Hi, I am from Pakistan, few years ago one of my Australian client offered me business partnership, he was my client, and i was giving him web development services.
He worked with me few months as partner then he suggested me lets start new company name to get more business and the name I will register in Australia. we were 50,50 partnership in business.
Now business is established, and he told me actually by law you can only get 15% shares/equity in business (because you are foreigner). If I give you more than 15% then our company will be not Australian company and it will come foreigner company.
I shocked business was spouse to 50,50 now you're telling me you are only 15% partner in this business.... I am confused is it correct?
As non-resident, I can't get more than 15%? If I get then company will become a foreigner company, and he will not get tax and other GOVT business benefits?
Company registered as Pty
Thanks
He worked with me few months as partner then he suggested me lets start new company name to get more business and the name I will register in Australia. we were 50,50 partnership in business.
Now business is established, and he told me actually by law you can only get 15% shares/equity in business (because you are foreigner). If I give you more than 15% then our company will be not Australian company and it will come foreigner company.
I shocked business was spouse to 50,50 now you're telling me you are only 15% partner in this business.... I am confused is it correct?
As non-resident, I can't get more than 15%? If I get then company will become a foreigner company, and he will not get tax and other GOVT business benefits?
Company registered as Pty
Thanks
