457 Visa Company Buyout

[Jammie]

Hi Everyone,

 

So i have been on a 457 Visa in my current position for over a year (6 months or so in another position before that). My company has already agreed to sponsor my transition to PR in February once i have been in the position for 2 years.

 

However, it has just been announced that the company i work for will be bought out by a much bigger company (major multinational conglomerate). This will become official over the course of the next few months. Nothing has been confirmed yet but it looks at this early stage as though my job will remain the same for a while before we become integrated into their business.

 

I have tried to do some research online but I can't find much about it. Can anyone help out by informing me what my options are likely to be? Can i transfer my existing visa to my new employer or does it simply remain active as is? If so, what does this involve? Assuming my job remains the same until February, would i still be eligible for PR?

 

Any help anyone can offer would be appreciated.

 

Thanks,

[VERYSTORMY]

There are two issues.

 

The he first is the company transfer. In many cases now, it is not an issue and the visa will continue.

 

The big issue may be your change of roles. This may have invalidated your visa. I would seek proffessional help.

[Bungo]

It won't be an issue for the new company to take over your visa, if that is what they want to do.

 

But note you do not become "eligible for PR" after two years, even with the original company this is just not the case. After two years the only thing that happens is you become exempt from a skills assessment, should your employer and yourself agree to apply for a permanent employer sponsored visa. There is no way of knowing whether the new employer will be willing and able to do that, or even if the old employer would have been willing and able.

[Jammie]

There are two issues.

 

The he first is the company transfer. In many cases now, it is not an issue and the visa will continue.

 

The big issue may be your change of roles. This may have invalidated your visa. I would seek proffessional help.

 

 

The change wouldn't occur for another few months so nothing has been invalidated at this stage. Nearer the time i will need to discuss it with them but it has only just been announced so i cannot do that yet. Currently it seems as though there will be no change of roles. I will likely be working at the same site, doing the same job with the same people. We will become another site, of the larger company.

 

It won't be an issue for the new company to take over your visa, if that is what they want to do.

 

 

But note you do not become "eligible for PR" after two years, even with the original company this is just not the case. After two years the only thing that happens is you become exempt from a skills assessment, should your employer and yourself agree to apply for a permanent employer sponsored visa. There is no way of knowing whether the new employer will be willing and able to do that, or even if the old employer would have been willing and able.

 

 

Perhaps i am not using the correct terminology but with my current company the visa agent had started the ball rolling with the application for PR, which he said was a simpler process after having been in the same role for 2 years with a continuing position. I guess i am not asking quite so much whether they will be willing because that is impossible to say but more if 'the clock is reset' so to speak.

[Raul Senise]

Hi Everyone,

 

So i have been on a 457 Visa in my current position for over a year (6 months or so in another position before that). My company has already agreed to sponsor my transition to PR in February once i have been in the position for 2 years.

 

However, it has just been announced that the company i work for will be bought out by a much bigger company (major multinational conglomerate). This will become official over the course of the next few months. Nothing has been confirmed yet but it looks at this early stage as though my job will remain the same for a while before we become integrated into their business.

 

I have tried to do some research online but I can't find much about it. Can anyone help out by informing me what my options are likely to be? Can i transfer my existing visa to my new employer or does it simply remain active as is? If so, what does this involve? Assuming my job remains the same until February, would i still be eligible for PR?

 

Any help anyone can offer would be appreciated.

 

Thanks,

 

It depends whether the current business continues to operate under their current ABN after the takeover.

 

If the current business changes ABN during the acquisition, then the new business will need to transfer your 457 visa to them.

 

If a transfer does occur, the time spent with your current employer may count towards the two years, depending on the circumstances.

 

Not straight forward and some professional advice may be wise.

[Guest]

I think Very stormy was refering to the fact that you've changed your role after the first six months with the original company. This may have invalidated the original 457 visa as the possition/role is new to the original one stated on the original 457 visa you were employed on. If the position/ role or job title is is different to what you were first employed as it could be an issue. That's how i've read it anyway.

[Jammie]

It depends whether the current business continues to operate under their current ABN after the takeover.

 

If the current business changes ABN during the acquisition, then the new business will need to transfer your 457 visa to them.

 

If a transfer does occur, the time spent with your current employer may count towards the two years, depending on the circumstances.

 

Not straight forward and some professional advice may be wise.

 

I would assume we would change our ABN. In order for them to take over, that would mean they would need to become a sponsor and nominate me the same as if i moved to any other business? Naturally we would need to seek professional help handling it but at this stage i cannot take any action until nearer the time. i am just trying to get an idea of what will happen and if i should start packing up my stuff!

 

I think Very stormy was refering to the fact that you've changed your role after the first six months with the original company. This may have invalidated the original 457 visa as the possition/role is new to the original one stated on the original 457 visa you were employed on. If the position/ role or job title is is different to what you were first employed as it could be an issue. That's how i've read it anyway.

 

 

Sorry i think i didn't explain that very well. When i changed roles i resubmitted all the appropriate paperwork and reapplied or whatever the process is so it is all above board.

 

Does anyone know if there any formal documentation from the government explaining the details of what should happen in this scenario? I am struggling to find anything that covers my situation. I would particularly like to know how long we have after the takeover occurs before we need to take action - do i need to stay home the following day until it is resolved?

[leah28]

Hi Everyone,

 

So i have been on a 457 Visa in my current position for over a year (6 months or so in another position before that). My company has already agreed to sponsor my transition to PR in February once i have been in the position for 2 years.

 

However, it has just been announced that the company i work for will be bought out by a much bigger company (major multinational conglomerate). This will become official over the course of the next few months. Nothing has been confirmed yet but it looks at this early stage as though my job will remain the same for a while before we become integrated into their business.

 

I have tried to do some research online but I can't find much about it. Can anyone help out by informing me what my options are likely to be? Can i transfer my existing visa to my new employer or does it simply remain active as is? If so, what does this involve? Assuming my job remains the same until February, would i still be eligible for PR?

 

Any help anyone can offer would be appreciated.

 

Thanks,

Hi! That was exactly our case, sponsoring company of my OH was bought by a bigger company theres no problem for as long the ABN are the same, but i will advise you to get a black and white agreement from your previous work ( the 457 sponsoring company) that even it will be under a new management your PR sponsorship will push through, because what happened to us when we reached 2 years and ready for Pr the new management declined the sponsorship for pr and we don't have a copy of agreement from the original company who sponsored 457, it was a heartbreaking scenario because our minds are set up for company sponsorship so we have no choice but to look for another way, so we waited another year then we just recently lodged our 190 visa.

[Alan Collett]

Hello Jammie.

 

I endorse what Raul has says - take professional advice to best understand and safeguard your interests in a visa sense.

 

It is improbable that you personally will locate the required information, as Departmental policy material is not generally available to the public.

 

Best regards.