement

If you and your family members who have applied for the visa are 18 years of age or older at the time of application, you and your family members must:

have read, or had explained to you, the Life in Australia book
sign an Australian Values Statement that confirms you will respect the Australian way of life and obey Australian laws

Have no debt to the Australian Government

If you or any family members owe the Australian Government money, you or they must show that it has been paid back or there is an approved arrangement in place to pay it back

Not have had a visa cancelled or a previous application refused

We will consider your immigration history when we make a decision on your application, which means you might not be eligible for this visa if you have had a visa cancelled or refused.

In some circumstances you may still apply for a permanent visa if you have had a visa cancelled or an application refused see Limitations on applications in Australia.

If applying for a visa from outside Australia see Can I go to Australia.

If you want immigration assistance, see Who can help with your visa application.

Meet all these criteria? Check how to apply in our step by step guide.

Step by step

This stream is closed to new applications

Step 1

Before you apply

You must be nominated by Austrade and be invited to apply. Unsolicited expressions of interest are not accepted.

Be nominated by Austrade

Nominations for this visa are made by Austrade invitation only. Austrade will not accept unsolicited expressions of interest.

Learn more about the Premium Investor visa program from Austrade.

Get help with your application

Only some people can help you with your application. If you appoint someone to give you immigration assistance they must be:

You can appoint anyone to receive documents on your behalf relating to your visa matter.

Step 2

Gather your documents

You will need to prove your identity, and provide documents about your business and assets. You also need to provide documents about family members applying with you.

Provide accurate information

You are obliged to prove your identity and provide true information with your application. See what happens if you can't prove your identity or do not provide true information.

Identity documents

You and any family members who apply for the visa with you, must provide:

Colour copies of the pages of your current passport showing your photo, personal details, and passport issue and expiry dates.

Also provide:

a national identity card, if you have one
proof of change of name, if applicable

Documents that prove a change of name include:

a marriage or divorce certificate
change of name documents from an Australian Registry of Births, Deaths and Marriages, or the relevant overseas authority
documents that show other names you have been known by

Premium Investor documents

A statement of Assets and Liabilities Position

Provide a Statement of Assets and Liabilities Position (SALP) by filling out Form 1139A Statement of Assets and Liabilities Position.

Complete the form as at a date less than 3 months before the date you were invited to apply for this visa

Evidence of ownership and value of assets

Provide evidence that you own the assets you propose to use to make the complying investments. Also give us evidence of their value (minimum AUD15 million).

You must include evidence of liabilities (if any) against each asset. For example, mortgages, loans including unsecured and third party loans, and credit cards. Provide evidence for each asset and liability recorded in the SALP. Label each document, identify the asset or liability and cross-reference it to the SALP.

For cash assets, provide bank statements or certificates of deposit for the date nominated on your SALP.

For real estate assets, provide the following for the dates nominated on your SALP:

evidence of ownership (title deeds)
evidence of value (valuation certificate by an accredited property valuer)
evidence of relevant mortgage

For business loans, provide the following for the date nominated on your SALP:

loan agreements
loan ledger listing all loan transactions
bank statements for you/your spouse and the business, showing all loan transactions

For business ownership, provide evidence of ownership for the date nominated on your SALP. This may include one or more of the following:

evidence of purchase
share registers
company registers
share transfer documents
historical company extracts
annual returns of directors and shareholders
partnership, trust or franchise agreements

For listed companies, provide the published annual report. For unlisted companies, provide financial statements. An independent accountant must prepare these financial statements to international accounting standards. Or provide a review report prepared by qualified auditors in accordance with ISRE2400.

For stocks and bonds, provide stocks trading account statements; stocks or bonds registers; stocks, fixed interest securities or debentures certificates, or transfer certificates. Provide these for the date nominated on your SALP.

For assets held via a trust, provide a complete copy of the trust deeds, including all schedules.

How you will make your investment

Provide a signed declaration on your proposed method of fund transfer to make the complying premium investment.

Your investment intentions

Provide an overview of your complying premium investment intentions.

This must include an outline of your intended investments in Australia.

Source of funds

You need to provide your asset portfolio's source of funds

You need to provide a signed declaration listing the sources of funds for your asset portfolio, and that these funds were lawfully acquired.

Also provide evidence to support your source of funds declaration:

for business income, provide evidence of business ownership, performance and profit distribution. For example, company registration and shareholder records, financial statements or taxation records
for investment income, provide evidence of investment activities and performance. For example, statements issued by stocks trading company, property purchase and sale contracts, leases or investment product contracts.
for gifted or inherited assets, provide duly witnessed gift deeds or wills. Also give us other evidence demonstrating how the original owner accumulated the assets
for historical accumulation of wealth where official verifiable evidence is no longer available, provide bank records demonstrating continuous ownership of funds over a substantial period.
for assets held in Australia, provide evidence which links the assets to the declared sources

We will tell you when you need to make the complying premium investment and when we need this evidence. You must make the complying premium investment after you have applied for the visa.

You will need to show that the funds used to make the complying premium investment originate from the assets nominated to make the complying premium investment. The trail of funds must also be reasonably established with supporting evidence

English language documents

Provide proof that you and dependants 18 years or older (at time of applying for this visa) have at least functional English.

If you can't provide evidence of having at least functional English must second visa application charge.

If you or your dependants have less than functional English, provide a statement indicating your intention to pay the second visa application charge for each person with less than functional English.

We will advise you when to pay this.

Character documents

You and any family members who apply for the visa with you, provide:

Form 80 Personal particulars for assessment including character assessment
an overseas police certificate from every country, including your home country, where you spent a total of 12 months or more in the last 10 years since you turned 16
military service records or discharge papers if you served in the armed forces of any country

Tell us you are getting help

To nominate someone to:

receive your correspondence, use Form 956A Appointment or withdrawal of an authorised recipient
provide immigration assistance, use Form 956 Appointment of a registered migration agent, legal practitioner or exempt person.

Upload your written notification or your forms to ImmiAccount.

Partner documents

Provide your partner's:

identity documents
character documents
documents about other relationships, if applicable

Provide either:

your current marriage certificate or
enough documents to prove you have been in a de facto relationship with your partner for at least 12 months before you apply

Documents that prove your de facto relationship include:

joint bank account statements
billing accounts in joint names
joint leases or mortgages
documents that show your partner has lived at the same address as you

Dependants under 18 documents

For every dependant 18 years old or younger who is applying with you, provide:

copies of birth certificates or the family book showing the names of both parents of all your dependent children
copies of the adoption paper, if applicable.

Parental responsibility documents

You must get consent for any applicant under 18 years of age to migrate to Australia from anyone who:

has a legal right to decide where the child lives and
is not coming to Australia with the child

They must complete either:

Form 1229 Consent form to grant an Australian visa to a child under the age of 18 years
a statutory declaration giving their consent for the child to visit Australia on this visa

Alternatively, you can show us:

an Australian court order that allows your child to migrate to Australia, or
that the laws of your home country allow them to migrate

Include:

an identity document that shows the signature and photo of the person who completed the form or declaration, such as a passport or driver’s licence
adoption papers or other court documents if applicable

Note: If your child is likely to turn 18 while your application is being processed, you will need to provide evidence they are dependent on you. See the section 'Dependants over 18 documents' below for further information. A child who turns 18 while your application is being processed and who is not dependent on you cannot satisfy the criteria for this visa.

Dependants over 18 documents

To include your child who is over 18 in your visa application, they must be:

over 18 years of age but not yet turned 23, and dependent on you or your partner, or
over 23 years of age, unable to earn a living to support themselves due to physical or cognitive limitations and dependent on you or your partner

Provide:

identity documents
documents about their other relationships, if applicable
character documents

If your child is likely to turn 23 while your application is being processed, you will need to provide evidence they are dependent on you due to disability.

Proof of dependency

You must also provide proof the child is dependent on you.

proof of your relationship with the dependant such as a birth certificate or adoption papers
a completed Form 47a Details of a child or other dependent family member aged 18 years or over
if the child is aged 23 or is likely to turn 23 while your application is being processed, you must also provide a report from a qualified medical practitioner that states they are dependent on you or your partner due to the total or partial loss of their bodily or mental functions

You must also prove this person has been financially dependent on you for at least 12 months before you apply. You could provide:

proof they live with you
their tax records
proof they are currently studying
proof of payments made by you to them or on their behalf

Note: A child who turns 23 while your application is being processed and who does not meet these requirements cannot satisfy the criteria for this visa.

Prepare your documents

Translate

Have all non-English documents translated into English.

Provide original and translated documents in your application.

Translators in Australia must be accredited by the National Accreditation Authority for Translators and Interpreters.

Translators outside Australia do not have to be accredited. But on each translation, they must include their:

full name
address and telephone number
qualifications and experience in the language they are translating

These details must be in English.

Note: You do not need to have any documents certified.

Scan or photograph

Scan or photograph all documents (English and non-English) in colour.

The scans and photos must be clear.

If a document is more than one page, save it all as one file.

Applying from China, Macau, Hong Kong or Taiwan

If you are applying from China, Macau, Hong Kong or Taiwan, please use the document checklist from the Australian Consulate General Hong Kong.

Step 3

Apply for the visa

If you are invited to apply for the Premium Investor visa, you will apply for the visa online in ImmiAccount. Your invitation letter contains instructions on how to submit your application.

Provide accurate information

You are obliged to prove your identity and provide true information with your application.

See what happens if you can not prove your identity or do not provide true information.

Apply for the visa online in ImmiAccount

Create an account or sign in to ImmiAccount
Pay the application charge.
Note the transaction reference number (TRN)

ImmiAccount will tell you the charge. We will not process your application until you pay the correct charge.

Send your documents

After you submit your application online, send us your documents and other forms.

If you live in the People's Republic of China (PRC), Hong Kong (SAR), Macau (SAR) or Taiwan, send the documents to the Australian Consulate General Hong Kong.

If you live elsewhere, send your documents by registered post or courier to:

Adelaide Visa and Citizenship Office
Attention: Adelaide Business Skills Processing Centre

Step 4

After you apply

We will let you know when we have received your application.

Status updates

We cannot provide updates on applications. You will be contacted if additional information is required. Please wait for us to contact you.

Travel after you apply

You do not have to tell us if you want to travel outside Australia while we process your application. This is because you can be outside Australia when we make a decision.

But if you leave Australia, you must make sure you have a valid visa if you plan to return to Australia before a decision is made on your application.

Learn about visa expiry.

Learn about Bridging visas

Health exams

If you did not have health examinations before you applied, we will let you know if you need them.

Biometrics

We might ask for biometrics (fingerprints and photo). We will let you know if you need to provide them.

Provide more information

If you didn't send us all documents when you applied, send them as soon as you can.

If you live in the People's Republic of China (PRC), Hong Kong (SAR), Macau (SAR) or Taiwan, send the documents to the Australian Consulate General Hong Kong.

If you live elsewhere, send your documents by registered post or courier to:

Adelaide Visa and Citizenship Office
Attention: Adelaide Business Skills Processing Centre

Adding family members

You can add members of the family unit to your application after you apply but before we decide your visa.

Complete Form 1436 Adding an additional applicant after lodgement and

send it to the email address we gave you when you sent your application
include evidence of the child's relationship to you
include other supporting documents for your child, such as identity documents
pay the additional application charge

Newborn children

Find out what to do if your child is born after you apply.

Mistakes on your application

Let us know as soon as you can if you made a mistake on your application. Complete Form 1023 Notification of incorrect answers.

Make your investment

When we are satisfied that you meet all other criteria for this visa, we will invite you in writing to make a complying premium investment. Do not make your complying premium investment until we invite you to do so, as your visa will not be granted if you cannot satisfy all other criteria for this visa. Further, any investment made before lodging the application will not meet the requirements of this visa.

If we invite you to make a complying premium investment, your invitation letter will state the sources of funds that we have accepted for you to use for the investment.

You must make the investment within the timeframe stated in the letter (usually 70 days).

When you have made the investment, you must provide our office with:

Evidence of each transaction that occurred in the movement of funds from the approved sources to each component of the complying premium investment
Form 1413D Declaration for each investment component. The form must be signed by the responsible fund manager for each component of the investment after the relevant investment component has been made.

Documents showing liquidation of assets

Provide documents showing that you have liquified the assets detailed in Evidence of ownership and value of assets.

Also provide documents showing that minimum AUD15 million has been transferred to make the complyingpremium investment.

Evidence you have made the complying premium investments

Obtain a Form 1413D Declaration for each investment component. The responsible fund manager must sign it. The form should be dated after the relevant investment has been made.

In some cases the declaring fund manager does not hold an official position with the fund's responsible entity. If this is the case, provide a letter issued by the responsible entity authorising that the declaring fund manager can sign the form on its behalf.

When filling out Part B of the form (Venture Capital and Growth Private Equity (VCPE) Funds), you may not have committed to a particular VCPE fund at the time of submitting this form.

If this is the case and you have funds held in a cash management trust, have the manager of the trust sign Part B.

If this is the case and your funds are in an Australian Authorised Deposit Taking Institution (ADI), provide the following:

an account statement confirming that you have deposited the funds
a signed declaration confirming that you will use the funds for investing in VCPE funds

Stay lawful

If you are in Australia, make sure you stay lawful by holding a valid visa while we process your application.

When you applied for this visa, if you were in Australia, you were granted a Bridging visa A (BVA). If your current visa expires before we decide on your application, the BVA will start.

You can stay in Australia on the BVA while we process your new visa application. However, if you intend to leave Australia and return while holding a BVA, you will need to apply to our office for a Bridging Visa B (BVB) or make alternative visa arrangements to return, as your BVA ceases when you leave Australia.

Do not cancel your current visa. If you do, you will:

be staying in Australia unlawfully
not be eligible for a Bridging visa A

Learn more about visa expiry.

Learn about Bridging visas

Pay the second instalment

If you need to pay a second instalment, we will send you an invoice after you have met all other requirements for the visa. Pay the invoice after you get it.

You must pay the instalment before we will grant the visa.

Help with your application

Let us know if you no longer want someone to:

receive your correspondence - complete Form 956A Appointment or withdrawal of an authorised recipient
provide immigration advice - complete Form 956 Appointment of a registered migration agent, legal practitioner or exempt person.

Upload your written notification or your forms to ImmiAccount.

For more information see Who can help you with your application.

Tell us if things change

Things you need to let us know about after you have applied include:

changes to your phone number, email, address or passport
significant changes to your investments
changes to your marital or de facto status
the birth of a child
you want to withdraw your application

See how to tell us if your situation changes.

Step 5

Visa outcome

We will let you know in writing our decision about your visa application. If we grant you the visa, we will tell you:

your visa grant number
the date your visa starts
your visa conditions

Keep a copy of the decision with you when in Australia.

If we refuse your visa, we will tell you why it was refused and whether you have a right to a review of the decision.

We will not refund the application fee if we refuse your application.

When you have this visa

This stream is closed to new applications

Coming to Australia

In Australia

Leaving Australia

Coming to Australia

Before you leave

Check your travel documents

You must have:

a valid visa to enter Australia
a valid passport or other travel document

At the border

Completing an Incoming Passenger Card

All people arriving in Australia must complete the Incoming Passenger Card. You will be given this card onboard the aircraft.

Leaving the airport faster

We have an automated process that uses facial recognition technology and your ePassport. You might be able to leave the airport faster if you use SmartGate.

In Australia

What you can do when you have this visa

This is not a permanent visa. With this visa you can:

carry out business and investment activity in Australia
travel to, enter and remain in Australia for 4 years and 3 months
bring eligible members of your family with you
apply for a permanent Business Innovation and Investment (Permanent) visa (subclass 888) Premium Investor stream if certain requirements are met.

To see your specific conditions, work and study entitlements use VEVO.

What you must do on this visa

You and your family members must comply with all visa conditions and obey Australian laws. See your conditions in VEVO or your visa grant letter.

Tell us if things change

Things you need to let us know about include:

changes to your phone number, email, address or passport
significant changes to your investments
changes to your relationship status
the birth of a child

See how to let us know if your situation changes.

See how long you can stay

This is a provisional visa. You can stay in Australia for 4 years and 3 months.

The visa is granted with multiple entry. You can leave and re-enter Australia as many times as you want while the visa is valid.

The visa starts on the date we grant it.

To see when you must leave, use VEVO.

Staying longer

This is a provisional visa. You must apply for a new visa if you want to stay longer. Explore your visa options.

Apply for permanent residence

Once you have this visa, you can apply for permanent residence through the Business Innovation and Investment (Permanent) visa (subclass 888) Premium Investor stream if certain requirements are met.

Travelling on your visa

This is a multiple entry visa. You can travel outside Australia and return as many times as you want while the visa is valid.

The time you spend outside Australia does not extend the visa.

Proving you have a visa

To prove you have a visa and/or show your conditions to someone, use VEVO.

Request your international movement records to get proof of your travel in and out of Australia.

Bringing family

After you are granted this visa, if members of your family want to apply for the same visa, they must submit a separate online application. Any additional family members are called 'subsequent entrants'.

Complete the 'Application for a Business Innovation and Investment (Subsequent Entrant) Visa' application form in ImmiAccount.

Leaving Australia

Before you leave

Check your travel documents

You must have a valid passport or other travel document to leave Australia.

At the Border

Leaving the airport faster

We have an automated process that uses facial recognition technology and your ePassport. You could leave the airport faster if you use SmartGate.

After you leave

Proving you have been to Australia

Request your international movement records to get proof of your travel in and out of Australia.