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Got a Business Background? Investor-Specific Supporting Docs

Following on from this month's changes, in support of an application, Investor (Provisional) visa applicants are required to provide a Statement of management activity detailing their active management of eligible investments or a qualifying business for 1 fiscal year in the 5 fiscal years immediately preceding their visa application.

An applicant should choose a fiscal year for which they are able to produce documentation evidencing their direct involvement in management.

Ideally, the statement is provided as part of an applicant's r'sum' of their business and investment career, which typically would be presented chronologically, on a year-by-year basis.

Investor (Provisional) visa applicants are required complete the Statement of assets and liabilities position (SALP) form (part of the Business Skills Profile form) to provide 3 consecutive snapshots of their financial situation throughout the 2 fiscal years prior to Visa application.

The object here of the SALP section of the form is to provide an immigration officer with 3 consecutive snapshots of an applicant's financial situation.

This should avoid the need for an applicant to provide a continuous stream of documents relating to the value and ownership of their assets throughout the 2 years prior to Visa application.

How many SALPs are needed?

An applicant will need to provide at least 3 and maybe 4 SALPs:

• Must provide a SALP for each of the last 3 consecutive fiscal years immediately prior to application because fiscal year means full fiscal year. Details of the first year are needed in order to provide the base figure to ensure the applicant satisfies the criterion at the beginning of, and throughout, the 2 year period
• If a visa application is made more than 3 months after the end of the most recent fiscal year, an immigration case officer may ask an applicant to provide another SALP as at the date of application, in order to assess whether an applicant continues to satisfy criteria at the time of decision

The SALP is designed to provide a snapshot at 3 points in time, as at the end of the 3 consecutive fiscal years immediately preceding the visa application.

The information is needed to assess the 'time of application' migration visa criterion 162.212(3) that an applicant has owned net assets of AUD 2 250 000 throughout the 2 years prior to visa application.

Which assets should be listed?

The SALP should itemise each major asset and identify it as either:

• An eligible investment asset or
• Other, including personal, assets

and be supported by evidence of ownership and value.

It is also apparent that, in calculating the total value of an applicant's net assets, an immigration officer should first consider an applicant's major assets, i.e. include smaller assets in the calculation only if required. However, it is highly desirable that an applicant includes all assets (regardless of size) they have identified as likely to be liquidated to fund the designated investment.

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