188B visa is only available to applicants who are nominated by an Australian State or Territory government. This is a 5-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: Upcoming Australia Immigration Changes 2021- Business and Investment Visas State requirements for Business visas COVID-19 Concessions for Business visas (SC188 and SC888) The Business Innovation and Investment visa program (BIIP) will cease, with refunds of the visa application charge provided from September 2024 for those who wish to withdraw their BIIP application.