This VISA is only available to applicants who are nominated by an Australian State or Territory government. To be nominated, the applicant must lodge an Expression of Interest (EOI) through the SkillSelect system.
This is a 4-year temporary visa, for people who want to own and manage a new or existing business in Australia. Once established an ownership interest in an Australian business, the applicant can apply for permanent residence through the Business Innovation & Investment (Residence) Subclass 888 visa. A 2-year extension is possible once the applicant has held the subclass 188 VISA for 3 years, giving 6 years from the date of grant of the original Visa.
The applicants can either be in Australia or overseas to lodge this visa.
If the applicant is in Australia:
· Must hold a Substantive Visa or a Bridging A, B or C visa.