This article is updated regularly. Last updated: Tuesday 12th November 2024
New National Innovation Visa (Sc 858)
The National Innovation Visa Australia, planned for release in late 2024, will replace the Global Talent Visa (subclass 858) and the Business Innovation and Investment Program (BIIP). This new visa aims to attract exceptionally talented migrants to Australia, such as high performing entrepreneurs, major investors and global researchers.
The New National Innovation Visa will provide opportunities for exceptional talent with diverse backgrounds, including:
- Global researchers and thought leader e.g. published in leading journals, high levels of publications and citations, recipients of top of field awards
- Entrepreneurs both established and emerging with lessons taken from successful State and Territory led initiatives
- Innovative Investors with a focus on the quality of investment, not simple thresholds
- Athletes and creatives particularly those that represent Australia internationally
- No age limit
- Must have at least functional English or pay second VAC
- Direct to permanent residence in Australia
- Must have a nominator
- No occupation restrictions
- Internationally reconised record of exceptional talent, prominent in their field
- Must have a planned program
- Must be invited to apply
Potentially Streams of the National Innovation Visa Australia could include:
- High performing entrepreneurs
- Major investors
- Global researchers
1. High Performing Entrepreneurs
This could include some features of the existing Global Talent Visa, such as the potential earnings above the Fair Work Income Threshold, which is currently AUD 175,000.
Sectors currently available under the Global Talent Visa include:
- Resources
- Agri-food & AgTech
- Energy
- Health Industries
- Defence, Advanced Manufacturing and Space
- Circular Economy
- DigiTech
- Infrastructure and Tourism
- Financial Services and FinTech
- Education
Click here to read more about the Global Talent Visa.
2. Major Investors
This could include some of the existing features of the Significant Investor Visa.
The Migration Review flagged 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.
The features could include:
- Available investment of $5 million or more
- The investment must comply with the Complying Investment Framework (CIF)
The types of investment could include:
- Venture capital and growth private equity funds which invest in start-ups and small private companies
- Approved managed funds investing in emerging companies listed on the Australian Stock Exchange
- A ‘balancing investment’ in managed funds
3. Global Researchers
This could include some of the features currently available for the Distinguished Talent Visa.
The Distinguished Talent pathway is for exceptional and outstanding individuals who do not fit into any Global Talent sectors but are still prominent in their field. Examples include Olympic athletes and famous musicians.
National Innovation Visa Requirements
The National Innovation Visa program aims to combine the best aspects of the BIIP and Global Talent Visa programs, with criteria designed to produce stronger economic outcomes for Australia.
The specific requirements and criteria for the new visa are yet to be determined or announced.
Are you planning to invest in Australia?
If you are a potential investor interested in migrating to Australia, contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. for a free evaluation.
You can also take a free Global Talent Visa assessment here.
