Australia: New National Innovation Visa to Replace the Global Talent Visa Business Innovation and Investment Visa Programs
May 20, 2024
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At a Glance
- By July 2024, the Australian government plans to close out the Business Innovation and Investment subclass 188 visa (BIIP) and will eventually replace it with a new National Innovation visa.
- Due to a reduction of the allocation for Global Talent visas, applications will likely be more competitive.
- Through the National Innovation visa program, the government intends to consolidate the aims of the BIIP and Global Talent visa programs by providing more targeted criteria that will produce stronger economic outcomes for Australia.
The situation
In line with Australia’s Migration Strategy, the government will launch the new National Innovation visa, a replacement to the Global Talent visa and the Business Innovation and Investment visa programs (BIIP). This was also highlighted in the recently released federal budget for the year 2024-2025.
A closer look
The table below provides further details:
| DETAILS | IMPACT |
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Global Talent visa transitions to National Innovation visa. The Global Talent visa, a direct permanent residency pathway to Australia for exceptionally talented and prominent individuals, will transition to the new National Innovation visa by the end of 2024.
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Closure of BIIP. Starting July 2024, the BIIP, a visa program designed to attract individuals with successful backgrounds in owning or managing a business or investments to migrate to Australia, will permanently close to new applications and expressions of interest.
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Those initially interested in the BIIP will have to wait for further guidelines and apply under the new National Innovation visa, which will be launched by the end of 2024. |
Background
The BIIP was revised by the Australian government in July 2021 to provide a more streamlined framework and refocus investments on Australian venture capitals and emerging small and medium sized businesses to support post-COVID-19 pandemic economic recovery. Despite the changes, the government’s Migration Review in 2023 concluded that the BIIP was delivering poor economic outcomes for Australia and called for the reconsideration of the size and role of the BIIP, noting more positive outcomes from the Significant Investor visa stream.
The Global Talent visa program commenced as a pilot in 2018 and became a permanent fixture in the Australian immigration system in 2019. This visa provided a unique opportunity for exceptionally talented individuals who could raise Australia’s standing in targeted future-focused sectors underpinned by science or technology to pursue a direct pathway to permanent residency. The Migration Review also recommended that the program be reviewed and improved to improve clarity in the selection criteria due to the level of demand very quickly exceeding the allocated number of spots in each financial year.
Looking ahead
Through the National Innovation visa program, the government intends to consolidate the aims of the BIIP and Global Talent visa programs by providing more targeted criteria that will produce stronger economic outcomes for Australia.
The new visa will draw on the relative strength of the Significant Investor stream of the BIIP with more selection of migrants who can drive innovative investments in sectors of national importance or play a valuable role in the venture capital industry. The visa program will also maintain a pathway for highly skilled individuals with cutting-edge skills in target industries to share their skills, provide connections to global markets and drive innovation and creation of local jobs.
This alert is for informational purposes only. If you have any questions, please contact the global immigration professional with whom you work at Fragomen or send an email to [email protected].
