In short: In a share sale the sponsoring entity survives, so approved nominations continue and the 2-year 186 clock keeps running. In an asset sale the buyer is a new employer and needs its own sponsorship and nominations first.
Two ways to sell, two visa outcomes
A business can be sold two ways. In a share sale, the buyer acquires the company. The company keeps its ABN, its contracts, its employees and its sponsorship approval. In an asset sale, the buyer acquires the goodwill, the equipment and the lease. It then offers new employment to the staff. The seller's company stays with the seller.
For most employees the difference is a matter of accrued leave and continuity of service. For an employee on a 482, the difference decides who they can work for the day after completion. Our commercial team and our migration team run these sales as one file for that reason.
Share sale: the sponsor survives
The standard business sponsorship belongs to the company, not to its shareholders. When the shares change hands, the sponsor stays the same legal entity. Approved nominations stay valid. Pending nominations continue. The 482 holders keep working under the same conditions.
The buyer inherits the sponsor obligations along with the company. That includes any past breaches. A change in ownership is also an event the sponsor must report to the Department within 28 days. We put that notification in the completion checklist.
Asset sale: a new employer
In an asset sale, the buyer is a new employer. A 482 holder can only work for the sponsor named in their nomination, or an associated entity. The buyer needs its own standard business sponsorship. It then needs a new nomination for each 482 holder, with labour market testing unless an exemption applies. The Skilling Australians Fund levy is payable again on each new nomination.
Timing is the issue. The employee ceases with the seller on completion. The 180-day rule then gives them time to move to the buyer's nomination. They can work for the buyer in the meantime. Even so, we prefer the buyer's sponsorship approved before completion. The nominations can then be lodged on day one. Read our note on becoming a standard business sponsor for what that involves.
The 186 clock
The Temporary Residence Transition stream of the 186 needs 2 years of full-time work on a 482. That work must be with the nominating employer. In a share sale the employer does not change, so the clock keeps running. In an asset sale the clock restarts with the buyer, unless the buyer is an associated entity of the seller.
A pending 186 also needs care. If the seller lodges the nomination and the employment moves to the buyer before decision, the nomination fails. The nominating employer must still be the employer at decision. Where an employee is close to 2 years, we time completion after the 186 is decided. The alternative is a share sale. Our note on the two-year TRT plan covers the employee side.
Warranties about visa compliance
A buyer in a share sale should ask for warranties that the company has met its sponsor obligations. Useful warranties cover four points. The sponsorship is current and unconditional. Every nominated employee is paid at or above the nominated salary. No notice of monitoring or sanction has been received. The SAF levy has been paid on every nomination. Sellers should disclose against these warranties honestly, because a breach found later becomes a claim against the price.
Due diligence should collect the sponsorship approval letter, each nomination approval and payslips against the nominated salary. Add labour market testing evidence and any Department correspondence. We add these items to the standard sale due diligence list.
Timeline for a sale with sponsored staff
- Heads of agreement Decide share sale or asset sale with the visa position in view. List every employee holding a 482 or a pending 186.
- Due diligence The buyer reviews sponsorship, nominations, salary records and Department correspondence. In an asset sale, the buyer applies for its own sponsorship now.
- Sale agreement Include visa compliance warranties and a condition precedent for buyer sponsorship where needed. Set completion around any pending 186.
- Between signing and completion Employees are told in writing. In an asset sale, the buyer prepares nominations and new contracts that match them.
- Completion Share sale: notify the Department of the ownership change. Asset sale: the seller notifies cessation and the buyer lodges nominations.
- After completion The buyer keeps sponsor records, monitors the 180-day windows and updates contracts to match the new nominations.
Share sale or asset sale?
| Issue | Share sale | Asset sale |
|---|---|---|
| Sponsorship | Continues with the company | Buyer needs its own |
| Nominations | Stay valid | New nominations, labour market testing and levy |
| 186 two-year clock | Keeps running | Restarts unless associated entity |
| Past breaches | Buyer inherits | Stay with the seller |
| Employee continuity | Unchanged | Transfer of business rules under the Fair Work Act 2009 |
| Department notification | Change of ownership | Cessation by seller, nomination by buyer |
Two questions buyers ask
Can the buyer rely on the seller's labour market testing?
No. Labour market testing must be done by the employer that nominates. In an asset sale the buyer advertises again, unless an exemption applies. We start that advertising during due diligence so it is complete by completion.
What do the sponsored employees need to be told?
The structure of the sale, who their employer will be, and what happens to their visa. In an asset sale they also need the new contract and the new nomination explained. We prepare a short letter for each employee and the migration team briefs them.
The lease and the premises
An asset sale usually needs the lease assigned to the buyer. Under the Retail Leases Act 2003 (Vic), a tenant can be released from future liability on assignment. The tenant must first give the buyer the landlord's disclosure statement. Stamp duty in Victoria depends on whether land, or a lease with a premium, is transferred. We confirm the duty position with your accountant before the price is fixed.
How we run it
The commercial team drafts the sale agreement and runs completion. The migration team handles sponsorship, nominations and Department notifications. Both teams sit in the same office and work from the same file. To discuss a sale, on either side, contact us.
Frequently asked questions
Do the 482 holders lose their visas when the business is sold?
No. The visa stays valid. What changes is who they may work for, which depends on the structure of the sale.
Can the buyer use the seller's sponsorship in an asset sale?
Not unless the buyer is an associated entity of the seller. Otherwise the buyer needs its own sponsorship approval.
Does time with the seller count towards the buyer's 186 nomination?
Only in a share sale, or where the buyer is an associated entity. In a plain asset sale the 2 years restart.
What if a 186 nomination is pending at completion?
We delay completion until the decision, or restructure as a share sale. A nomination by a former employer will not succeed.
This article relies on the Migration Regulations 1994, the Fair Work Act 2009 and the Retail Leases Act 2003 (Vic).
General information as at 2 September 2026. Not legal advice. Sponsor obligations and sale terms turn on your own facts, so obtain advice before signing.