Starting a business on a 457 visa

[eiger]

I am currently in Aus on a 457 visa. Myself and a couple of friends (Aussie citizens) are planning to start a small financial trading/investments company. Does anyone have any knowledge, or had any experience with setting up a company on a 457 visa?

 

 

• I understand that as part of the visa conditions, I have to remain employed by my sponsor, which I am planning on doing.
  

 

 

 

• The company is going to be very small, and I don't plan on making any money from it whilst I am on my 457, as I understand this would be a breach of my visa conditions. (see next point)
  

 

 

 

• I have the 8107 condition which means I must not "engage in work for another person or on the holder's own account while undertaking the employment in relation to which the visa was granted." Is this limited to being an employee and earning money from the company?
  

 

 

 

• What if I were to be a shareholder only, or would this also be deemed as engaging in work?
  

 

 

 

• Can I be a director of a company on a temporary resident on a 457? According this website on limited liability company regulations, "There are no restrictions in relation to nationality or residency provided that at least one company director is an Australian resident." But what about the restrictions from the immigration dept's point of view?
  

 

 

Would love to get some expert opinions on this, as I'm sure I'm not the only one in this position, and I cant find much else on the topic! Many thanks!!