Category: National Innovation

national-innovation-visa

Business Innovation and Investment Visa (Subclass 188) Closed: A New Era Begins with the National Innovation Visa

Posted by Rebecca Berkovic on

As of 2024, the Australian Government has officially closed the Business Innovation and Investment Visa (Subclass 188) to new applicants. This significant change reflects a broader reform aimed at modernising Australia’s skilled and investment migration programs. The decision comes after a review by the Department of Home Affairs and the Productivity Commission found that the 188 visa was not delivering the intended economic outcomes. As a result, business clients seeking to enter or expand in the Australian market must now consider alternative pathways, with the upcoming National Innovation Visa offering a promising solution.

The National Innovation Visa is designed to attract high-value investors, entrepreneurs, and exceptional talent in science, technology, engineering, and other priority sectors. Unlike the former 188 program, this new visa will focus on applicants who can deliver demonstrable value to the Australian economy through innovation, technology transfer, and scalable business activity. It is expected to streamline the application process and provide a clearer pathway to permanent residency for individuals and companies aligning with Australia’s strategic interests.

For our business clients, this marks a pivotal moment to reassess investment strategies and migration planning. Those with pending 188 applications will be processed under existing arrangements, but no new applications are being accepted. We strongly encourage potential investors and innovative business leaders to begin preparing for the new visa requirements by assessing their eligibility and aligning with priority sectors such as clean energy, advanced manufacturing, and digital technologies.

At Hartman Immigration, we remain at the forefront of these developments and is ready to assist you in navigating the transition to the National Innovation Visa with tailored regulatory and strategic advice.

Disclaimer:

The information on this website is intended only to provide a summary and general overview on relevant matters. It is not intended to be comprehensive nor does it constitute legal advice. You are advised to seek legal or other professional advice before acting or relying on any of the content contained in this website.

national-innovation-visa

New Australian National Innovation Visa to be Introduced on 7 December 2024

Posted by Rebecca Berkovic on

What is the Australian National Innovation Visa Program?

The Australian Government recently announced that the new National Innovation visa program will be introduced on 7 December 2024. It is intended to attract highly talented individuals in the fields of investment, research and entrepreneurship to facilitate entry into Australia for high-performing individuals to contribute to Australian society and the Australian economy.

The Australian National Innovation visa program will replace the Global Talent visa as well as the Business Innovation and Investor visa program which was abolished in July 2024.

The Australian National Innovation visa program will most likely incorporate three separate and distinct streams including:

  1. High-performing entrepreneurs with proven records of business success;
  2. Major investors ready and able to invest substantial amounts in the development of an Australian enterprise; and
  3. Global researchers who have made significant research contributions.

The visa program is intended to facilitate visa holders to establish or expand business ventures, investment activity or innovative entrepreneurial developments in Australia. Through the introduction of this visa program, the Australian Government hopes to strengthen Australia’s focus on business and technological innovation.

What are the Intended National Innovation Visa Requirements?

Whilst the Australian Government has not yet confirmed the exact requirements of the National Innovation visa, it is thought that three separate streams will exist with different visa requirements that applicants will be required to meet in order to be eligible for this visa.

It is also expected that the Australian Government will introduce a two stage process of applicants firstly being required to lodge an Expression of Interest (EOI) application and then wait to be invited by the Australian Government to apply for the visa.

It seems that the following visa requirements can be expected:

High-Performing Entrepreneurs & Individuals:

For entrepreneurs:
  • Visa applicants will be required to demonstrate financial capacity to conduct business operations in Australia and meet the related initial costs of establishing the business in Australia.
  • Visa applicants will be required to prove a successful track record of business activity, innovation and growth.
  • Visa applicants will likely be required to provide a detailed business plan for conducting business activities in Australia and evidence of how this will benefit the the Australian economy.
For high performing individuals:
  • Those who are exceptionally talented in their field, such as athletes, artists and creatives who can prove international recognition may be eligible for this visa.

Major Investors

  • The Australian Government is yet to announce exact figures, however applicants for this visa stream will be required to commit to a significant investment in Australian business or industries.
  • Visa applicants will be required to provide a detailed investment plan as to how their investment will benefit Australian businesses and/or industries.
  • Visa applicants will likely be required to provide evidence of their finances and proof of funds.

Global Researchers

  • Visa applicants for this stream will need to show a strong record of research contributions, journal articles and academic publications to be eligible for this visa stream.
  • Visa applicants will need to provide strong recognition of research in their particular field.
  • Visa applicants will likely need to provide evidence of how their previous and planned research will strongly benefit Australia.

How can I apply?

The Australian Government is currently finalising the details of the National Innovation visa program and implementation is expected on 7 December 2024. Applications for this visa program have not yet opened.

We will advise as soon as this visa program is introduced and look forward to assisting talented individuals looking to make Australia their home in arranging their National Innovation visa application.

Disclaimer:

The information on this website is intended only to provide a summary and general overview on relevant matters. It is not intended to be comprehensive nor does it constitute legal advice. You are advised to seek legal or other professional advice before acting or relying on any of the content contained in this website.