to 5 years, however provisional visa holders may be able to apply for a permanent visa once certain requirements are met. Subclass 400 - Temporary Work (Short Stay Specialist) visa A Subclass 400 Visa allows for foreign persons to enter and remain in Australia for the purposes of performing short- term, highly specialised work. In order to be eligible for a Subclass 400 Visa, the 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 6 months; however, applications for more than 3 months must be supported by a strong business case. Subclass 482 - Temporary Skill Shortage visa

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 certain transactions to be reported to AUSTRAC within 10 business days of such transfer occurring, for the purpose of detecting tax evasion and money laundering. 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, gambling, bullion or digital currency exchange services. At a high level, the AML/CFT Act requires reporting entities to:

implement an AML/CTF compliance program, which includes verifying the identity of clients before a designated service is provided, and collecting and verifying information about beneficial owners of clients; report specific kinds of transactions and suspicious matters to AUSTRAC; and

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 2 years; however, they may be granted for up to 4 years if an International Trade Obligation applies. Eligible Subclass 482 Visa holders can now apply for permanent residency through the Temporary Residence Transition visa stream. 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.

• keep accurate records in respect of their customers.

ILN Corporate Group – Establishing a Business Entity Series

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