The National Innovation Visa – Subclass 858 replaced the Global Talent visa (GTV) – Subclass 858 and the Business Innovation and Investment visa – Subclass 188 on 7th December 2024. This change was initially announced during the Federal Budget in early 2024 and the decision is aimed at the improving the efficiency of Australia’s migration program and successful economic growth.

Please note: If you had previously already applied for the Global Talent Visa (GTV), one of our registered migration agents can support you with the next steps. Get in touch today.

Key information in this article:

• What was the Global Talent Visa (GTV)?
• What was the Business Innovation and Investment Program (BIIP)?
• What is the National Innovation Visa (NIV)?
• What is the status of the Global Talent Visa (GTV) and Business Innovation and investment Program (BIIP)?

What is the Global Talent Visa (GTV)?

The Global Talent Visa (Subclass 858) was a key program designed for highly skilled individuals in specific areas that bring economic and social benefits to Australia. The GTV focused on attracting individuals in future-focused sectors in the country to promote skill transfer, job and innovation growth for Australian workers. Some of the important fields for the Global Talent Visa (GTV) include sports, academia, research and arts. The program operated on a limited quota system and was subject to eligibility, including:

• Global recognition – The applicant must have a record of exceptional achievement or international recognition in their area of expertise
• Minimum salary – The minimum salary to apply for the Global Talent Visa was set at AUD $1,75,000 per year (for 2024-2025)
• Nomination requirements – The applicants were required to be nominated by an Australian resident or organisation nomination them for this visa.
• English requirement for Global Talent Visa – Applicants over 18 years old must show proof of at least functional English. If someone cannot show this proof, they were required to pay a secondary visa application charge, around AUD $4,890 per applicant.

What is the Business Innovation and Investment Program (BIIP)?

The Business Innovation and Investment (Provisional) Visa – Subclass 188 was created to promote innovation and investment in the Australian economy. This visa was introduced following the COVID-19 pandemic and focused on creating economic growth in key business sectors. The BIIP Visa allowed people to come to Australia to own and manage a business or to participate in entrepreneurial activities. The Business Innovation and Investment Program (BIIP) provided strong options for visa extension as well as pathway to Permanent Residency for eligible applicants.

What is the National Innovation Visa (NIV)?

The new visa – National Innovation Visa (NIV) has successfully replaced both the global Talent Visa (GTV) and Business Innovation and Investment Program (BIIP) on 7th December 2024. This NIV was introduced to make Australia’s migration plan more effective by creating job and driving productivity in Australia.

The applicants must be highly skilled individuals, business operators or investor in the Australian market. The NIV is highly competitive with only 4,000 seats allotted to the Visa.

Here are the full eligibility criteria for the National Innovation Visa:

• Global recognition – Like the Global Talent Visa (GTV), applicants for the National Innovation Visa (NIV) must have an internationally recognised record of exceptional and outstanding achievement in a profession, a sport, the arts and academia or research.
• Minimum salary – The minimum salary to apply for the National Innovation Visa is set at AUD $1,75,000 per year (for 2024-2025) – this should be supported by an employment offer or evidence of current salary.  Please note that the salary threshold is updated every July.
• Nomination requirements – Applicants must be nominated by an Australian resident or organization. Additionally, expert Commonwealth or State/Territory government agencies are now able to nominate applicants for the NIV.

The Government will process applications based on the following priority order:

• Recipients of internationally prestigious awards. This includes but is not limited to: Nobel Prize laureates, Fields Medallists, Chern Medallists, L’Oreal-UNESCO Award for Women in Science recipients, Turing Award recipients, Booker Prize winners, or Olympic gold medallists.
• Exceptionally talented people in their field who are endorsed by a relevant Australian state, territory or federal government agency.
• People with exceptional skills in critical technologies, renewables and low emission technologies and health industries.
• Exceptionally talented people in agri-food and ag-tech, resources, defence capabilities and space, education, financial services and fin-tech, and infrastructure and transport.

What is the status of the Global Talent Visa (GTV) and Business Innovation and investment Program (BIIP)?

As of 7th December 2024, the Global Talent Visa (GTV) is closed to new applications. The Government continues to process the previously submitted Global Talent visa applications in accordance with processing priorities and annual migration planning levels.

Additionally, the Business Innovation and Investment Program (BIIP) closed to new applicants on 31st July 2024. Applications that were made before this date will still be processed by the Australian Government. In some cases, applicants may be entitled to a refund of their Business Innovation and Investment (subclass 188) Visa Application Charge (VAC) for the Business Innovation, Investor, Significant Investor or Entrepreneur streams if you withdrew your application on or after 31 July 2024. Find the full information on BIIP closure and refunds here.

To summarise, the introduction of the National Innovation Visa (NIV) marks an important shift in Australia’s migration strategy.

• The highly competitive Visa offers limited spots during the year.
• NIV combines key elements of the Global Talent Visa (GTV) and the Business Innovation and Investment Program (BIIP) to attract highly skilled individuals and entrepreneurs.
• The NIV will help drive economic and social growth, innovation and job creation in Australia.

If you are an aspiring National Innovation Visa (NIV) holder, ensure that you meet the eligibility requirements to improve your chances of securing the Visa.  For those navigating this change, our team of experience and registered migration agents are here to guide you through the process.

Reach out to us today to get started on your National Innovation Visa (NIV) journey.

Sources:

• National Innovation Visa
• Business Innovation and Investment (Provisional) visa – subclass 188
• BIIP closure and refunds

Disclaimer: This article is for informational purposes only and does not provide any legal or professional advice. You should seek the advice of a qualified expert before making any decisions based on this article. 

Bill Mitroulas

Head of Migration at Questra Immigration. Managing and overseeing the growth and performance of Questra’s team of migration agents, while maintaining a client-centric and quality-driven approach. A registered migration agent since 2015 and a member of the Migration Institute of Australia, with over 15 years’ experience in international education and 11 years in Australian Migration law.