188B visa is only available to applicants who are nominated by an Australian State or Territory government. This is a 4-year temporary visa, for people who want to make a designated investment in an Australian state or territory. After maintained an investment in Australian for 4 years, the applicant can apply for permanent residence through the Business Innovation & Investment (Residence) Subclass 888 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.
Applicant must reside for at least 2 years in the nominating State.
Update: COVID-19 Concessions for Business visas (SC188 and SC888)