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 entrepreneurs with innovative ideas and financial backing from a third party. After spending 2 years in Australia and being sponsored by a state or territory government to qualify for a 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.
Update: COVID-19 Concessions for Business visas (SC188 and SC888)