National Innovation Visa
The Department of Home Affairs announced that the National Innovation Visa will be available at the end of 2024.
The National Innovation Visa aims to attract exceptionally talented individuals to Australia, specifically targeting:
- High-performing entrepreneurs
- Major investors
- Global researchers
The National Innovation Visa is replacing existing visas
The National Innovation Visa will replace:
- The Global Talent Visa (subclass 858)
- The Business Innovation and Investment Program (subclass 188 visa)
The National Innovation Visa is replacing the Global Talent visa (subclass 858 visa)
The Department of Home Affairs will manage the transition to the new National Innovation Visa to ensure applicants, including existing applicants of the Global Talent visa, are supported in the application process. Existing Global Talent visa applicants will not be adversely affected by the transition. Visa applicants will be assessed against the eligibility criteria at the time of their application. National Innovation Visas granted in 2024-2025 will be counted within the Global Talent visa Program.
The National Innovation Visa is replacing the Business Innovation and Investment Program (subclass 188 visa)
The Department of Home Affairs also announced that it would not provide any new allocations for the Business Innovation and Investment Program (BIIP) while the new National Innovation Visa was considered. The BIIP will be closed permanently from July 2024 and new applications for the Business Innovation and Investment (Provisional) (subclass 188) visa will no longer be able to be lodged.
Stay tuned for more updates.
Sources:
https://immi.homeaffairs.gov.au/visas/getting-a-visa/biip-closure-and-refunds
