Here are the basic changes to come into effect on 19 April 2010:
· The definition of main business for non-publicly listed companies now requires the applicant to have a 30% interest in the business if its turnover is more than $400,000 or 51% interest if the turnover is less than $400,000 [previously it was just 10%];
· For the subclasses 160 Business Owner (Provisional) & 161 Senior Executive (Provisional) visa the applicant must have net assets of $800,000 [instead of $500,000]
· Subclass 163 - State/Territory Sponsored Business Owner (Provisional) the pathway via being a senior manager is gone and the applicant needs to have $500,000 to conduct or establish the business instead of $250,000.
· Similarly for the Subclass 164 - State/Territory Sponsored Senior Executive (Provisional) visa the applicant needs to have $500,000 to conduct or establish the business instead of $250,000
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A window into the level of monitoring by DIAC of employer behaviour in relation to 457 visas was gained through a question in Federal Parliament on 11 Feb 09...
