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457 Independent Executive - Further Application Onshore

457 Independent Executive - Further Application Onshore. 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.

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457 Independent Executive - Further Application Onshore

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  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 PA’s 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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