Shares percentage for foreigners. (non Australian residents )

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16 October 2020
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