May 21st, 2024 at 05:47 pm

Australia New National Innovation PR Visa 2024 | Australia Visa Update

The Australian government’s adoption of the New Innovation Visa is a significant step in improving the quality of Australia’s skilled immigrant population. This visa is intended to draw in highly skilled workers and will take the place of the contentious Investor Migrant Program, which has drawn criticism for offering scant financial advantages.

Australia’s immigration system is being redesigned to address the challenges posed by the pandemic. The new National Innovation Visa will take the place of the existing Global Talent Visa program, according to the Australian government.

Announcements concerning immigration to Australia state that this policy can benefit a variety of businesses, including tourism since skilled individuals arrive in Australia with their skills and ideas. Through the advancement of travel technologies and the provision of improved services, this talent infusion may particularly assist the travel industry.

The New National Innovation Visa

Beginning in late 2024, three streams of the New National Innovation Visa will be available to researchers, significant investors, and high-achieving firms. The Business Innovation and Investment Visa was a two-stage process that aimed to provide most migrants with a permanent passage; however, the new Visa is considerably different.

Because it is a straight pathway to permanent residency, it would likely need a more thorough assessment of the candidate and their ability to contribute to Australia than the previous Visa. We could also observe the addition of the monitoring and cancellation clauses, as they were included in the prior direct permanent Visa.

The applicant needs to show that they have been actively running a qualifying business, which has to be of a specific kind, such as hiring people in Australia or exporting goods to potential recipients of Global Talent Visas. Furthermore, the National Innovation Visa program is intended to replace the existing Global Talent Visa program.

The Australian government intends to oversee the changeover to the New National Innovation Visa to guarantee that all applicants—including those who currently possess a Global Talent Visa—are assisted throughout the application process. New Visa applications will be evaluated per the eligibility requirements in effect at the time of application.

Those who currently have a Global Talent Visa will not be impacted by the change. Before applying for a Global Talent visa through the Global Talent Independent route—a priority version of the Global Talent Visa—an Expression of Interest must be filed.

Even though the government has said that applicants will be assessed against the criteria at the time of their application, likely, new applicants filing an EOI will only receive a response advising whether to file for the visa application.

Existing Business and Investor Applicants

The migration plan refers to the migration review, which confirmed the Australian government’s disinterest in the current BIP and stated that a significant section of the program—most notably the Business Innovation stream—had net negative financial repercussions.

To ensure that every business immigrant entering Australia under this program has a viable business career and will aid Australia economically, the submitted visa applications will be processed per the migration program’s planning levels and the Australian government’s priorities.

The BIP policy guidelines are going to be reinforced. The policy that governs how the legislation is interpreted and applied will be tightened, but the government will still handle applications per the legislative requirements in effect at the time the application was filed. Additionally, more applications will be turned down since they don’t adhere to the more stringent policy requirements.

Refund of Visa Application Fees

Moreover, the government has declared that applicants will receive reimbursement for their visa application fees if they decide not to complete their BIP applications. Applications that have been halted may not be eligible for refunds because, to get their money back, applicants must provide a copy of the bank statement proving the original cost was paid; if this document is unavailable, they will not be eligible.

Australia’s plan to attract business immigrants and exceptional talent has undergone a significant shift with the introduction of the National Innovation Visa and modifications to the BIP Visa category.