New Instrument: 188 Visas

Migration (Purposes of Managed Fund Investments) Instrument (LIN 23/056) 2023

The primary criteria for the grant of a Subclass 188 (Business Innovation and Investment (Provisional))visa (Subclass 188 visa) in the Significant Investor Extension stream and a Subclass 888 (Business Innovation and Investment (Permanent))visa (Subclass 888 visa) in the Significant Investor stream are set out in Divisions 188.2 and 888.2 of Schedule 2 to the Regulations, respectively.

Subclauses 188.261(1A) and 888.241(2A) of Schedule 2 to the Regulations provide that if an applicant’s most recently held Subclass 188 visa in the Significant Investor stream was applied for before 1 July 2015, then the applicant’s subsequent Significant Investor Extension stream (for the provisional visa) and Significant Investor stream (for the permanent visa) applications will be assessed by reference to whether the applicant held a complying investment (within the meaning of regulation 5.19B of the Regulations as in force at the time of the initial Subclass 188 visa application) throughout the period in which the Subclass 188 visa was held.

Regulation 5.19B of the Regulations sets out the requirements that an investment by a person (the investor) must meet to be a ‘complying investment’. Paragraph 5.19B(2)(c) of the Regulations requires that the investment must be one that is in a managed fund (directly or through an investor directed portfolio service) for a purpose specified by the Minister in an instrument in writing.

The purpose of the instrument is to specify the purpose of an investment in a managed fund for paragraph 5.19B(2)(c) of the Regulations.

The previous instrument listing managed fund investments under paragraph 5.19B(2)(c) of the Regulations was IMMI 13/092, which commenced on 23 November 2013.

The instrument operates to repeal IMMI 13/092 and enable visa holders who held a valid Subclass 188 visa in the Significant Investor stream that was granted on the basis of an application made between 23 November 2013 and 30 June 2015 to meet the criteria for the Significant Investor Extension stream of the Subclass 188 visa or the Significant Investor stream of the Subclass 888 visa. The instrument does not make changes to the purposes of investments in managed funds specified in IMMI 13/092.

Written by Ross Ahmadzai

19 Sep, 2023

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