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457 Independent Executive - Further Application Onshore.

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Presentation on theme: "457 Independent Executive - Further Application Onshore."— Presentation transcript:

1 457 Independent Executive - Further Application Onshore

2 Aims of this training session To understand what a 457IE FAO visa is and why it has been developed To make case assessments based on the Schedule 1 and 2 criteria To be able to advise clients on their options

3 What is an Independent Executive visa? Part of Business (Long Stay) visa 4 year visa for non-sponsored individuals to: establish a new business or purchase an interest in an existing business in Australia; and actively manage that business on a day to day basis.

4 What is a 457IE FAO? A two-year visa for 457IE visa holders to remain in Australia and continue their business activities Applicant must already be in business Designed to enable more potential applicants to be EBA/REBA ready

5 Why is it necessary? A number of 457IEs are legitimately engaged in business but cannot meet the PR period of business ownership requirement as their IE visa will expire Prior to 1 Nov these applicants must lodge a fresh 457IE application offshore. Some 457IE holders have business in areas that State/Territory governments wish to endorse for a REBA application

6 Current 457IE Situation Interest far higher than forecast Main source countries are South Africa, Indonesia, UK, PRC Low flow on to EBA/REBA applications Stock data at 30/6/01 was up by 23% –6,619 at 30/6/01; 5,363 at 30/6/00

7 Independent Executive Visa Grants (persons)

8 Benefits of 457IE FAO Eliminates the need for 457IEs to leave businesses unattended to return offshore for processing a second IE visa Eliminates the associated expenses faced by applicants Assists promotion of business activity –especially in regional areas

9 Schedule 1 (time of application) Criteria Applicant must hold a 457IE visa Application must be made onshore –PA does not have to be in A/a –MFU can lodge separately Fee is $155 Form is 1066 –Section B (Q36) refers

10 Schedule 1 Criteria (cont.) Applicant must have conducted a business for at least 15 months as a principal –If less than 15 months, a State/Territory business development agency may endorse an applicant Grant is once only

11 State/Territory endorsement only required where applicant has conducted a business for less than 15 months letter from S/T govt business development agency is sufficient –State/Territory makes the judgement on the business benefit to area know your S/T representative and discuss referrals

12 Schedule 2 Criteria The PAs business must be of benefit to Australia (see Reg 457.111(2)) The PA has a genuine & realistic commitment to maintain: –an ownership of the business; –direct & continuous involvement in the management of the business; and –make decisions that affect the performance and direction of the business from day to day

13 Schedule 2 Criteria (cont.) Nothing adverse known PA has net assets of $250K –includes business and personal assets –flexibility to accept less The PA demonstrates a need to be resident in A/a

14 Health Requirements Full medical checks prior to grant –no waiver One fails - all fails –PA must pass, all dependants must pass, and also the members of the family unit Consistent with EBA/REBA requirements Offshore 457IEs are streamlined checks

15 Other Issues Each PA should be interviewed –PAs should be aware of EBA/REBA criteria and application process Refusals are reviewable by MRT Refusal letters must explain that the decision is merits reviewable and stipulate legislated time

16 Need more information? Business Skills Section, Central Office –mailbox: type Business Skills –phone list –BAP Case Advice Working Party –referrals to Dr Alfred Tran

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