88B 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.
· The applicant has had business and personal net assests of at least AUD 2.25 million for the last 2 fiscal years
· Under 55 years of age, unless the nominating state or territory certifies that the applicant will make an exceptional economic benefit; and
· The applicant must make an investment of AUD 1.5 million in Australian State or Territory bonds prior to grant of the visa
· Have 3 years of experience either managing a qualifying business or “eligible investments”, and have showed a high level of management skill