Independent
Executive
The Temporary
Business (Long Stay) Independent Executive visa ceased
on 1 March 2003 to new applicants. For information on
how to come to Australia as a business person -
See: Business
Skills Entry
Independent
Executive - further applications onshore
The Subclass 457
Independent Executive Further Application Onshore
(457IE FAO) visa was developed in recognition that an
emerging number of Independent Executive visa holders
in Australia were facing expiry of their visa, but
were legitimately in business and required more time
to be eligible to apply for permanent residence under
the:
- Established
Business in Australia (EBA); or
- Regional
Established Business in Australia (REBA)
categories; or the
- State/Territory
Sponsored Business Owner (Residence) category.
The 457IE FAO is a
two year, multiple entry visa that allows 457
Independent Executive visa holders to remain in
Australia and continue their business activities as an
owner and principal.
The spouse of the
original 457IE visa holder who has been engaged in
business in Australia as an owner and principal of
that business may also apply for a 457IE FAO as the
principal applicant.
This table is a
general summary only of the main criteria that may
affect the eligibility of an applicant. For full
criteria, refer to the Migration Regulations.
|
Criterion
|
Requirements
for 457IE FAO
|
| Time in
Business |
Must have
conducted a business in Australia for at least
15 months as a principal.
- If less
that 15 months, must have received an
endorsement of the business as beneficial
to a State or Territory from the relevant
State/Territory Government business
development agency
|
| Business
activity |
Must be of
benefit to Australia |
| Ownership
interest |
Must maintain
an ownership interest in the business |
| Management
role |
Must maintain
direct and continuous involvement in the
management of the business; and
Must make decisions that affect the overall
direction and performance of the business from
day to day |
| Background |
Must be
relevant to and consistent with proposed
business activity; and
DIMIA knows of nothing adverse about business
background of applicant |
| Net assets |
Must have net
assets of AUD$250,000 or a lesser approved
amount; and
Assets must be available to conduct or
establish the business |
| Presence in
Australia |
Must have a
need to be temporarily resident to conduct the
business |
For more information
-
See: Form
1215i, Independent Executives and permanent
residence.
|
