Australian Immigration Daily News

Working as a Registered Migration Agent can mean assisting clients in making one of the most important decisions of their lives: helping them migrate to Australia.

Do I really need Professional Indemnity Cover?

Taking out Professional Indemnity cover is not only the most sensible professional decision you can make, it’s also a legal requirement. Migration agents are required under the Migration Act to hold a Professional Indemnity policy which features at least $250,000 in coverage. Why? Because it protects you against claims from clients who allege you or your business did something wrong or failed to do what it said it would. You might have made a genuine mistake or you might have done nothing at all, but either way you could be facing a big bill. You will have to hire lawyers and your business might be forced to pay your client compensation and its legal fees if you lose or settle the case.

A lawsuit is incredibly stressful and very time consuming to deal with. The future of a small Migration Agency accused of negligence can hang in the balance. If its reputation is badly damaged by a lawsuit then clients may not want to do business with it again. That’s where Professional Indemnity Insurance can be a real lifesaver for a small business. If your business is sued then your insurer would step in and effectively act like your company’s in-house legal team to help you deal with the situation.

Are your clients making the most financially of their offshore assignments?

Contribute to this important research being undertaken by Stacey Martin, Specialist Wealth Advisor – Expatriates and Significant Investor VISA, NAB Private Wealth

Taking up an offshore posting can be an exciting time – a new country, career opportunities and lifestyle experiences for the family. With an extensive list of things to do before departure, often this leaves little time for forward planning.  

Migration Alliance this week held its fifth SIV Masterclass in partnership with NAB in Perth, where along with Deloitte, Bruno Delfante, Manager Business Migration Centre, was keynote speaker.

Delfante shared with the audience of around twenty local migration agents, that they had relaxed their view in relation to the SIV Complying investment portfolios. The requirement that 75% must at the outset have direct economic benefit to WA has been restrictive, and their focus is much more on the long term view of how the applicant intends to contribute to the WA economy over the term of the temporary VISA and beyond. Essentially the WA government is interested in understanding the applicant’s broader financial position and future plans for investment, including business opportunities and buying a home in WA.

Of the 53 WA nominated state applications so far, 17 have been granted visa approval. Initial applications listed state government bonds as the preference, however by approval stage with time to appreciate Australia’s investment environment, most have implemented managed funds and other investments.  All have made additional investments outside SIV with the lowest overall amount in excess of $12.5 million.

Migration Alliance this week held its fifth SIV Masterclass in partnership with NAB in Perth, where along with Deloitte, Bruno Delfante, Manager Business Migration Centre, was keynote speaker.

Delfante shared with the audience of around twenty local migration agents, that they had relaxed their view in relation to the SIV Complying investment portfolios. The requirement that 75% must at the outset have direct economic benefit to WA has been restrictive, and their focus is much more on the long term view of how the applicant intends to contribute to the WA economy over the term of the temporary VISA and beyond. Essentially the WA government is interested in understanding the applicant’s broader financial position and future plans for investment, including business opportunities and buying a home in WA. 

Of the 53 WA nominated state applications so far, 17 have been granted visa approval. Initial applications listed state government bonds as the preference, however by approval stage with time to appreciate Australia’s investment environment, most have implemented managed funds and other investments.  All have made additional investments outside SIV with the lowest overall amount in excess of $12.5 million.