Australia Shifts business Migration Landscape: BIIP Shutdown and National Innovation Visa Incoming

Australia Shifts business Migration Landscape: BIIP Shutdown and National Innovation Visa Incoming

Australia’s migration landscape is undergoing a significant transformation, with changes impacting both current and prospective business and investor applicants.

Here’s a breakdown of the key updates:

Farewell BIIP: A Program Nearing Its End

The Business Innovation and Investment Program (BIIP), particularly the Business Innovation stream (subclass 188), will permanently cease accepting new applications until July 2024. This decision stems from government analysis highlighting the program’s limited economic benefit.

Existing applications will continue processing but with stricter policy guidance, focusing on applicants with proven business careers and a genuine intention to contribute to the Australian economy.

Reduced Processing Speeds and Potential Withdrawals

The BIIP’s planning level has been reduced from 1,900 places in 2023-24 to 1,000 for 2024-25. This translates to potentially longer processing times, with recent applications facing delays of up to 18 years.

As an alternative, applicants can opt to withdraw their applications and receive a refund on visa application charges (starting September 2024).

The National Innovation Visa: A New Pathway for Exceptional Talent

In place of the BIIP, a new National Innovation Visa is set to launch in late 2024.

This permanent visa streamlines the process for “most exceptional” talent, encompassing high-performing entrepreneurs, major investors, and global researchers. Specific requirements haven’t been announced yet, but anticipate a more rigorous assessment compared to the previous BIIP.

This might involve:

• Stringent applicant evaluation: Applicants will likely face a thorough assessment of their potential contributions to Australia.

• Monitoring and cancellation provisions: Similar to previous high-level business visas, the National Innovation Visa may include monitoring periods and potential cancellation clauses if specific criteria aren’t met.

• Emphasis on Non-Monetary Criteria: Financial investment alone may not suffice. Proven business acumen, links to Australia, and a history of innovation could be key factors.

Impact on Global Talent Visa Applicants

The National Innovation Visa is prepared to replace the existing Global Talent visa program. The Australian government assures existing Global Talent applicants of continued support during the transition, with assessments based on the criteria applicable at the time of their application. However, as the new visa targets “most exceptional” talent, the bar for future Global Talent applicants will likely be raised.

Conclusion

Australia’s migration policy is evolving to attract highly skilled individuals who demonstrably benefit the nation. While details regarding the National Innovation Visa remain undisclosed, it’s clear that this visa will have stricter entry requirements compared to existing programs. Prospective applicants are advised to stay updated and consider alternative pathways if applicable.

To discuss details and the latest information on the upcoming National Innovation Visa, please get in touch with our expert team at aisupport@absoluteimmigration.com to arrange an online consultation.