© 2013 migration institute of australia. © 2013 migration institute of australia


Inaugural conference 30th August 2013. The Star, Sydney

PRESENTATION BY MS ANGELA CHAN, NATIONAL PRESIDENT,

MIGRATION INSTITUTE OF AUSTRALIA

Current application process of SIV Specific advice for Chinese SIV applicants


Updated Statistics for the Significant Investor visa (SIV) as of 12/08/2013 are as follows: For the 2012-13 Program Year: 554 Expressions of Interest (EOI) 409 Invitations issued 305 applications lodged: - 138 nominated by NSW - 124 nominated by VIC - 24 nominated by QLD - 16 nominated by WA - 3 nominated by SA

4 SIV primary applicants granted totalling 11 persons. In July 2013 there have been an additional 6 SIV visas granted totalling 19 persons. This brings total SIV grants from 24 November 2012 until 31 July 2013 to 10 Primary applicants totalling 30 persons.


The Significant Investor visa commenced 24th November 2012 and includes: Business Innovation and Investment (Provisional) (Subclass 188) visa and the Business Innovation and Investment (Permanent) (Subclass 888) visa.


Significant Investor visa applicants do not need to satisfy the innovation points test and there are no upper age limits


Complying Investments:

Complying investments for the Significant Investor visa include: Commonwealth, State or Territory government bonds Australian Securities and Investment Commission (ASIC) regulated managed funds with a mandate for investing in Australia; and direct investment into Australian proprietary companies.


ASIC regulated managed fund

a managed investment scheme defined in the Corporations Act 2001 and regulated by the Australian Securities and Investment Commission. Any interests issued in the fund must not be able to be traded on a financial market and must be covered by an Australian Financial Services Licence.

Investments in ASIC regulated managed funds include any investments made

through an Investor Directed Portfolio Service.

For an ASIC regulated managed fund (from 23/11/2013 to be called Eligible Managed Fund Investment) to qualify as a complying investment it must be limited to categories of investments specified by the Minister in a legislative instrument in writing.


Significant Investor Visa: eligible managed fund investments A new Legislative Instrument, IMMI 13/092 [F2013L01571] Migration Regulations 1994 - Specification under regulation 5.19B - Eligible Managed Fund Investments - July 2013 specifies eligible managed fund investments for the Significant Investor Streams of Subclass 188 and 888 visas. This instrument replaces Legislative Instrument IMMI 12/117 from 23 November 2013.

The eligible managed funds listed in the instrument are listed below, with notation showing whether it is new or showing how the wording has changed from the previous instrument.

(a) infrastructure projects in Australia;

(b) cash held by Australian deposit taking institutions (including negotiable certificates of deposit, bank bills and other cash-like instruments); [Previous instrument: “cash held by Australian deposit taking institutions”]

(c) bonds issued by the Commonwealth Government or a State or Territory government;


(d) bonds, equity, hybrids or other corporate debt in companies and trusts listed or expected to be listed within 12 months on an Australian Stock Exchange; [Previous instrument: “bonds, equity, hybrids or other corporate debt in companies and trusts listed on any Australian Stock Exchange”]

(e) bonds or term deposits issued by Australian financial institutions;

(f) real property in Australia; [Previous instrument: “real estate in Australia”]

(g) Australian Agribusiness;

(h) annuities issued by an Australian registered life company in accordance with section 9 or 12A of the Life Insurance Act 1995; [NEW]

(i) derivatives used for portfolio management and non-speculative purposes which constitute no more than 20 per cent of the total value of the managed fund; [NEW]


(j) loans secured by mortgages over the investments listed in subparagraphs 2(a) to 2(h) of this instrument; and [NEW]

(k) other managed funds that invest in the investments listed in subparagraphs 2(a) to 2(j) of this instrument. [Previous instrument: “other ASIC regulated managed funds that invest in the above list of investments”]


Requirements around the source of funds.

must demonstrate that the assets or funds you use to make the complying investment are unencumbered and lawfully acquired.

At the time of application you are required to provide a statement identifying your

ownership and value of assets for a minimum of AUD5million proposed to be used to fund the complying investments.


How to apply for an SIV 188 visa?

(1) Must submit an Expression of Interest (EOI) through Skill Select (2) be nominated by a State or Territory government in order to receive an invitation

to lodge a visa application. (3) Once mandatory requirements met – 60 days to lodge a visa application –

another 60 days – then removed from list and must reapply


DIAC FEES: From 1st July

2013 1st September 2013

Principal Applicant (PA) $4065 $4675 Partner/Dependant over 18 years old $2035 $2340 Under 18 years old $1015 $1170 English language charge PA (less than functional English)

$8520 $9795

English language charge (others) $4250 $4250 Subsequent Temporary Application Charge $ 700


Visas Conditions:

Granted for 4 years Can extend provisional 188 visa after 3 years - 8 years in total Need to “continuously” hold complying investment Visa condition 8557: need to maintain the complying investment Breach may be subject to cancellation. No limitation on family members to work or study under 188

© 2013 migration institute of australia. © 2013 migration institute of australia

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