As part of the federal budget, the new National Innovation visa was announced. It will replace the current Global Talent (subclass 858) visa from late 2024. The National Innovation visa will be targeted at exceptionally talented migrants who will drive growth in sectors of national importance.
It is expected that the National Innovation visa will provide a pathway to permanent residence for high performing entrepreneurs, global researchers and major investors.
While specific requirements haven’t yet been announced, it’s anticipated that the application process will be quite rigorous and may include:
– Stringent Applicant Evaluations
o Applicants will be likely to face a thorough assessment of their potential contributions to Australia.
– Monitoring and Cancellation Provisions
o Similar to previous high-level business visas, the National Innovation visa may include monitoring periods and potential cancellation clauses if specific criteria relevant to the visa are not met.
– Emphasis on Non-Monetary Criteria
o Significant financial investment may not, in itself, guarantee eligibility. Proven business acumen, links to Australia and a history of innovation are also key factors that may come under consideration.
While the details, application process and eligibility criteria of the National Innovation visa are yet to be revealed, it’s been speculated that it could include some of the features of the Global Talent visa.
If you would like to learn more about migration to Australia, contact the team of experienced registered migration agents at Visa Solutions Australia. Book a consultation.
