Hi

I have just got a 457ie visa, I want to emigrate to Perth (Rockingham) area, I need at some time to start or run a business, I am tempted, when I get there to spend the bulk of my savings on buying a house, my wife and I would then start working, then in 6 months-year I would start to look for a business, can anyone tell me if this is the right way to go about things or would I be better off putting my money into a business.

Thank you

Phil

Phil,

Sorry it's off-topic but as someone's who's waiting on a 457ie I'd be interested to know when you submitted your application.

Thanks,

Alan

We applied mid feb and recieved it 4th of July, any more info needed please ask me

Phil

Thanks Phil,

You wouldn't happen to know the date your application was lodged, would you?

There are a lot of people waiting on this type of visa and as we're unable to phone for updates we're dependent on any crumbs of information we find to give us hope.

Alan

The 16th Feb

Cheers Phil.

Further to your original question, ie put money into a house or business, I'm going through the same thought processes.

My first thoughts are that it's probably easier to borrow money for the house. A mortage is not a big deal and of course it's secured on the property. I'd have expected borrowing the money for the business to have a tax advantage as the repayments would be offset against tax (I'm trying to find out) but I can see it being harder getting the bank to finance a riskier proposition, ie someone without a track record in Aus. The simplest solution appears to be to go for a franchise as the bank would then have a basis on which to make a judgement.

Not a good outcome and I'm still pondering on it. Seems to me there must be a lot of people thinking about the same problem.

Phil,

A quick note from me (which to be fair doesn't answer your question) to say that you should bear in mind the need to have funds invested in the business of at least $75,000 if you are going to progress to permanent residency. Have a look here:
http://www.gomatilda.com/news/article.cfm?articleid=258

If you would like a discussion with my colleague who assists with raising finance for property and businesses so that you can explore the subject of your original question more fully please send me an email.

Best regards.

quote:

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Originally posted by Phil Williams:
Hi

I have just got a 457ie visa, I want to emigrate to Perth (Rockingham) area, I need at some time to start or run a business, I am tempted, when I get there to spend the bulk of my savings on buying a house, my wife and I would then start working, then in 6 months-year I would start to look for a business, can anyone tell me if this is the right way to go about things or would I be better off putting my money into a business.

Thank you

Phil

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Alan Collett
alan-at-gomatilda-dot-com
Registered Migration Agent Number 0102534
and a Fellow of the Institute of Chartered Accountants in England and Wales
http://www.gomatilda.com and
http://www.collettandco.co.uk
Offices in Southampton, England; Perth, Australia; and Melbourne, Australia

Hi Phil

I too have a 457ie visa and have pondered the same question.

We have funds enough to start/buy a business or buy a house but not both.

I think the best way to do it is to buy a house outright and then use it as collateral for a loan to buy a business.

The bank would have good security for their loan and we would be able to claim the interest payment against tax.

Also the way I understand it, is that although your wife could work, you as the holder of the visa could not.

Hope this helps

Alex