Spotlight on APAC Series: Australia – New National Innovation Visa to Replace the Global Talent Visa Business Innovation

In our spotlight on the APAC series, we round up the latest developments across Asia Pacific. In this post, we look at the transition of the Global Talent Visa Business and Investment Visa Programs to the New National Innovation Visa in Australia.

Australia – Global Talent Visa (BIIP) to National Innovation Visa

The Australian government plans to close out the Business Innovation and Investment subclass 188 visa (BIIP) by July 2024 and replace it with a new National Innovation Visa, which is in line with Australia’s Migration Strategy. Those who are 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.

While the transitions are in progress, the government will ensure current applicants are not adversely affected and will be assessed based on the existing criteria. For those who withdraw their current BIIP applications, refunds are available from September 2024 onwards. Provisional BIIP holders can still apply for permanent visas (subclass 888) after July 2024, subject to meeting all eligibility criteria. Due to reduced allocation for Global Talent visas, applications will be more competitive. This new programme aims to merge the objective of the BIIP and Global Talent visas to produce better economic outcomes for Australia.

For more information on these updates or for assistance in planning your global immigration needs, please contact [email protected] or [email protected].

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