Business Innovation and Investment Programme Residencies Plan of Australia (Oceania)
Business Innovation and Investment Programme
To be nominated, the investor/entrepreneur must file an application for State Nomination with the Business Migration Centre (BMC).
Once approved, it is required to submit an Expression of Interest (EOI) through the SkillSelect Online process of the Australian Department of Immigration and Border Protection.
Once nominated in SkillSelect, he or she will receive an invitation from the Department of Immigration and Border Protection to apply for a Provisional visa subclass 188.
After a certain period of time, depending on the business/investment stream, he or she may apply for a permanent visa subclass 888. After 4 years of permanent residency, he or she may be eligible to apply for citizenship.
Premium investor streamTo apply for the provisional visa subclass 188 under the Premium Investor Stream, you must invest at least AUD15 million in any of the following options (may be a combination):
- Australian securities exchange listed assets.
- Australian government or semi-government bonds or notes.
- Corporate bonds or notes issued by an Australian exchange listed entity (or wholly owned subsidiary of the Australian listed entity) or investment grade rated Australian corporate bonds or notes rated by an AFS licensed debt rating agency.
- Australian proprietary limited companies.
- Real property in Australia excluding residential property.
- Deferred annuities issued by Australian registered life companies.
- State or territory government approved philanthropic contribution.
You, your partner (spouse or de facto), or you and your partner combined must have net assets of at least AUD15 million that are legally acquired, unencumbered, and available to be used to make the complying investment in Australia.
You and your partner must not have been involved in unacceptable business or investment activities.
After 1 year, you may apply for a permanent visa subclass 888 (permanent residency visa), provided that you still keep the qualifying investments.
- Be under 55 years of age (some states or territories may waive this requirement, provided that business will bring exceptional economic benefits to the country).
- Have a funding agreement
- Have a business plan
- Statement of your ownership interest in the entrepreneurial entity
- Evidence of at least competent English language ability.
No nationality is officially restricted
Dual citizenship is recognized in Australia. You are not required to renounce your previous nationality to become a citizen of Australia.
- Certified copy of passport
- Two passport-size photos
- Certified copy of ID Card
- Original or Certified copy of Birth Certificate (if applicable)
- Original or Certified copy of Marriage Certificate (if applicable)
- Medical Certificate
- Original Police Clearance Certificate
- Bank Statement
- Proof of net wealth
- Certified copy of Business License or Incorporation documents
- Investment Plan
- Evidence of Business Background
- Certified copy of Business License or Incorporation documents (if applicable)
- Proof of Payment of Business Purchase
- dual citizenship Yes
- Family members included Yes
- land ownership Yes
- Physical residence required No
- Personal visit required Yes
- Language skills required Yes
- Interview required No
- Investment Single A$15,000,000
- Investment Family 4 A$15,000,000
- Minimum annual income -
- Time to citizenship 60
- Time to permanent residency 12
- Visa-free countries 170
- Financing available No
The Commonwealth of Australia is the sixth largest continent worldwide. Located in Oceania, the country occupies the main continental mass of the Sahul Shelf, in addition to some islands in the Pacific, Indian and Antarctic Oceans. The closest countries to Australia are Indonesia, East Timor and Papua New Guinea to the north, the Solomon Islands, Vanuatu and the French dependency of New Caledonia to the northeast, and New Zealand to the southeast. Its population barely exceeds 24 million inhabitants, who are mostly concentrated in the coastal cities of Sydney, Melbourne, Brisbane, Perth, Adelaide and the capital Canberra.Australia ranks second in the UN’s Human Development Index, only surpassed by Norway, and is the fourth freest economy according to the Heritage Foundation’s Index of Economic Freedom. It has one of the highest income per capita rankings worldwide - slightly higher than the United States, United Kingdom, Germany and France in terms of purchasing power parity. Australia has a solid and stable economy, with reduced unemployment, controlled inflation, relatively small public debt, and a strong and stable financial system. Its currency is the Australian Dollar.
- National Flag of:Australia
- Area Code:61
- Native Languages:English
With your new passport from Australia you'll be able to access 170 countries visa freecitizenship benefits Become a citizen of a Commonwealth country Visa-free or Visa on arrival to 170 countries including United States Schengen Area United Kingdom Get one of the most valuable passport worldwide Passport with optimal reputation Visa-free access to the United States Buy real properties without restrictions permanent residency benefits The right to live and work in Australia without any time limit Be eventually eligible for citizenship Access to healthcare and education system temporary residency benefits Potentially profitable investment Access to healthcare and education system Extremely safe modern and livable country High quality of life Peaceful democratic and politically stable country Be eligible for permanent residency in a short period of time Territorial tax system
|processing fees main applicant||A$8|
|total fees main applicant||A$8|
|processing fees spouse||A$2|
|total fees spouse||A$2|
|processing fees dependents -18||A$1|
|total fees dependent -18||A$1|
|processing fees dependents 18-25||A$2|
|total fees dependent 18-25||A$2|
|processing fees dependents +65||A$2|
|total fees dependent +65||A$2|
You will be considered a tax resident in Australia if your permanent domicile is in the country or you have been in Australia more than half a given year (unless your place of abode is outside Australia and you don’t intent to reside in the country) or you are an Australian employee.
Tax residents are subject to personal income tax on their worldwide income, whereas non-residents are taxed on their income derived from Australia.
If you hold a provisional visa, you will be considered a temporary resident, and therefore your foreign-source income may not be subject to taxation.
The personal income tax rate is progressive up to 45% for annual income in excess of AUD54,232 (AUD62,685 for non-residents).
An additional tax of 2% applies to income in excess of AUD180,000, both for residents and non-residents.
Capital gains are treated as ordinary income, though if the asset is held by a tax resident (excluding temporary residents) for more than one year, a 50% discount may apply. Nonresidents are also subject to a non-final withholding tax of 10%.
Dividends received from resident companies are taxable income, but a tax offset is usually available to prevent double taxation. For dividends received from foreign sources, a foreign tax credit may be also available. Interests and rental income are subject to taxation at standard rates.
Australia has enacted controlled foreign company (CFC) regulations. Foreign companies controlled by residents that fail the “active income test” (usually when passive income is more than 5%), might have their passive income subject to taxation, whether the income is passed at the personal level or not. Ranges to determine whether a company passes the ‘active income test’ or not, will depend on its jurisdiction of residence.
States and territories levy land taxes. Transfers of assets are subject to a stamp duty at rates up to 5.75%. There is no net worth tax, nor inheritance taxes in Australia.
There is a Goods and Services tax, which applies to transactions of goods and services. The standard rate is 10%.
Regarding corporate taxation, resident entities are subject to a 30% tax on their worldwide income. A reduced tax rate of 28.5% may apply for those companies whose turnover is less than AUD2 million. There are several available tax breaks and exemptions for companies engaging in R&D activities.
Dividends from resident entities are usually entitled to a tax offset. Dividends from a foreign source may be exempted if the parent company holds at least 10% of the shareholding of the payer entity, otherwise they may be taxable.
Capital Gains are treated as ordinary income. An exemption may apply to those from the disposal of shares, if the parent company holds at least 10% of the capital of the subsidiary.
Dividends paid to non-residents may be exempt from withholding taxes, provided that profits were already taxed, otherwise they may be subject to a 30% withholding tax. Payments on interests abroad are usually subject to 10% withholding tax, however certain interests may be exempt. Royalties are usually taxed at 30%. These rates may be reduced or eliminated under a tax treaty.
For further information on corporate taxation, legal framework and tax treaties, check out incorporations.io/australia.
|Net worth tax||No|
|Tax residency days||183|
|Personal income tax rate||47%|
|Capital Gains tax rate||27.5%|
|Investment income tax rate||27.5%|
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