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Steve Elliott

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  1. Steve Elliott

    Investor Visa Subclass 188b

    It’s worth adding that if you really wish to use funds not on your SALP, there is nothing in legislation to say you are compelled to do so, however, and here’s the rub. When you receive your invitation to invest letter, the. DHA has already completed its due diligence on what you have submitted. If you now wish to nominate new funds not detailed on the SALP, the due diligence has to start again and that means delays but also a risk the fresh information could lead to further RFIs or even refusal.
  2. Steve Elliott

    Investor Visa Subclass 188b

    Yes you do. You are required to meet the health criteria for the 888 however the requirement can be waived by the minister on certain grounds.
  3. Hi Steve, 

    We applied for our 888 A visa on last April 2020 . Now we have been waiting for 16th months. But still doesn't have any results. In my immi account I noticed that even my file has not been opened yet as it says the lodged date as last updated date. Any idea of the processing time of this visa category? Department of home affairs said 21-23 months for processing this visa . It's very long waiting period. 

    Our 188 A visa expires on the 14th of September 2021. What will happen next? They said that the bridging visa A will active if our current visa ends before our new application has been finalised. I have two children currently studying two major degrees in Australia. We never expected this visa processing time to be this long. We are currently experiencing very big financial difficulties due to these expenses for my children's degrees. I was hoping to get some advise which could help us ease our situation a bit. 

     

    Thanks

    Regards

    Shayamali

     
    1. Steve Elliott

      Steve Elliott

      Hi Shayamali

      I totally agree the processing times are very long indeed. There is little that can be done at the moment. It appears to me,  DHA allocates resources (manpower) to areas which are deemed a priority. My gut feel is that the 188's (provisional) are viewed as a higher priority, in particular, the 188c which I have observed, a notable acceleration in processing times.

      I can offer little advice other than to be patient and hope processing times pick up.

       

       

  4. Steve Elliott

    Migration experts

    Just to clarify... You are correct that individuals offshore do not have to be registered, however if you use them, you have no recourse if things go pear shaped, you have no assurance they are up to date with legislation and regular migration changes, or have certainty they even have access to the relevant legislation and the policy. It is a pre-condition of registration that RMA's maintain a professional library. Also, you have no protection regarding the funds paid to them and they are not required to adhere to the code of conduct which is very prescriptive re the requirements for handling client funds. RMAs also have to undertake mandatory CPD. Likewise, lawyers, just like Registered Migration Agents have to demonstrate their competency to advise on aspects of immigration they are being asked about. Otherwise, they have a duty to refer the work to someone who does.
  5. Steve Elliott

    Migration experts

    HI Sam There are literally 7,000 Registered Migration Agents to choose from. Your first step is to ensure who you choose is registered, which means they have to adhere to a strict Code of Conduct and have PI insurance. Experience is also important as is depth to the business. By this I mean, while you may have one primary point of contact, that person is supported by a team of migration professionals who can support you each step of the way. You may also wish to seek out an agent with specific expertise in the type of visa which you may wish to apply for. The best advice I could offer is to avail yourself of a free consultation so you can determine if you are comfortable with the RMA. Most of these consultations require you to fill in a preliminary online questionnaire so the agent you will be speaking with, will have some basic information in front of them to narrow down which visa pathways might be suitable for you. I hope this helps.
  6. Steve Elliott

    Investor Visa Subclass 188b

    I get asked this a lot. What is imperative is that the funds ultimately used for the designated investment MUST originate from the assets nominated in the SALP. Once the SALP investment has been liquidated, the funds can pass through accounts not listed on the SALP. You do however need to evidence a clear money trail from the SALP to the designated investment. The evidence you submit should clearly show funds entering and leaving each account all of which should be in the applicants name. I hope this I helps and good luck!
  7. Steve Elliott

    Investor Visa Subclass 188b

    Congratulations 3together. I am sure Australia will be a you ever hoped it would be and more! 900 pages, that's huge, but not uncommon these days. There is always a balance between providing all the information required as concisely as possible without overloading the delegate and drowning them in paper. Knowing what is "just right" is the trick. Just so other readers don't misunderstand, 3together is totally correct the majority of business visa applications are processed by the Australian Government in Hong Kong however the location of the visa processing has nothing to do with where the Registered Migration Agent is located, instead, it is determined by the passport of the applicant. As a rule of thumb, Chinese and HK applications tend to be processed in HK, while the balance are processed in Adelaide in South Australia. Neither the applicant or migration agent has any influence where the visa is processed. The percentage of applicants lodging applications though agents has risen significantly in recent years, from 60% in 2014 to well over 80% today and rising. What is very interesting is that the refusal rate is steady at around 12-13% however, much when you add in the less talked about "withdrawals" the overall failure rate to around 25%.
  8. Steve Elliott

    888 processing time

    Hi DJT I spoke to a colleague last night. She does a lot of business visas and she concurred that she advises all clients not to apply for the 888, before they have held the investment for the minimum period for grant. Processing times are certainly accelerating at a rapid speed at the moment. Just reach out when you are ready.
  9. Steve Elliott

    888 processing time

    HI DT You need to have held your designated investment for at last 4 years before the 888 can be granted. Note this is not from date of visa grant but the date the investment was made as evidenced by your investment conformation from State or Territory. If you apply early, say prior to the mandatory minimum four years, and processing is very quick, you run the risk of refusal so that is water down the drain. I would exercise extreme caution in basing the timing of lodgement of your 888 application based on historical processing times. For example I have witnessed some SIV applications which were taking 12-18 months to process, now taking 2-3 months. If you take the risk and lodge prior to 4 years, and your 188b expires prior to 888 being decided, you would be on a Bridging Visa A. It is a little known fact that when you apply for the 888, you are simultaneously applying for a Bridging Visa. It just happens by default!
  10. Steve Elliott

    New 188b Investor Visa commencing 1st July 2021

    The other important change is that these visas will transition from 4 years to 5, with the proviso that if you have satisfied the visa conditions, you may be eligible to apply for the PR888 after holding the provisional 188 for three years. Another development which is very welcome is that all fund managers offering SIV and IV investments will be subject to an independent audit to ensure compliance. This should provide greater peace of mind to investors. We have not seen the new legislation yet so what we have so far are just ministerial press releases. It will only be when we have had chance to scrutinise the wording, when we will be able to see if there are some devils in the detail!!
  11. Steve Elliott

    New 188b Investor Visa commencing 1st July 2021

    Hi DJT Yes, totally agree. It's a long overdue overhaul. I have copied the web-link below. It is quite generic however it provides you with a taste of what we are all about. I have been a financial advisor for a very long time (30 years+) and more recently I became a registered migration agent, primarily so I can provide business and investor migrants with a holistic service. I'd be happy to have a chat with you get a sense of what you are looking for and whether I could be of any assistance. https://www.shawandpartners.com.au/about/shaw-and-partners/ All the best
  12. Steve Elliott

    Investor Visa Subclass 188b

    Yes, it's already being referred to as the "mini SIV" but this really only relates to the composition of the investments and obviously the total investment being half of the SIV. It's a bit of a shift for 188b applicants who effectively were investing in a 4 year government underwritten term deposit offering a very low interest rate. The stakes are now higher in terms of the larger investment required but also the fact that investors are required to allocate funds to sectors which are higher risk. In particular Venture Capital/Private Equity (VCPE) (20%) is exceptionally high risk and traditionally is typically the domain of Sophisticated and professional Investors, Institutions and family offices. While the risks can be high so can the rewards. Just think Uber, Instagram, Canva etc. VCPE funds typically hold a portfolio of investments which provides diversification. Emerging Company funds (30%) are essentially a portfolio of smaller companies, each valued under $500m. There are several specialist fund managers with over 10 years track record in this space with some impressive returns. Because these two components represent $!.25m or 50% of the investment, investors often seek the balancing investment to be lower risk so as to reduce risk of the overall portfolio. There is a wider range of choice here, so investors can select an investment mix which they are comfortable with. It will be incredibly important that investors select fund managers who are familiar with the rules and regulations so as to ensure your funds remain compliant for the duration of your investment. With the SIV, there have been some instances of non compliance which have led to financial loss as well as difficulties in applying for the subsequent 888 PR visa. One very encouraging development of late is a noticeable acceleration of SIV processing with some applications being processed within 2-3 months as additional resources allocated to this high priority visa stream. Fingers crossed, the same may apply to the 188b once it commences in July. Fingers crossed!
  13. Steve Elliott

    New 188c (Significant Investor Visa) criteria - July 1

    I have already had some queries re the proposed changes to the SIV. Essentially, the change \s are minimal as follows: The Venture Capital/Private Equity component will rise to $1million, the Emerging Companies component remains at $1.5 million and the balancing investment is reduced to $2.5million. As was the case beforehand, these investments have to be accessed primarily through certain fund managers who are able to certify that their funds comply with the very detailed fund requirements. It is also of paramount importance that these funds remain compliant for the required period which is generally a minimum of four years.
  14. Some readers may be aware that the Australian Government conducted a major review into the Business Innovation and Investor Visas, the findings were published in December which proposed changes set to commence in a few weeks on July 1. The 188c, often referred to as the Significant Investor Visa (SIV), or "Golden Visa" by some, was launched in 2012 to attract prospective migrants with $5m to invest in Australian assets as a 4 year pathway to permanent residency. Since it's establishment over 2,200 people have been granted this visa and collectively invested over $11 billion in Complying Investments. The visa was unashamedly targeted at the Chinese market which has accounted for over 85% of applications. Having said that, there has been very noticeable trend of passport holders from other nationalities applying. In particular Vietnam, Hong Kong as well as South Aftrica, UK, USA and the EU. For those fortunate enough to have $5m to invest, the eligibility criteria is very attractive as unlike other 188 visas, applicants are not required to pass a language test, there is no upper age limit (currently under 55 for other 188s), no points test and the residency requirement is only 160 days over a four year period. This means applicants can essentially remain in the country of origin except for an average of 40 days per year, where they need to be onshore in Australia. The investment requirement is a mix of Venture Capital (minimum of $500k), Emerging Companies (minimum of $1.5 million) and the remainder of the $5m in a balancing investment. While out of reach of many, it is potentially very attractive to those with the funds. There will be some changes being introduced on 1st July which I will post if there is any interest. One trend I have certainly identified is a significant spike in Investment Visas for Australia triggered by the devastating impact of Covid-19. The reasons pointed to by many vary, but Australia's relative good performance in tackling Covid is a factor quoted by most. Fingers crossed this continues. Please note the new changes afoot only impact applicants who have not yet lodged visas. Good luck everyone.
  15. Some readers may be aware that the Australian Government conducted a major review into the Business Innovation and Investor Visas, the findings were published in December which proposed changes set to commence in a few weeks on July 1. The 188b Investor visa is undergoing a radical overhaul, which should be welcomed by many as a $1.5million investment into State and Territory Bonds really was not of great benefit to both investors and also State Governments (the borrower). The minimum investment amount is set to increase to $2.5 million and the complying investment framework will comprise a mix similar to the current Significant Investor Visa (SIV) which includes Venture Capital, Emerging Companies and a balancing investment. For applicants who have already lodged visa applications, this will not impact you however, if you intend to lodge post 1st of July, the new rules will apply to you. For many, this may sound both exciting and positive, yet others may have reservations. Personally, I think this, along with other flagged changes, are very positive. As a qualified financial adviser (and registered migration agent) with considerable experience with the SIV, I'll do my best to answer any questions you have on these changes.
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