[ESTABLISHING A BUSINESS ENTITY IN AUSTRALIA]
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applicant will be required (among other things) to have specialised skills, knowledge or experience that is not commonly available in Australia. A Subclass 400 Visa can be granted for up to six months; however, applications for more than three months must be supported by a strong business case. • Subclass 482 - Temporary Skill Shortage visa A Subclass 482 Visa allows Australian businesses to sponsor a suitably skilled foreign person to work in their business, if they are unable to source an appropriately skilled Australian worker. Subclass 482 Visas are generally valid for a period of two years; however, they may be granted for up to four years if an International Trade Obligation applies. Foreign persons who wish to enter Australia for the purpose of seeking employment or commencing business operations in Australia should seek the advice of a registered Migration Agent, who will be able to provide advice in respect of the appropriate class of visa and the associated application process. Restrictions on Remitting Funds out of Australia The general position is that there are no restrictions on the amount of funds (including cash and electronically transmitted funds) that may be transferred in or out of Australia. However, the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) ( AML/CTF Act ) requires transactions of AUD 10,000 or more to be reported to AUSTRAC within 10 business days of such transfer occurring, for the purpose of detecting tax evasion and money laundering. Some exceptions have stricter deadlines, for example, within 24 hours for terrorism financing and
within three business days for other suspicious matters. The AML/CTF Act imposes additional regulatory requirements on businesses that are classified as “reporting entities”. Reporting entities are entities which provide “designated services”, including financial, property transactions, entity transactions, gambling, bullion or digital currency exchange services. As of 1 July 2026, a second tranche of entities will fall under the purview of “designated services”, including trust and company service providers and dealers in precious stones, metals and products. At a high level, the AML/CFT Act requires reporting entities to: • Enroll with AUSTRAC to become formally established as a regulated entity under the AML/CTF Act; • implement an AML/CTF compliance program, regarding risk identification, mitigation, and management, which includes verifying the identity of clients before a designated service is provided, and collecting and verifying information about beneficial owners of clients; • apply Enhanced Due Diligence measures for clients assessed as high-risk, such as politically exposed persons or clients from high-risk jurisdictions; • report specific kinds of transactions and suspicious matters to AUSTRAC, for example, Suspicious Matter Reports where an entity suspects a transaction may be related to criminal activity, the proceeds of crime, or terrorism financing; • submission of an AML/CTF Act Compliance report when required by AUSTRAC; and • keep accurate records in respect of their customers for a minimum period of seven years.
ILN Corporate Group – Establishing a Business Entity Series
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