Australia launches new National Innovation Visa Program for skilled workers

Australia launches new National Innovation Visa Program for skilled workers

Manmeet Kaur Manmeet Kaur
[Published 22 May, 2024 | 12:17 PM]
About Author - 3 min read
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In a recent announcement, the Australia government introduced an Innovation Visa to attract more skilled professionals. This new visa will replace the Global Talent visa and the Business Innovation and Investment visa programs (BIIP).

Innovation Visa to replace Global Talent visa

The Global Talent visa in Australia, which is a direct PR pathway to Australia for skilled workers will convert to the new National Innovation visa by the end of 2024 – due to minimal economic benefits.

To ensure existing applicants of the Global Talent visa are not majorly affected, the Department of Home Affairs will provide proper arrangements. The existing applicants will be evaluated against the eligibility criteria at the time of their application.

Furthermore, the number of places under the Global Talent visa to 4,000 from 5,000 for 2024-25, which will make applying for Australia PR visa more competitive.

Termination of Business Innovation and Investment visa programs (BIIP)

The Australian government will also permanently close BIIP, starting July 2024. BIIP was a visa program for business owners to migrate to Australia.

The permanent migration places for the BIIP have been reduced from 1,900 in 2023-24 to 1,000 in 2024-25. If the number of applications for 2023-24 exceeds the 1,900 allocations, the additional applications will be carried over to 2024-25 until the allocated 1,000 spots are filled.

Starting September 2024, applicants who wish to withdraw their BIIP applications can request a refund of the application fee.

Business owners, investors and entrepreneurs holding a Business Innovation and Investment (Provisional) visa will still be able to apply for the permanent BIIP subclass 888 visa after July 2024, if they meet all the eligibility criteria. If eligible, they may apply under the provisional extension stream if they require additional time to fulfil the permanent BIIP visa requirements.

Candidates interested in the Business Innovation and Investment visa programs will have to wait for further guidelines and apply under the new National Innovation visa.

Check Eligibility For Australia PR

History

The Australian government’s Migration Review in 2023 concluded that BIIP was delivering poor economic outcomes for the country. They called for reconsidering the size and role of the BIIP, noticing more positive outcomes from the Significant Investor visa stream.

The Global Talent visa program was launched in 2018 as a pilot program and by 2019, the government made it a permanent pathway for Australia immigration. However, the 2023 review demonstrated that the program needs improvement in the selection criteria due to the level of demand quickly exceeding the allocated number of spots in each financial year.

With the launch of the Innovation Visa, the government intends to combine the targets of BIIP and Global Talent visa and aim for stronger economic outcomes. This visa will also strengthen the Significant Investor stream of the BIIP and maintain an immigration pathway for highly skilled workers with cutting-edge skills in target industries.

Source: immi.homeaffairs.gov.au



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