How to start a business in Australia as a foreigner
If you have the right knowledge and the know-how of the process, it is quite easy to start a business in Australia as a foreigner. The world is getting globalized with each passing day and now it is much easier to start your own business. However, if you don’t have the right process and information, then things can go seriously wrong and the process can get harder and longer.
Australian government welcomes foreign citizens with open hands if they wish to start a business and help the economy of Australia. If you are planning to start your own business here, then you need to have the appropriate knowledge about visas and other legal requirements.
This guide will give you detailed information on how to start a business in Australia as a foreigner.
Read More: Starting a Business
The Visa Process
Your visa is the first step towards your business set up in Australia. As a foreign national, you need to have one of the following types of visas:
The Business Innovation and Investment Program is an excellent step taken by the Australian government to encourage business set up and entrepreneurial talent in Australia. This program helps the foreign citizens in getting their business visas. This program offers the following visas to the foreigners for their business needs:
- Business Talent Visa
- Business Innovation and Investment Visa
The Business Talent Visa is permanent. However, the Business Innovation and Investment Visa comes in two types. One is permanent and the other is provisional.
Other than these visas which are specifically for business, there are also other visas available for the foreign citizens for the same purpose. However, those visas are the better choices if you want to set up business in the rural or low-growth areas. These visas also come with economic initiatives.
Business Talent Visa (Permanent)
This visa is for foreign citizens who are looking to start their own business in Australia. To qualify for the Business Talent Visa, you must meet some financial requirements and thresholds. Check the Australian government website to check the process of application.
After getting this visa, you are allowed to stay, study and work in Australia. Moreover, you also get medical and health care. On top of all, you can apply immediately for citizenship. On this visa, you are also eligible to sponsor your relatives or anyone for Australia.
Business Innovation Visa (Provisional and Permanent)
The financial requirements and thresholds for Business Innovation are different from the previous one. For this visa, there are various government bodies involved who carefully analyze your application and business structure. These bodies nominate you for the visa.
Once you get this visa, you can immediately bring your family along. This visa provides you with many healthcare benefits as well. Moreover, it gives permanent residency to you and your family.
Registering your business
Once you have obtained the visa to start your business in Australia, the next things you need to do is to register your company or business name in Australia. You can apply for permits and licenses only when you successfully register your business name.
Moreover, you can also take help from a legal counsel in this regard.
After you are done with the first two steps which are very important, its time to complete some other business needs.
Choosing your business structure is vital as it decides whether you are going to be with a company, trust or be the sole owner of your business. The tax, liability and other legal requirements are different for each business structure.
Thus, deciding your business structure is as important as any other step we discussed here.
Apply for business number
After deciding the business structure, you need to apply for a business number. It is known as the ABN number. ABN number consists of 11 digits which are unique for every business. It is just like your identity card which is unique for everyone and is a source of recognition for you.
Obtaining your ABN number is mandatory otherwise you won’t be allowed to send or receive invoices. You can also visit the Australian Business Website to know more about it.
Obtain a domain name for your business
After registering your business and obtaining the ABN number, you need to get a domain name for your business. The domain names in Australia gets the extension of “. com.au” and it is mandatory for all the businesses here.
Prepare a business plan as you are going to need it while applying for funding. You need very strong funding to have a strong back of your business. You can find many funding and grants options in Australia. Moreover, there are also many support programs to help start-ups.
Register for taxes
Now that you are all set, it’s time to register for taxes. If you don’t pay taxes at the right time, your business can get banned and you can face many legal trials. To avoid such situations, you must know about the right taxes which are applied to your business. Thus, find the right taxes, and register for it.
That’s all! You are not all set to start your own business in Australia.