In [K. D. Mulmuley and M. Sohoni, SIAM J. Comput., 31 (2001), pp. 496 - 526], henceforth referred to as Part I, we suggested an approach to the P vs. NP and related lower bound problems in complexity theory through geometric invariant theory. In particular, it reduces the arithmetic (characteristic zero) version of the NP not subset of P conjecture to the problem of showing that a variety associated with the complexity class NP cannot be embedded in a variety associated with the complexity class P. We shall call these class varieties associated with the complexity classes P and NP. This paper develops this approach further, reducing these lower bound problems - which are all nonexistence problems - to some existence problems: specifically t...