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Extension your stay for significant investors in Australia

2020-03-13 18:04:50
Extension your stay for significant investors in Australia
Investors who are currently holding the Business Innovation and Investment Visa (subclass 188) under the Significant Investors Stream can apply for an extension under the same visa but a different stream. This stream allows them to stay in Australia for another 4 years. This stream is called the Significant Investor Extension Stream.

Business Innovation and Investment (Provisional) Visa (subclass 188) has four investor streams.

 

· Investor stream

· Significant Investor

· Significant Investor Extension

· Premium Investor

 

For investors who are initially under the Significant Investors Stream under the Business Innovation and Investment (Provisional) Visa (subclass 188) can apply for an extension to stay for up to 4 years in Australia

 

This extension will fall under the same visa which is the Business Innovation and Investment (Provisional) Visa (subclass 188) but under a different stream

 

This stream is called *Significant Investor Extension Stream

 

*Significant Investor Extension stream

This 4-year provisional visa lets holders of a Business Innovation and Investment (Provisional) visa (subclass 188) Significant Investor stream holders extend their stay in Australia for up to 4 more years.

 

This means you can stay in Australia for a total of 8 years from the date of grant of your Subclass 188 visa in the Significant Investor stream.

 

 

You must:

 

· hold a Business Innovation and Investment (Provisional) visa (subclass 188) in the Significant Investor stream and have held that visa for at least 3 years; or

· hold a Business Innovation and Investment (Provisional) visa (subclass 188) in the Significant Investor Extension stream and not have held more than one of these visas

· be nominated by a State or Territory government agency or Austrade

· You must continue to hold your complying significant investment in accordance with the complying investment framework in place at the time you applied for this visa.

· Have functional English

· Meet the health and character requirements

· No debt to Australian government

· No history of involvement in unacceptable activities

 

Functional English

In the 12 months before you applied for the visa, you scored one of the following:

 

Test

Score

International English Language Testing System (IELTS)

An average band score of at least 4.5 for each of the 4 test components

Test of English as a Foreign Language internet-based Test (TOEFL iBT)

A total band score of at least 32 based on the 4 test components of speaking, reading, writing and listening

Pearson Test of English Academic (PTE Academic)

An overall band score of at least 30 for each of the 4 test components

Cambridge English: Advanced (CAE)

An overall band score of at least 147 for each of the four test components

 

Application

The rules that were in force at the time that you applied for your first provisional Significant Investor visa will continue to apply for the duration of your provisional visa, including any Extension stream visas you apply for that relate to that provisional visa.

 

At the time you apply for this visa, you must hold a Subclass 188 (Business Innovation and Investment (Provisional) visa in the Significant Investor stream

 

Apply for this visa online in ImmiAccount along with any other necessary documents to support your visa application

 

There are no standard processing times available for this stream.

 

Costs

This visa costs AUD645 for the main applicant.

 

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

 

· additional applicant over 18 years old: AUD325

· additional applicant under 18 years old: AUD165

 

You will have to pay the second instalment of the visa application charge for any applicant who was at least 18 years old at the time of application, and is assessed as not having functional English, and has not paid a second instalment of the visa application charge in relation to an application for their Business Innovation and Investment (Provisional) (subclass 188) visa.  

 

The second instalment charges are:

 

· main applicant: AUD9,795

· family members: AUD4,890

 

You might also have to pay other costs for health checks, police certificates and biometrics.

 

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 on your application.

 

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

 

Permanent Residency

To be eligible for permanent residency, you would need to apply for the Business Innovation and Investment (Permanent) visa (subclass 888) under the Significant Investor Stream

 

You must:

 

· Be a primary holder of a Business Innovation and Investment (Provisional) (subclass 188) visa in the Significant Investor stream or Significant Investor Extension stream

· You must have a current nomination from a state or territory government agency or Austrade. You do not need to provide a new expression of interest. But, the state or territory needs to confirm that your nomination is still current

· Have held your complying investment or complying significant investment for the required period of time

· Meet the residence requirement

· Have a realistic commitment to continuing business or investment

· Have complied with Australian laws

· Have functional English

· Meet the health and character requirements

· No debt to Australian government

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