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Business Innovation and Investment (Provisional) visa (subclass 188B) – Investor stream

This provisional visa requires you to invest at least A$1.5 million in NSW Waratah bonds.

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Applications have closed

Applications for NSW nomination for this visa subclass have now closed for the 2020–21 financial year.

We are working to finalise all on-hand applications by 30 June 2021.

If you have already applied, find out about next steps.


Visa eligibility

To see if you’re eligible for this visa, read the Home Affairs' criteria.


You must be under 55 years of age.

Investment in NSW

You must make a designated investment of at least A$1.5 million with the NSW Treasury Corporation.

Successful business and/or investment career

You must provide a full resume of your business or investment career and responsibilities demonstrating a successful business or investment career.

Net assets

If you are seeking to migrate to Sydney

  • The net value of your assets (or combined assets with your spouse) was at least A$3 million for the two years immediately before applying to NSW.

If you are seeking to migrate to Regional NSW

  • The net value of your assets (or combined assets with your spouse) was at least A$2.25 million for the two years immediately before applying to NSW.

Visit the Home Affairs’ designated regional area postcodes for a list of Regional NSW postcodes. You must live and work within NSW borders.

Sufficient funds to settle in NSW

You must provide evidence of sufficient funds for settling and living expenses for a minimum twelve months in NSW.

COVID-19 visa concessions

You may apply for NSW nomination for this visa under the Department of Home Affairs' COVID-19 concessions.

You must ensure that you satisfy Home Affairs’ requirements for the concessions before withdrawing from or cancelling your designated investment. Home Affairs will not assess that you are eligible for the concession, and you will need to demonstrate this.

The concession period commences from 1 February 2020. Information on this is available via Home Affairs Business Innovation and Investment (permanent) visa (subclass 888) - Investor.

How to apply

Applications are closed

If you have already applied, find out about next steps.

You need to apply for NSW nomination before you can apply to Home Affairs for this visa. Applying for NSW nomination involves the following steps.

Submit an Expression of Interest (EOI)

Submit an EOI through SkillSelect selecting NSW as your preferred state.

Apply for NSW nomination

Apply to NSW for nomination using our online form.

See our guide to supporting documents for information about what supporting evidence you need to supply at the time you apply to NSW.

Pay application fee

You (or your migration agent) will be emailed a payment link immediately after submitting your online application form. This payment link is valid for 30 minutes only.

Your application will only be assessed after you completed the application payment. To ensure the timely assessment of your application, you must complete payment within the 30 minute timeframe.


  • applying from within Australia: A$902
  • applying from outside Australia: A$820

Application fees are non-refundable. Applications that remain unpaid will be closed by our office. Retain a copy of your receipt as proof of payment.

Application processing time

You will receive an outcome, or request for further information, within four weeks of your application payment.

Next steps

If you are nominated by NSW, you will receive an automatic invitation to apply for the visa through SkillSelect. This invitation is valid for 60 days.

Important Information

Ownership of bonds and swapping visa roles with your spouse

If you may wish to swap roles with your spouse, or de facto partner, at the permanent visa stage, you must hold your designated investment in both your and your spouse or de facto partner’s name. Take this into consideration when making your designated investment in NSW Waratah Bonds and seek independent advice on any implications.

US citizens and residents

We ask all US citizens or residents to contact us before applying for NSW nomination.

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