Standard Business Sponsorship for 482 and 491, where the company had a significant loss in most recent financial year and had a significant loss in equity.
CASE TYPE
The Sponsor company had been previously granted a Standard Business Sponsorship although it expired before re-applying for renewal and the Company subsequently applied for a Visa Application prior to the renewal of a Standard Business Sponsorship.
CASE BACKGROUND DIFFICULTY
The sponsor company had a significant loss in the most recent financial year, this was influenced by the outbreak of Covid-19 pandemic. The company was required to show projected growth in the upcoming year to be able to meet the requirement for the grant of Standard Business Sponsorship.
CASE STRATEGY
Given the company’s financial record, it is crucial to provide enough evidentiary proof to support that the company is lawfully operating business in Australia and meets the financial capacity to sponsor its employees. Accordingly, it is also vital to demonstrate that in the case where the company suffers substantial loss at any stage during the time of sponsorship, then the company’s shareholders possess enough assets to support the business.
We suggested the company to obtain a comprehensive letter from the accountant to certify that the company is lawfully operating business in Australia since their establishment and to demonstrate that the company has significant upcoming projects which will upscale the gross payroll income. The income may substantially override the loss in equity sooner or later depending upon the consistency of the same projected income in the future financial years.
Lastly, we suggested the company’s shareholders disclose there the total value of their assets in the comprehensive letter from the Accountant. Including their current property rates, shares, and cash in liquid. This substantial amount altogether showcased, outweighed the total loss in equity far and beyond.
CASE OUTCOME
Given the efforts from the company to produce enough evidentiary proof in accordance with our assistance, we were able to receive the grant Standard Business Sponsorship within three (3) weeks after the lodgement. As the file with the documentation was uploaded at once we did not leave any room for request for further information from the department and accordingly, we didn’t receive one either.
Now the company has begun the process of sponsoring their employee.
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