chris2011 Posted November 12, 2011 Share Posted November 12, 2011 Asking on behalf of a close friend who is looking into applying for a 457. He has a fantastic little business highly relevant to the mining industry but last year's accounts show a loss (previous two show a profit). Will this scupper his chances of his business getting a 457? Any advice greatly appreciated. Link to comment Share on other sites More sharing options...
doing a geographical Posted November 13, 2011 Share Posted November 13, 2011 As far as I know, the accounts don't need to show a profit. As far as immigration is concerned the business still needs to keep that role filled in order for it to function. Link to comment Share on other sites More sharing options...
RockDr Posted November 13, 2011 Share Posted November 13, 2011 he owns a business? and is wanting a 457 as an employee of that business? Link to comment Share on other sites More sharing options...
chris2011 Posted November 13, 2011 Author Share Posted November 13, 2011 Thanks Doing a Geogrphical... Encouraging news. Link to comment Share on other sites More sharing options...
chris2011 Posted November 13, 2011 Author Share Posted November 13, 2011 That is correct Rock Dr.... A little convoluted but an option all the same. Link to comment Share on other sites More sharing options...
chris2011 Posted November 14, 2011 Author Share Posted November 14, 2011 Doing a geographical - I take it you were in a similar boat? How did it go for you? Cheers Link to comment Share on other sites More sharing options...
doing a geographical Posted November 14, 2011 Share Posted November 14, 2011 I was sponsored by a new business, which didn't even have a financial report for the last year because it had just opened. I'll be applying for an 856 permanent sponsored visa, and I have it on quite good authority that a loss is fine. I researched this because my company made a loss last financial year (just a small business). I'm not absolutely 100% though. I think whats more imporatnt to immigration is requirements to spend a certain amount on training for australian employees if the company is sponsoring workers from overseas. I'm not an immigration guru but i hope this has been some help! Link to comment Share on other sites More sharing options...
chris2011 Posted November 14, 2011 Author Share Posted November 14, 2011 Thanks it's been a great help. If anyone else has had a different experience (or the same) would be good to hear that also. Cheers Link to comment Share on other sites More sharing options...
Raul Senise Posted November 14, 2011 Share Posted November 14, 2011 Asking on behalf of a close friend who is looking into applying for a 457. He has a fantastic little business highly relevant to the mining industry but last year's accounts show a loss (previous two show a profit). Will this scupper his chances of his business getting a 457? Any advice greatly appreciated. The simple answer is no, a loss on the P&L does not in itself preclude being approved as a 457 sponsor, however it is not that simple. Even a profit in the P&L does not guarantee success. Many factors are looked at on the financial side to determine things such as, is the business viable, is it in a financial position to meet it’s obligations as a sponsor, etc. Link to comment Share on other sites More sharing options...
chris2011 Posted November 15, 2011 Author Share Posted November 15, 2011 The simple answer is no, a loss on the P&L does not in itself preclude being approved as a 457 sponsor, however it is not that simple. Even a profit in the P&L does not guarantee success. Many factors are looked at on the financial side to determine things such as, is the business viable, is it in a financial position to meet its obligations as a sponsor, etc. Thanks ABA for the reply. From what I can gather my friend's company meets all the criteria and some. The only sticking point was last year's loss although this was as a direct result of a year of r&d to adapt systems to the Australian mining industry. Link to comment Share on other sites More sharing options...
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