In that article I mentioned some of the possible changes following a review of the SIV and that 1 July 2015 was a suggested date for the implementation. Well it looks like 1 July will be the date when the SIV gets a makeover. The Department of Immigration and Border Protection (DIBP) has just announced that it will temporarily suspend all invitations for SIV applications from 24 April to 30 June 2015 in preparation for the changes to the legislation. This will not affect any applicants that have already received an invitation to apply for a SIV (provided they submit an application before 1 July) or any applications currently being processed – these will be processed under current legislation and requirements.
Most of the state and territory governments have also announced a suspension in the acceptance of SIV applications for nomination. The suspensions will happen over the next few days as the states and territories have different time lines for assessing nominations. So in other words, if a person is not ready to lodge a complete application for state or territory nomination now, it is too late. They will need to wait until after 1 July 2015.
Obviously any new applications will need to meet the new legislation but what this is, we don’t quite know as yet. In February 2015, Austrade produced a document with draft complying investment options. In this document it was suggested that at least half of the $5 million required to be granted the SIV be put in mandatory investments including venture capital funds and funds investing in small/micro cap companies. The remainder could be put into other managed funds though with specific requirements including restrictions on investment funds containing residential property.
Austrade has not released the outcome of the review process so it is not known how much of the draft document will make it into legislation. It is also not known exactly what role the state or territory governments will have in directing where the complying investment goes. So watch this space!
The Business Talent (subclass 132) visa is the only business category visa that is a permanent residence visa upfront (so no need for a provisional visa first). There are two streams – the significant business history stream and the venture capital entrepreneur stream. For the first stream, the applicant needs to have had involvement in a significant business (turnover of at least $3 million) and have assets to invest in a business in Australia of which they will have management responsibilities. The venture capital stream is for applicants who have secured venture capital funding of at least $1 million from an Australian company to start up or expand a business in Australia or commercialise a product.
The investor provisional visa is for applicants who have had a successful business or investor history and who have net assets of at least $2.25 million. The applicant is required to put $1.5 million into state government bonds for 4 years and live in Australia for at least 2 or those 4 years, to be eligible for a permanent visa at the end of the 4 years. While in Australia they can work or study if they want, so it is a very flexible resident requirement.
If you want to know more about the options for these investor visas please contact our team of qualified registered migration agents.