The subclass 188 Significant Investor Extension stream is an option for subclass 188 Significant Investor stream visa holders who have not yet managed to reach the required thresholds for the granting of a subclass 888 permanent residency visa – for example, because the visa applicant has not been in Australia for the required number of days.
To be eligible for an extension of the subclass 188 visa the visa holder must have made – and retained – the investments required for the granting of the original 188 visa, and the visa holder must continue to be the holder of a visa that was granted under the Business Innovation stream of subclass 188.
Documents to be submitted to the Department of Immigration are similar to those required for a permanent residency visa application under the Business Innovation stream of subclass 888, and include confirmation that required investments have been made – and retained – that will enable the granting of the permanent residency visa in due course.
Two extensions of the 188 visa are permitted for those seeking permanent residency under the Significant Investor stream of subclass 888, and if granted the total period the visa holder is permitted to stay in Australia will be extended to:
- 6 years from the date the initial subclass 188 visa was granted on the first extension, and
- 8 years from the date the initial subclass 188 visa was granted on the second extension.
Please feel able to contact Go Matilda Visas if you have a subclass 188 visa under the Significant Investor stream and would like to discuss your visa strategy.