The National Innovation visa – A new immigration program

The new National Innovation visa to be launched in late 2024 

The Australian government confirmed in the May 2024 budget that a new National Innovation visa will be launched in late 2024.

The launch date and criteria hasn’t been confirmed.

The National Innovation Visa

National Innovation visa – coming in 2024

Visa to replace the BIIP & Global Talent visa programs

The National Innovation visa will replace the Business Innovation and Investor Provisional (Subclass 188) visa program. As well as the Global Talent (Subclass 858) visa.

The BIIP program will now be officially  closed. Although it has been effectively closed since 1st July 2023, when the states/territories weren’t allocated any 188 visa places.

This follows the closure of the permanent residency Subclass 132 Business Talent (Permanent) visa on 1st July, 2021.

Who is the National Innovation visa for?  

It is expected

What type of visa? 

Unlike the BIIP program, the National Innovation visa is likely to be a permanent residency visa.  It will however, like the Subclass 132 visa,  be monitored to ensure applicants comply with their intentions.

Under the BIIP applicants were initially granted temporary residency,  with a pathway to apply for permanent residency after at least 4 years of business/investment activity.

Why is the visa being introduced? 

The government in recent years has undertaken a review of the Migration Strategy.

The findings of the review included, that the BIIP temporary residency visa holders, especially the Business Innovation Stream,  weren’t providing the economic benefit they should and could have.

Alternately, there is a recognition that applicants who have held, or hold, the Subclass  the Significant Investor Stream do provide economic benefit. A significant investment is an in investment of at least AUD $5m into complying investments.

Are you interested?

It is expected that the visa will be in high demand. Applicants will need to be ready to submit their interest, potentially seek state/territory nomination and then submit an application as soon as they can.

While we all wait for the details of the National Innovation visa to be released, potential applicants can register their interest.

We will discuss your credentials as a entrepreneur, major investor or research history. We will make introductions to professional service providers that can assist in preparing for the application.

Got any questions?

If you want to know more about the visas, and whether you are eligible please Contact Us

National Innovation Visa

Australian 2024-25 budget update – What’s relevant for immigration? 

The 2024-25 budget & immigration measures 

The Australian treasurer has delivered the budget for the 2024-25 financial year (FY). The FY runs from 1 July to 30 June. 

A whole raft of changes have been announced. With a focus on actions to ease the cost of living and a housing shortage. 

Key immigration measures outlined in the budget include the following. 

Net Overseas Migration 

As part of addressing this the government have plans to reduce net overseas migration by half  in 2024-25 — from 528,000 to 260,000.

Permanent Migration program –  Skilled stream numbers  

The permanent migration cap for 2024-25 will be 185,000. Of these places 132,200 places will be allocated to the skilled stream.

National Innovation Visa to replace the Global Talent & BIIP program

The Global Talent (Subclass 858) & Business Innovation and Investment (BIIP) visa (Subclass 188) programs are to be replaced by the National Innovation visa.

The National Innovation Visa will be introduced in late 2024. This visa will target talented migrants – such as entrepreneurs & major investors – in key sectors. The details of the visa are yet to be confirmed.

Subclass 482 changes  – required work experience reduced 

Work experience requirements for the Temporary Skill Shortage visa (Subclass 482) will be reduced from two years to one year from 23 November 2024. 

Student Visas

The government will propose a numbers of legislation changes for international students. These include:

  • capping the number of international students that can be enrolled by the education providers (colleges & universities)
  • allowing education providers to go over these caps  if they invest in student-specific accommodation
  • significant application fees increases  

Theses changes are in addition to  recent announcements that applicants will also have to meet higher English language requirements, as well as financial capacity evidence.

Our view

It appears clear that there will be  opportunities for talented people, business & investors  who can contribute to Australia in key skill shortage areas and target sectors. 

It’s likely that those that work in healthcare and STEM will  have more opportunities than others. Education and trade/construction workers too.

It doesn’t necessarily mean there won’t be opportunities for others. However you will have to be ready to act. These will likely be through state/territory nominated visas – Subclass 190 & 491. Or employer sponsored visas such as the Subclass 482.

As some of the the states/territories have exhausted their 2023-34 allocations,  they will be eagerly waiting their 2024-25 cap. Applicants should look out for these state/territory announcements as we get closer to the 1st July 2024. 

Business owners & investors have had reduced visa opportunities in recent years. Culminating in the formal closure of the BIIP program.  Whilst the details are yet to be released, the National Innovation visa will be warmly welcomed. 

In particular the target sectors will be eagerly awaited. Whether these will mirror the recent target sectors under the Global Talent visa remains to be seen.  

Whether there is a pathway for investors also be keenly watched. Especially as the recent  Australia migration review suggested that the BIIP  pathway for major investors, e.g. $5m AUD+, provided a favourable outcome for Australia. A continuation of an investment pathway would be warmly welcomed. It would also allow Australia to continue to offer a pathway that competing migrant countries provide.  

If you would like would like to discuss the budget, or any matter raised, please Contact Us.