The Introduction of the National Innovation Visa Program
The National Innovation Visa program aims to consolidate the closed Business Innovation and Investment Visa program (BIIP) and the Global Talent Visa program. The ultimate purpose is to provide more benefit to Australia economically by attracting highly talented individuals through Australian’s migration policy. Here is a summary of its background, timeframe as well as things to note prior to its introduction.
Background and timeframe
Towards the end of 2023, the government conducted the Migration Review and published the Migration Strategy paper. It found that as the Australia’s key permanent visa program to drive innovation, the BIIP sees over 80% of its applicants investing in small retail or hospitality businesses, rather than in sectors that drives Australia’s future innovation and productivity.
It concluded that the BIIP delivered poor economic outcomes for Australia. However the Review did flag the opportunity to draw on the relative strength of the Significant Investor stream to design a visa product more sharply targeted to select migrants who can drive innovative investments in sectors of national importance or play a valuable role in the venture capital industry.
Shortly following that, in the May 2024 budget announcement, the Government confirmed the introduction of the National Innovation Visa. This visa aims at attracting exceptionally talented migrants and replace the Global Talent visa and the BIIP visa. The visa aims to provide permanent residency streams for:
high-performing entrepreneurs;
major investors; and
global researchers.
Whilst the detail criteria and requirements are yet to be announced, it is expected to be introduced in around November to December 2024. The BIIP was formally closed in July 2024.
Things to note
The currently planning level for the Global Talent Visa Program is 4,000 visas for the 2024–25 financial year. This planning level will remain the same as the Global Talent visa program transitions to the new National Innovation Visa program. National Innovation visas granted in 2024-25 will be counted within the Global Talent visa Program. This planning level is significantly lower than the historical planning level for the BIIP alone. As such, we do expect the competition in this space to be high.
The government is likely to favour applicants with a history of driving innovation and significant venture capital investment. We also expect the government to continue to favour the applicants from current defined sectors for the Global Talent Visa, including agricultural and food technology; energy; health industry; defence and advanced manufacturing; circular economy; digitech; infrastructure and tourism, financial services and fintech and education.
As with previous BIIP and Global Talent visas, this visa will likely require significant planning. If you would like to register your interest in this visa please let us know. We will keep you updated with the upcoming changes.