Basics of Doing Business in Australia
At present, Australia is a great place to do business. The business environment is favourable and the legislature on investing in he country is very clear. That is how the country has become a destination of preference for those looking to invest outside their home countries. Australia is a vast country covering over 7kms with the most distant points in the North and South being at least 330km apart. There are six states and two territories in the country. This is one country that is blessed with a beautiful climate and lots of mineral resources. Agriculture is also a big thing in Australia. When considering setting up a business in Australia, there are a couple of things that should be considered; the process of coming to Australia, investing, Setting up a business and running a business in Australia.
Coming to Australia
In Australia, there are different categories of visas for doing business in Australia. There are visas for business people and those for employee sponsored workers. Visas for employee sponsored workers are those given to foreign workers with a skill and occupation that is on the approved occupation list. There are also visas for special labour agreements. This is a visa required when an employee wishes to employ a foreign worker for a position that is not on the approved occupation lists.
Investing in Australia
Australia understands that most of its growth has been due to reliable foreign investments. As such the government is open to any foreign investments that have the potential of being productive. To ensure that the interests of Australia and its people are protected some investment proposals will have to go through the Australian foreign Investment Review Board (FIRB) before they are approved. The FIRB has outlined the necessary information that should be included in any investment proposal.
Setting up a Business
Investors coming to do business in Australia will have to choose from different available options. They can chose to set up as a foreign company, they can choose to establish as a new Australian company or they can acquire and existing company. All companies in Australia are registered with the Australian Securities and Investment Commission (ASIC). Any company that wishes to operate in the country as a foreign company should first seek to understand the rights and obligations of a foreign company under Australian law.
Running a Business
Doing business in Australia is like what obtains elsewhere only the business in question has to try to understand the regulatory framework governing businesses. Once the approval is gotten from FIBR and the company has been registered with ASIC, it can now set up shop. It is important that the business owners understand the tax laws, labour laws and other business regulations. They should be able to understand the employment regulations, taxes for businesses and individuals as well as any tax treaties, and laws on importing and exporting as well as intellectual properties.
Australia is considered the tenth country in the world in terms of ease of doing business. There are a lot of business opportunities in the country that keeps attracting foreign investors.
5 Ways to Start a Business in Australia
- Choose Your Business Structure
- Request an Australian business number (ABN) and register your company name
- Apply for a tax file number (TFN) when starting a business
- Set up record keeping and accounting systems
- Manage your business insurance
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