by adminCase-study – 188B Investor Stream Visa
In this column, we will talk about 188B visa requirements with real-life cases on the visa.
The most common inquiries regarding the 188B Visa are what sort of properties included as assets, how they are valued, and how the time of proving assets is classified.
First, let’s take a look at what sort of properties are included as assets and how they are valued.
Ownership Interest in Business
The net value of this investment is equivalent to the applicant’s net assets in that business. For guidelines, refer to: 188A Visa Requirements – Proof of assets
Loans to a business
Loans listed in the balance sheet of a business will evidence the value and ownership of the loan. If the balance sheet or notes to the account do not specify the name of the lender, the applicant should provide additional supporting evidence – for example, loan documents. Under policy, only loans to a business appearing in a balance sheet are acceptable.
Cash on deposit
This is cash held in banks and other financial institutions. It should be evidenced by bank (or other financial institution) accounts or statements as at the end of the fiscal year. If there is more than one account involved, the balances should be taken as at the end of the fiscal year.
Stocks and bonds
Ownership of stocks and bonds may be evidenced, for example, by share scripts, bond certificates, debentures or transfer documentation. The market value of stocks and bonds is evidenced by the applicant using published financial information at the end of the fiscal year.
Managed funds
Managed fund products that primarily hold stock and bond investments are acceptable provided the applicant can demonstrate that they have made an informed decision on which fund to invest in and are not relying on a broker/ financial adviser to make the investment decision.
Real estate
Ownership of real estate is evidenced through legally recognised title deeds. The value of real estate can be determined through property valuations prepared by a licensed or registered valuer as at the end of the relevant fiscal year.
Residential property
Under policy, a family home is considered to be an asset owned for personal use and is incapable of being an eligible investment.
Situation may arise where an applicant claims that the family home is also used as an investment property. For example, the property, although owned by the applicant, may currently be leased out to a third party (including a relatives). However, it its policy in such cases that, in order for that property to be considered an eligible investment, the applicant must also own (not rent) the residential property in which they are currently living.
This may be evidenced by, but not limited to evidence of:
- Ownership through title deeds and
- Occupancy through accounts (for example, electricity bills) in the name of the applicant (or applicant and spouse or de-facto partner together)
A family home, while not usually an eligible investment asset (except for the circumstances described above), may still be capable of being a personal asset.
Gold and silver bullion
Applicants should provide receipts evidencing purchase from a bank or bullion dealer.
Superannuation
In practice, superannuation schemes are excluded from consideration as eligible investments because they are generally not managed directly by the applicant. Superannuation schemes allowing access to a portion of the lodged money may, however, still be capable of being personal assets for purposes.
Most of applicants for the 188B visa are confused about the time of proof of assets. Under the Australian Immigration Law, the time of proof of assets in the last two fiscal years is based on the last day of each fiscal year. Therefore, the applicants need verifications of assets on the last day of at least three years in total. In addition, you must also submit a statement of assets within 3 months prior to application.
The suitability of the visa applicants is determined based on the flow chart of total assets and a statement of business or investment experience of at least one year out of the last five years. Thus, the applicants for the 188B visa are recommended to prepare the documentation for proof of assets and investment in advance.
In the next column, we will take a closer look at the requirements for the 188C Significant Investor Stream Visa, 188D Premium Investor Stream Visa, and 188E Entrepreneur Stream Visa.
by admin188 C, D, E Visa Requirements
In this column, we will look at the requirements for the 188C Significant Investor, 188D Premium investor, 188E Entrepreneur Visa.
188C Significant Investor Visa requires nomination by an Australian State/ Territory government or AUSTRADE but unlike 188A and 188B visa, it is not a point-based immigration programme. In addition, anyone can apply for the visa without the age limit.
For grant of the visa, the applicant must maintain an investment of at least AUD 5 million in a complying investment for 4 years. A complying investment for the purposes of the Significant Investor Visa must be made up of:
- At least $500,000 in venture capital and growth private equity funds which invest in start-ups and small private companies
- At least $1.5 million in approved managed funds investing in emerging companies listed on the Australian Stock Exchange
- A balancing investment of up to $3 million in managed funds that may invest in a range of assets, including ASX-listed companies, Australian corporate bonds or notes, annuities and commercial real estate
188D Premium Investor Visa requires nomination by an AUSTRADE, but it is not a point-based immigration programme, and anyone can apply for the visa without the age limit.
This visa requires to invest at least AUD 15 million into complying investments in Australia. The biggest advantage of this visa is that the applicant can apply for permanent residence after maintained an investment in Australia for only 1 year.
188E Entrepreneur Visa requires nomination by an Australian State/ Territory government and only people under 55 years of age at the time of submission of an EOI (Expression of Interest) are eligible to apply for the visa. The applicant must demonstrate at least competent English, that is, obtaining not less than 6 in each of the 4 components in the IELTS test.
To apply for the Entrepreneur Visa, the applicant will need to have an agreement for at least $200,000 in funding from one or more of the following sources:
- Commonwealth agencies
- State and territory governments
- Publicly funded research organisations
- Investors registered as Venture Capital Limited Partnerships or Early Stage Venture Capital Limited Partnerships
The applicant must undertake a complying entrepreneur activity in Australia for 4 years, except certain activities which are purchase of an existing business or franchise, real estate activities and labour hire activities.
In the next column, we will explain the 188C Significant Investor, 188D Premium investor, 188E Entrepreneur Visa more clearly with real life cases.
by admin188 C,D,E Real Life cases
In this column, we will take a closer look at 188C Significant Investor, 188D Premium Investor, and 188E Entrepreneur Visa with real-life cases on the visas.
The most frequently asked question regarding the 188C Significant Investor Visa is whether the purchasing of a house, commercial property or golf course etc. meets AUD $5 million investment requirements.
The answer is NO.
Mr. Wang in China heard that his relative’s acquaintance PR for Australia through the 188 Investor Visa program after acquiring real estate in Australia.
However, this is not true.
He has confused by misunderstanding the provisions of the Immigration Regulation that allow 188C visa holder to invest in commercial property for AUD $3 million out of the AUD $5 million. However, this investment in commercial property is only allowed through a designated managed fund.
Sometimes, the applicants for Business Talent Visa (Subclass 132A) are involved in property development business. At the end of the project, the applicant purchases back and reside in the developed property. It can be seen that they have obtained permanent residency by purchasing a residential property, but this is also a misleading case by looking at the result only and not knowing the exact pathway to meet the visa requirements.
188D Premium Investor Visa has the advantage of obtaining permanent residency in a shorter period of time, but due to the higher investment of AUD $15M, there are practically few applicants.
188E Entrepreneur Visa was initiated with a great expectation from September 10, 2016, while other 188 visas were in effect on July 1, 2012. However, only a few have been granted the visas over the past four years, because of the clause, “At least AUD $200,000 must be invested by designated venture capital or institution in Australian Immigration Law.”
So far, we have all looked at the visa requirements for obtaining 188 A, B, C, D & E visas with the real-life cases for each visa.
As mentioned in the first column of the Business Visa, 188 visas are not permanent residency visa.
After obtaining a 188 visa, the visa holder must meet each visa requirements to be eligible to apply for a permanent resident visa.
So, from the next column, we will find out the visa requirements for 888 Permanent Residency after obtaining a 188 Temporary Business Visa.
by admin888A Real Life cases
In this column, we analyse the requirements in detail through real-life cases that occurs when a 188A vias holder prepares to apply for permanent residency through 888A visa after obtaining a temporary visa.
The requirements for the 888A visa written in the Immigration Law may seem simple. But in fact, there are many cases that 188A visa holders have lost time and money when they applied for permanent residency due to the wrong understanding by the explanation of someone who did not fully understand the visa requirements.
Among the many types of Business Investment Visas we’ve explained through our column so far, 188A Business Innovation Stream has the most mistakes made by applicants so we’ll take a close look at the real-life cases related to the 888A visa across two columns.
Mr. A, who has been successfully operating a business in his country for the past 10 years, planned to apply for permanent residency through 188A visa for immigration to Australia.
Mr. A was safely issued the 188A visa, but there was a conflict about giving up his business in his country and moving to Australia to meet the requirements of 888A visa.
Considering various factors, he decided to maintain his business in his country and to seek expert advice on business operation in Australia.
The above inquiry regarding business operation in Australia is one of the most frequently asked questions by 888A visa applicants.
The primary applicant for 888A visa must be at least 18 years old and have 188A visa. Therefore, not only Mr. A, the primary applicant for 188A visa, but also A’s partner can be the primary applicant for 888A visa.
This is often referred to as ‘Primary Applicant Swapping’.
Eventually, Mr. A’s partner, Mrs. A decided to proceed with business operation in Australia. However, Mrs. A did not want to operate the business which is submitted to the state government by Mr. A who planned to run the business. She wanted to change it to the business that Mrs. A herself could operate in Australia.
In this case, prior permission from the state which sponsored when applying for the 188A visa is required before starting a new business.
Since state sponsorship is essential for the 888 visas application as well as 188 visas, it is important to maintain a smooth relationship with the state.
Therefore, rather than start a new business recklessly, it is necessary to make sure that there is no problem with the Immigration Law as well as financial advice.
After consulting with us, Mrs. A, who received permission from the state to change her business, started to do market research.
Mrs. A had a conflict between a cafe located in the city and a dessert shop located outside the city. Thinking that running a cafe in the city would make a bigger profit, Mrs. A decided to take over the cafe run by Mr. B and even received a contract.
According to the broker who introduced the business, Mr. B also ran a café for the purpose of obtaining permanent residency and found out that he received permanent residency safely last month.
Mrs. A thought she would acquire permanent residency safely through the same business, so she was thinking about proceeding with the contract right away, but she decided to get advice from experts again just in case.
Mrs. A had an unexpected word from the expert. If the last business owner acquired permanent residency through the business, it is impossible for the current business owner who took over the business from the last owner to apply for permanent residency through the same business.
In other words, there is a limit when choosing business because of the condition that ‘Business Recycling’ cannot be done when applying for the 888A visa.
Due to this insufficient understanding and experience of the law, there are many cases of time and money loss, but furthermore, applications for permanent residency may become impossible.
Mrs. A decided to run a dessert shop located outside the city after much review.
After the business was established to some extent, Mrs. A frequently went to her own country on the excuse of ‘Home Sick’.
Although the Immigration Law stipulates that the applicant must reside in Australia for at least one year out of the two years of business operation, evidence of actively and directly operating the business is also an important criterion for visa screening.
One of the most common reasons for 888A visa rejection is lack of proof of how the applicant actively and directly operated business when the applicant was not in Australia during the time out of the ‘Reasonable’ period.
If the applicant cannot prove this, there could be a negative impact on visa screening, so according to our advice, Mrs. A has avoided frequent and unprovoked leave.
In the next column, we will continue to look at the visa requirements in more detail based on the real-life cases regarding the 888A visa.
by adminWhy do you need Migration Agents or Lawyers?
1. Professional fees vary widely, why are they different?
Migration agents and lawyers generally charge for professional fee. Why do they charge and why is the cost different? Migration agents and lawyers spend a lot of money and time to develop their expertise. As they have built up their skills and knowledge by learning and working in their fields for many years, they charge for professional fee, and depending on their experience, expertise, and quality of service, the professional fee may vary.
2. How do you know who is great? Who should I go to?
Which migration agent or lawyer can handle my case better? The Immigration Law is too vast for one person to know all the cases perfectly. Therefore, you should visit a specialist who has a long career in the same field as your case, who can best understand your situation. Of course, all migration agents and lawyers are entitled to understand and advise on the laws and regulations on visa applications. However, there are many cases where simple understanding and knowledge are not enough to give advice. If you are in a situation where you have to undergo a serious surgery… Wouldn’t you be looking for a more experienced doctor?
3. Why are the advices different? Who should I listen to?
If you try to prepare for a visa application according to the words of the place that reassured you that there will be no problem at all, but if you visit another place in case, your dream may fall apart after hearing a different story from your expectation. Do I have to listen to what I want to believe? Why do I hear conflicting opinions?
In some cases, migration agents and lawyers may say that your case is ‘low chance of success’ or ‘high risk’. It may sound disappointing, but in fact, this can be a good sign. Migration agents and lawyers should provide accurate advice to clients under relevant laws and should accurately analyse cases and provide clear opinions on their success potentials and methods. They never force a case with a low probability of success. Anyone can make a sound that is good to hear. Choose a migration agent or a lawyer who can give you a realistic analysis and accurate advice!
4. There are migration agents and lawyers who are not registered!?
There are self-proclaimed migration experts, visa specialists, and visa agencies everywhere, not only in Australia. Most of them don’t follow the laws that require protecting their clients. They are more likely to arbitrarily interpret current laws and regulations for handling visa affairs to make their unfair profits, and they may have no right insurance to protect their clients in the event of a mistake. The Australian government may punish unregistered migration experts for their improper advices but does not correct the client’s case. The biggest benefit of choosing an unregistered expert is that it’s cheaper at best or that you can hear what you want to hear. You have no choice but to take responsibility for the consequences of your choice.
5. Migration agents and lawyers fill out visa applications only, don’t they?
Writing visa application documents is also an important task in the process of visa application. However, this is only 10% of the total visa application work of migration agents and lawyers. Since the direction of visa application varies depending on how the seemingly identical cases are interpreted, it is necessary to ensure what is included in the application to meet the visa approval requirements, and due to the changing the Immigration Law, migration agents and lawyers spend more time and effort to find the right way for each case based on accurate analysis and judgment. This is the primary task of migration agents and lawyers. The visa application process can be difficult without their primary task.
Migration agents and lawyers analyse client cases based on their experience in dealing with similar cases and knowledge of law that they have continued to study. Migration agents and lawyers not only recognize and correct simple cases to prevent them from turning into complex cases due to inference, assumption, prejudice, and error, but also provide preventive measures to help clients solve their current problems, and ultimately help them achieve the results they want.
Have you solved your curiosity about why migration agents or lawyers are needed? If you have a migration agent or a lawyer, you can relieve your burden of applying for a visa.
