Short answer: A wholesale client under the Corporations Act can invest in products offered to institutions and high-net-worth investors without a retail disclosure document. The usual ways to qualify: net assets of at least A$2.5 million, or gross income of at least A$250,000 in each of the last two financial years, confirmed by a qualified accountant's certificate; or investing at least A$500,000 in a single product. Unlisted bank and corporate bonds in Australia are mostly offered to wholesale investors only.
| Test | Threshold | Evidence |
|---|---|---|
| Net assets | At least A$2.5 million | Qualified accountant's certificate, valid two years |
| Gross income | At least A$250,000 in each of the last two financial years | Qualified accountant's certificate, valid two years |
| Product value | At least A$500,000 invested in one product | The investment itself |
| Professional investor | Controls at least A$10 million, or holds an AFS licence | Evidence of the assets or licence |
| Sophisticated investor | Assessed by a licensee as experienced enough | The licensee's written assessment |
29 of the 360 AUD bonds on Candour Capital's range have a minimum of A$500,000 or more.
Individuals, companies, trusts and SMSFs can all be wholesale clients. A certificate can cover a company or trust controlled by a person who meets the test; your accountant can confirm what applies to you.
Wholesale offers come without a retail product disclosure statement, so you rely on the term sheet and offer documents and need to understand the risks yourself. The thresholds are set by law and may change; meeting them does not make an investment suitable.
General information only. It does not take into account your objectives, financial situation or needs and is not a recommendation. Investment opportunities through Candour Capital are for wholesale and professional investors only. Read the offer documents and seek professional advice before investing.