Entrepreneur Stream 188 visa is only for that applicant who is nominated by an Australian State or Territory government. expression of Interest (EOI) is must be nominated, through the Skill Select system.
You can say a four-year temporary visa for entrepreneurs who are having innovative ideas and monetary funds from a third party. For PR if you have spent 24months in Australia and is sponsored by a state or territory government to qualify through Business Innovation & Investment (Residence) Subclass 888 visa.
For the visa stream candidate must have a genuine intention to continue this activity. This visa stream requires state or territory Nomination. For cracking, eligibility candidate must be less than 55 years of age.
Must have competent English and be able to provide evidence at the time you are invited to apply for the visa. Must be undertaking a complying entrepreneur activity in Australia and have a genuine intention to stay in Australia continually.
A Complying Entrepreneur Activity must relate to an innovative idea that will lead to the commercialization of a product or service in Australia or the development of an enterprise or business in Australia.
It is important that activity must not be related to any excluded categories like Residential real estate, Purchase of an existing enterprise, Labor Hire or a franchise in Australia.
You should have one legally enforceable agreement to receive funding of at least AUD 200,000; It should be from one of the famous entities like State or Territory Government, Commonwealth Government agency. It can also from Publicly Funded Research Organization. Some other Investor registered as an Australian Venture Capital Limited
Partnership or Early Stage Venture Capital Limited Partnership, Specified Higher Education Provider, under the agreement at least 10 per cent of the funding must be payable to the entrepreneur entity within 12 months of the day the activity starts to be undertaken in Australia, you held at least 30% interest in your entrepreneur entity when you signed the agreement.
For more detail feel free to ask the same.