Migration Regulations 1994

The applicant meets the requirements of subclause (1A) or (1B).

Both of the following apply:

the most recent Subclass 188 visa in the Significant Investor stream held by the applicant (which may be the visa currently held by the applicant) was granted on the basis of an application made before 1 July 2015;

the applicant continues to hold a complying investment within the meaning of regulation 5.19B as in force at the time the application mentioned in paragraph (a) was made.

Both of the following apply:

the most recent Subclass 188 visa in the Significant Investor stream held by the applicant (which may be the visa currently held by the applicant) was granted on the basis of an application made on or after 1 July 2015;

the applicant continues to hold a complying significant investment within the meaning of regulation 5.19C as in force at the time the application mentioned in paragraph (a) was made.

For any part of the investment mentioned in subclause (1A) or (1B) for the applicant that is, or was, a direct investment in an Australian proprietary company:

if the period of the direct investment was less than 2 years, the company was a qualifying business for the whole period; or

if the period of the direct investment was 2 years or more, the company was a qualifying business for at least 2 years; or

if the company has been unable to operate as a qualifying business, the Minister is satisfied that the applicant made a genuine attempt to operate the business as a qualifying business.

The applicant has given the Minister:

if subclause (1A) applies to the applicant—a completed copy of approved form 1413 for each investment in a managed fund on which the investment mentioned in that subclause is based; or

if subclause (1B) applies to the applicant—evidence that the applicant holds an investment as required for that subclause.

Approved form 1413 includes a declaration that the investments made by a managed fund for the benefit of clients are limited to one or more of the purposes specified by the Minister for paragraph 5.19B(2)(c).

The applicant has given the Minister a completed copy of approved form 1412, signed by the applicant and each other applicant aged at least 18.

Approved form 1412 is a deed of acknowledgment, undertaking and release, signed by each person mentioned in subclause (4), under which they:

acknowledge that they are responsible for their financial and legal affairs; and

undertake not to bring an action against the Commonwealth in relation to any loss relating to the relevant investment; and

release the Commonwealth from any liabilities in relation to any loss relating to the relevant investment.