Changes of ownership for a business or changes to a business’ structure due to acquisitions and mergers are common. This can result in new accounting structures, trading name changes and new Australian business numbers as a consequence to the change/s.
So what do you do if you have an existing 457 Business Sponsorship, or a 457 visa?
Below are some action points to follow if you are an employer or a 457 Visa holder.
- For changes in trading name, you can complete a change of circumstances form and notify the Department of Immigration of the change (this includes changes to contact details, address or authorised officers)
- For any ABN change, a new sponsorship application may be required
- If a new sponsorship application is required, a new nomination will also be required to switch over each 457 visa holder that will be transferred and retained by the new entity
457 VISA HOLDER:
- For changes in your employer’s trading name only, there is no action to take
- If your employer changes ownership or undergoes an acquisition/merger that results in a new ABN for your employer, you will need to ensure that your employer submits a new 457 nomination for your 457 visa to be transferred from the old entity, to the new one (of course your employer must also obtain a new 457 Business Sponsorship for the new entity)
If you require professional assistance with preparing a new 457 Sponsorship and/or a new 457 Nomination due to any changes of ownership or business structure, please email us at [email protected].
If you have an urgent case matter which requires immediate assistance, please call us on 1300 61 99 77 (or +61 7 3181 5588).
*Legal Disclaimer: Please note that this article is for general information only. Always seek professional legal advice in regards to your situation as every situation is different. Immigration legislation changes regularly and thus always, get up-to-date advice on your situation. Lodging a visa application is a judicial process and is based on the quality of legal advice and legal representation you receive. It is illegal for any Migration Agent or Lawyer to guarantee 100% of a positive result as it is a judicial process.