Australian Immigration Daily News

Purpose 

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.

Source: LIN23056.pdf and LIN23056-explanatory-statement.pdf