Document ID: chunk:federal_register_of_legislation:F2025C00115:clause:2_2:p17
Version: federal_register_of_legislation:F2025C00115
Segment Type: clause
Provision Reference: sch 2 cl 2 (pt 17/37)
Character Range: 2298452–2301022

on the basis of an application made on or after 1 July 2015;
 (b) the applicant has held 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:
 (i) if the applicant is covered by any of subclauses (1A) to (1D)—the whole of the period during which the applicant has held the visas or visa mentioned in subclause (1); or
 (ii) otherwise—the whole of the period during which the applicant has held the visa on the basis of which the applicant met the requirements in an item of the relevant table.
 (3) For any part of the investment mentioned in subclause (2A) or (2B) for the applicant that is, or was, a direct investment in an Australian proprietary company:
 (a) if the period of the direct investment was less than 2 years, the company was a qualifying business for the whole period; or
 (b) if the period of the direct investment was 2 years or more, the company was a qualifying business for at least 2 years; or
 (c) 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.
 (4) The applicant has given the Minister:
 (a) if subclause (2A) 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
 (b) if subclause (2B) applies to the applicant—evidence that the applicant holds an investment as required for that subclause.
Note: 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).

888.242
 (1) The applicant meets the requirements of subclause (2) or (3).
 (2) The applicant has been in Australia for at least the number of days worked out by adding the results of paragraphs (a) and (b):
 (a) 40 multiplied by the number of complete years in the period in which the applicant has held a Subclass 188 visa in the Significant Investor stream; and
 (b) 40 multiplied by the number of years (if any) (treating a part of a year as 1 year) in the period in which the applicant has held a Subclass 188 visa in the Significant Investor Extension stream.
 (2A) For the purposes of working out, under subclause (2), the number of days the applicant has been in Australia, the applicant is taken to have been in Australia during a period if:
 (a) the applicant was outside