Introduction of New National Innovation visa to replace Global Talent visa

In the 2024 Federal Budget, the Australian Government announced plans to replace the Global Talent visa (subclass 858) by the end of 2024 and to phase out the new Business Innovation and Investment visa (subclass 188) program. The new visa, the ‘National Innovation visa’, will take these visas’ place as the primary pathway for exceptionally talented migrants to contribute to Australia’s national growth in key sectors and industries.

The National Innovation visa launched on 7 December 2024 and uses the same subclass number, 858, that the Global Talent visa previously used.

This blog will explain the changes to the two existing visa programs and provide insights into what to expect from the new National Innovation visa, along with the implications these changes may have for current and future applicants.

For those who have already applied for or were considering either of these two visa options, an Australian Migration Agent can offer specific advice and guidance on new visa options and address any questions that they may have.

What is the Global Talent Visa? 

The Global Talent visa (subclass 858) is a skilled visa aimed at simplifying Australian migration for highly skilled, talented and prominent individuals in identified areas. It is a cornerstone of the Global Talent Independent program, which seeks to attract talent in important sectors for Australia to foster skill transfers, innovation and job creation that benefit the country both socially and economically. This visa covers professionals from a range of fields, including sports, academia, arts and research. Operating under a limited quota system, the program requires applicants to meet specific eligibility criteria, such as proving their global recognition, receiving a nomination from an approved sponsor and demonstrating their potential contributions to Australia. This pathway is appealing for both individuals and organisations, as well as benefiting the broader Australian community. Successful applicants and their families receive permanent residency in Australia along with its associated benefits.

What is the Business Innovation and Investment visa program? 

The Business Innovation and Investment visa (subclass 188) program was established to stimulate innovation and investment in the Australian economy. In the wake of the COVID-19 pandemic, the program’s focus shifted towards promoting economic growth in Australia’s business sector. It allowed successful applicants to come to Australia to own and manage a business or engage in entrepreneurial activities. The program is divided into four main streams, each centred on either business operations or significant investment in the Australian economy. It attracted both individuals and the Australian Government by offering a platform for overseas individuals to contribute innovatively to the economy.

The Business Innovation and Investment visa closed to new applications on 31 July 2024, across all its streams (Business Innovation, Investor, Significant Investor, Premium Investor, and Entrepreneur). This closure is permanent ;the Department of Home Affairs is not accepting new subclass 188 applications.

Existing subclass 188 holders aren't left without a pathway, they can still apply for the permanent subclass 888 visa, and some 188 streams still allow extension applications for current holders.

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Book a Consultation

If you are interested in getting more information about a visa, get in touch with Australian Migration Agents for a consultation.

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Why were these visas replaced?

Following the Australian Government’s 2023 Migration Review, it was announced during the 2024 Federal Budget that both the Global Talent visa (subclass 858) and the Business Innovation and Investment visa (subclass 188) program would undergo changes. These modifications are part of the Government’s broader strategy to refine and restrict migration to align with Australia’s national interests.

The Migration Review found that neither the Global Talent visa nor the Business Innovation and Investment visa were meeting their expected economic benefits for the Australian public. It was suggested that the Global Talent visa be reconsidered, taking into account the high demand for the visa, its nomination requirements and its importance to Australia. The recommendation was to model it after the United Kingdom’s approach. For the Business Innovation and Investment visa program, the review highlighted its lower-than-expected economic and fiscal contributions. It concluded that the program needed a complete overhaul to be effective. This finding was supported by studies conducted by other federal bodies.

Consequently, based on the assessments contained in the Migration Review, the Australian Government has decided to introduce a new visa aimed at attracting exceptionally talented individuals in a manner that would be more effective and efficient for Australia.

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How the National Innovation visa works

The National Innovation visa is invitation-only. You can't apply directly — you first submit an Expression of Interest (EOI) through SkillSelect, setting out your achievements and how you could contribute to Australia. Submitting an EOI doesn't guarantee an invitation.

Eligibility criteria

To be eligible, you generally need an internationally recognised record of exceptional and outstanding achievement in an eligible field, and the ability to demonstrate you can make a significant contribution to Australia. There's no strict age limit, but applicants under 18 or 55 and over generally need to demonstrate they'd be of "exceptional benefit" to the Australian community. Most successful applicants are also expected to show they could earn at or above a high income threshold set annually by the Fair Work Commission.

The nomination process

As part of your visa application (after being invited), your achievements need to be attested to by a nominator, using Form 1000. A nominator can be an Australian citizen, permanent resident, or eligible New Zealand citizen with a national reputation in your field, or an Australian organisation. This is a separate step from any state or territory government nomination some applicants may also pursue at the EOI stage.

Fields of expertise

The National Innovation visa prioritises fields that align with Australia's national interest and future economic growth, such as critical and emerging technologies, health industries, and renewable and low-emission technologies, alongside established areas like research, academia, the arts, and sport. Which field you fall into can affect how quickly your EOI is considered.

Permanent residency

Unlike the closed subclass 188, the National Innovation visa grants permanent residence directly, with no provisional or temporary stage first.

The National Innovation visa is sometimes described as being delivered through a broader "Talent and Innovation" program, alongside other pathways the Department uses to attract skilled migrants to Australia.

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What does this mean for applicants?

Individuals affected by these changes, those considering applying, or anyone with questions should seek guidance from an Australian Migration Agent to explore potential next steps and assess their visa options.

Benefits of Australian Migration Agents

At Australian Migration Agents, we are well-versed and experienced in handling visa applications. Our team can assist individuals at any stage of the process, from providing initial information about potential options to helping lodge the visa application.

If you are considering the National Innovation visa or were affected by the closure of the Business Innovation and Investment visa, contact an Australian Migration Agent for tailored advice and guidance.