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