The Good Looking One Posted December 15, 2015 Share Posted December 15, 2015 Hi folks I am the holder of a 457 Visa with 1 year currently remaining of my 4 year visa. My employer will be commencing the renewal my visa after Xmas. I am happy in my job and feel lucky that my employer is happy and is looking to cement me into his business. I have set up, and now run, the new business with little involvement by the Director and pretty much have a firm hold of the reins. I love my job, even though it is fairly full on most of the time, and I am grateful to be living in a lovely part of Victoria. I have the opportunity to create a new online business as an add-on to the current business. I have been researching and planning this for the last 2 years and I obviously want to be the Director of a company which owns/operates the website and to be the major shareholder. I have already set aside my own money for this venture and I am ready to press the GO button. Having discussed this opportunity with my employer, who is all for it, offered the following deal... I buy a 20% share of his business for the cost of the online business. The cash injection would be wholly used to develop the online business. This then means he would keep 80% of the main business and 80% of the online business. Clearly an unattractive offer which I plan to decline. My counter offer would be to accept 20% of his business (no cash involved) in return for me giving him 20% of the online business (again, no cash involved). I would then introduce and use my money to develop the website (recorded in the accounts as a Directors loan). My primary reason for offering 20% to him is because I need the goods to be supplied by his business, with preferential pricing, not available anywhere else. I also designed this equity share into the online business to ensure that a healthy business relationship with a regular cash return is maintained. As far as his business is concerned, his idea is to offer me a share is an attempt to secure me into my job long term. So, after all that blurb it's time for my question.... Can I register, own and operate a business in my name under my current Visa whilst remaining an employee of my sponsors business? Any solid advice or pointers would be gratefully received. Happy Daze Tony Quote Link to comment Share on other sites More sharing options...
Alaska Posted December 15, 2015 Share Posted December 15, 2015 Hi Tony Sorry I can't help you with the specific question, but the obvious one to me would be - is there is reason you haven't applied for a PR visa? We were on a 457 (as we weren't eligible for PR at the time) but were able to apply under the transition scheme after 2 years for PR. Sorry if it's an obvious question Quote Link to comment Share on other sites More sharing options...
ali Posted December 15, 2015 Share Posted December 15, 2015 I can't help with the business part but also wonder why your employer isn't sponsoring you for PR? Quote Link to comment Share on other sites More sharing options...
The Good Looking One Posted December 15, 2015 Author Share Posted December 15, 2015 Thanks for the replies Alaska & ali My employer will do whatever pretty much they can to keep me here but unfortunately I am not at all into the whole Visa thing. The usual downside is timing at the moment. The online thing needs to capitalize on the summer so I really need to start the ball rolling on that. I will ask my sister who is quite cluey on all of this to research the transition scheme and see if that will assist. Thanks again. Quote Link to comment Share on other sites More sharing options...
The Good Looking One Posted December 15, 2015 Author Share Posted December 15, 2015 Oh, and I am 53 this April, which might be to my disadvantage. Quote Link to comment Share on other sites More sharing options...
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