Australia entrepreneur and talent visa: National Innovation visa (subclass 858)

The subclass 188 streams for business innovation, investors, significant investors, premium investors and entrepreneurs were closed to new applicants on 31 July 2024. Only existing holders can still use the extension streams or move to the permanent subclass 888. There is therefore no Australian golden visa based on a fixed investment amount.

The National Innovation visa replaced the Global Talent visa under the same subclass 858. It is aimed at established and emerging leaders in a profession, sport, the arts, or academia and research. Home Affairs lists, among the indicators it considers together with a nomination from an expert Australian, state or territory government agency, innovative investment activity with a track record of supporting successful ventures and promising entrepreneurial activity that will lead to commercialising a product or building a business in Australia.

You must be invited after an expression of interest and lodge within 60 days of the invitation. You need an internationally recognised record of exceptional and outstanding achievement in an eligible area, must still be prominent in it, be an asset to the Australian community and be able to find work or become established in Australia without difficulty.

A nominator with a national reputation in your area, who is an Australian citizen, permanent resident, eligible New Zealand citizen or an Australian organisation, must sign Form 1000. There is no age limit, but applicants under 18 or aged 55 or older must show exceptional benefit to Australia. Adults need functional English or pay the second instalment, and health and character requirements apply. Holders of a 491 or 494 must have held that visa for at least 3 years.

You first submit an EOI through the National Innovation visa online form. Under Ministerial Direction 120, invitations and processing follow four priorities: global experts with international top-of-field awards first; then candidates nominated on Form 1000 by an expert federal, state or territory agency; then exceptional candidates in Tier One sectors (critical technologies, renewables and low-emission technologies, health industries); then Tier Two sectors such as agri-food, defence and space, education, banking and FinTech, infrastructure and resources.

Other indicators include national research grants, PhDs with high academic influence, international patents, keynote speeches at major conferences, and earnings or an Australian job offer at or above the Fair Work high income threshold. An invitation is not a pre-assessment; the application is judged on its evidence.

You become a permanent resident on the day of grant (for citizenship, from the day you enter if you were abroad). You can live, work and study in Australia, enrol in Medicare and sponsor relatives. Home Affairs expects holders to contribute to Australia in their area of expertise. Travel is possible for 5 years, after which a Resident Return visa is needed.