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Guest MICHAEL POOLE

business visa 163

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Guest MICHAEL POOLE

hi is there anyone who could help me with our visa any information you have would be great, business skills visa subclass 163. when you get there do you have to stick with what you said you were going to do or can you change to something else ? what happens if you have not met all the requirements after your two years are up ? can you buy a house or do you have to wait to become permanent resident before you can buy ?

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Guest Colin R

We came over here on a state sponsored subclass 163 . We didnt state what business we were going to buy or do the only information that was require to get the 163 was my business experience and business in the UK. I say only there was loads of paperwork, accounts etc. Are you using a migration agent?

We actually bought a florist shop. I had an aged care home in the Uk, but after hundreds of years in it I didnt want to carry on in the profession. A state sponsored visa reduces the turnover that you need for the 2 years, which I have to say makes life a little easier. I understand that the turnover can be waived by the state government or reduced this you would have to talk about as I would think that it changes from state to state especially if the state want migrants.

As for buying a house , you can buy one you do need to obtain Foreign Investment Board approval. this is a formality ,

Our 2 years were up this year. I put the application in for PR on the 29th October and received approval letter on the 27th November. It is and was a huge weight of my shoulders .

I would suggest that any business that you look at you get it cgecked over by a good accountant as there are a number of agencies now touting for business aimed at migrants and certainly if the turnover looks like it is more than is required . The prices for these have gone up it seems .

JUst a word of advice for the end of you 2 years all the forms that you fill out now the same ones are required . Good idea to keep a copy of everything as it saves time and also you know and remember what you have written?!

If I can be of any help then PM me

best wishes

Sally

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I agree with Sally - it would be advisable to undertake a due diligence exercise on any business that you intend to buy, as I dare say a vendor would be putting the best possible gloss on the numbers.

 

As to the nature of the business you eventually undertake, it need not be the same as that which you contemplate for the purpose of the State or Territory Sponsorship. I do though recommend advising the sponsoring State/Territory if you decide to do something different, if nothing else as a courtesy because you will most probably need their support when you seek permanent residency in due course (the usual pathway to p/r is via subclass 892).

 

Note also that the validity period of the subclass 163 visa is 4 years from the date of required initial entry to Australia, so you will have a reasonable period to meet the requirements of the 892 visa, which for ease of reference are discussed here:

State/Territory Sponsored Business Owner (Residence) (Subclass 892)

 

Please send me a PM or an email if you are interested in due diligence, and accounting and tax issues (as well as visa application assistance) - I would be pleased to discuss how we can help.

 

Best regards.


Managing Director, Go Matilda Visas - www.gomatilda.com

Registered Migration Agent Number 0102534; Registered Tax Agent (Australia)

Chartered Accountant (UK, and Australia)

T - 023 81 66 11 55 (UK) or 03 9935 2929 (Australia)

E - alan.collett@gomatilda.com and acollett@bdhtax.com

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I have to add that; buying a business is more than the due diligence. You need to know the real value of the business, the buyers risk, attractiveness, readiness of the business ....etc.

I have attached a typical SME questionnaire I use (usually for exit planning but similar for acquisition planning) even before asking for a single page of business information. A general perception of the health of the business as perceived by the current owner. The idea is (irrespective of what the owner states) it will prompt you what to look for before you pull in the expensive accountants.

 

Also on my website there is a flow chart for acquisition planning for your perusal. Also available is an article on what to look for before selling a business to make it look more attractive. Obviously when buying one you need to look for the same things and more because you would like to buy a business with hidden value :biggrin:

 

The due diligence must include all 50 type of records categorised as; company documentation, financials, intellectual property, website, database, employees, software licensing, marketing

 

Hope this will help some prospective SME owners!

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Guest MICHAEL POOLE

hi sally thanks for that yes we are using an agent called first contact . we are stil a bit aprehensive! but we think its the right thing to do we are applying to go to Perth as my brother and his kids are there. Was it the right move for you's, what is it like running a retail business out there ? we have a haulage business here but were thinking of a change and have thought about a shop. We have been told we have to do two of these three things, employ one australian citizen, turnover over $200.000 or inject $75.000 into the business does this seem about right ?

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Guest MICHAEL POOLE

hi ottg, thanks for all you information it really helps, we are heading for perth so i will keep your information and details handy. thanks again.

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hi sally thanks for that yes we are using an agent called first contact . we are stil a bit aprehensive! but we think its the right thing to do we are applying to go to Perth as my brother and his kids are there. Was it the right move for you's, what is it like running a retail business out there ? we have a haulage business here but were thinking of a change and have thought about a shop. We have been told we have to do two of these three things, employ one australian citizen, turnover over $200.000 or inject $75.000 into the business does this seem about right ?

 

Yes, the "2 from 3" requirement derives from the usual pathway to permanent residency, and is discussed here:

State/Territory Sponsored Business Owner (Residence) (Subclass 892)

 

I recommend that you also check whether the State or Territory Government that is sponsoring you will require that you meet (say) the requirement to employ at least one Australian - I recall that is a requirement of one or two State Governments.

 

Note also that the A$75k that you invest in the business can be by way of monies on loan account as well as subscribed for by way of share capital or accumulated by way of retained profits (assuming you trade as a limited company- note that in Australia a lot of businesses trade through the vehicle of what is called a family trust with a corporate trustee). Loan accounts are generally more flexible than retained profits and share capital inasmuch as they can be drawn down without a tax consequence.

 

Best regards.


Managing Director, Go Matilda Visas - www.gomatilda.com

Registered Migration Agent Number 0102534; Registered Tax Agent (Australia)

Chartered Accountant (UK, and Australia)

T - 023 81 66 11 55 (UK) or 03 9935 2929 (Australia)

E - alan.collett@gomatilda.com and acollett@bdhtax.com

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Guest Colin R

hi Michael,

It is a little bit different for me to run a shop miles different to the business in UK. But I have to say that I love it. The previous owners of the shop were from South Africa and used it only to get their visa OK you might think but they hated it anly by the time we got in there people were stopping away from it. I Was always used to a good business and it was a shock. We have put in a lot of hours and it has paid off . It feels better now that we have our PR I do feel safer .

For our PR I opted for the Employing Australians this can be made up by 1 full time or 2 part time staff. We invested over the $75,000 which in the realms of things is not a great deal. Plus the shop exceeds the turnover of $200,000 so much better to have the state sponsored visa as the turnover required is $300,000. It has also been a great way to meet people we have made some good friends over here and it has been by them coming into the shop. so thats good too.

We have never thought that about going back to the UK, we love it over here , I really dont have the stresses and strains of running a business as I did in the UK, so all in all it was really a good move. We are in Tasmania so I cant say about Perth,

Sally

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Thank you to everyone for the information contained in this thread. We arrived in Perth on the 3 November on a 163 Business Visa - whilst I've got all the info, its great to here of other's experiences too.

 

We have just moved into a rental and I've got another couple of weeks working for my UK employer left and then we must really concentrate on complying with the requirements of this Visa - I just cannot wait for the day its all behind us and we have PR.

 

Karen x

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Guest Colin R

Good Luck with your Visa and business that you go into. It is so good to get the PR visa in your passport I can tell you. I think that most of Kingston heard the news. It not only was a weight lifted but it felt a great sence of achievment silly I know I have been in business in the Uk for years, but it felt like I had just started again, which I suppose I had, but we had worked our way through a business we knew nothing about, with little or no help from anyone. So if we can do it anyone can. Just think positive Bum down and Head up. We can go for citizenship on the 10/7/10 cant wait. If we can be of any help then let us know.

Have a Happy Christmas and a very profitable New Year.

Sally

x

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Guest the dobbas

hi there dobba here

 

how are you getting on? have you had any offers on your house yet ?

 

anyway all the best speak soon

 

dobba

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