Australia has become a popular destination for business buyers, investors, and expats who which to set up their business in Australia. Australia offers high standards of living and many facilities that have attracted many expats. Australia has strict immigration rules and regulations, and the application fees can be very high. However, the Australian government promotes and encourages enterprisers to migrate and grow their business in the Australian market.
The Australian market is on the rise. Expats setting up new businesses and foreign investment are sources that have contributed to the increase and development of the country’s economy. If you’re a resident of a country other than Australia and are planning on starting a business in Australia, you’re in the right place. Following are the things you should know.
Apply for the right visa
If you’re planning on starting a new business in Australia, one of the most important steps is deciding which type of visa is ideal for you according to your needs and wants. There are more than 100 different types of immigration visas offered by Australia, amongst which the most popular is the Business Skills Migration Visa for investors, buyers, and enterprisers. The following are the main categories in the Business Skills Migration Visa:
- Senior Executive, which is offered to senior employees of big enterprises.
- Investor visa, which is offered to individuals who wish to invest in Australia.
- Business owner which is for owners of businesses
- Business Talent, which is for business people who have the support of the government.
Commonly the expats are given a four-year temporary visa. If you have evidence of carrying out any sort of business activity or investment over for a certain amount of time, you can apply for becoming a permanent resident. It is recommended that you take the guidance and advice of a professional Australian migration lawyer before making the final decision because these visas can be perplexing with constantly changing regulations and rules.
It is important for you to know that if you have permanent residency in Australia, you will be taxed on your income including payments and bonuses. Individuals who have a temporary residency visa may also be taxed. So it is recommended that you consult a senior Australian accountant.
Type of business
Before starting a business in Australia, you have to decide the type of business you will progress with. You can either do business under your own name or do business as a company. If you wish to do business under your own name, then you don’t have to register for a business name.
However, you should see if you need to register yourself for sales tax or a license. If you go ahead with trading as a company, you need to register your business in all areas where the company is functional. You should keep in mind that registration does not protect your business name and it can be used by others. In order to protect your business name, you must register the business name as a trademark. You should ensure that your business name is correctly written on all of the paperwork regarding your company.
It is necessary that your business obeys the Australian Labor regulations. It is your duty to ensure their salaries are paid. You can send money from Australia to your employees via Ria Money Transfer. It is necessary for you to be familiar with minimum wage requirements, work permits, health and safety regulations of the state, and recruitment policies.
Starting a business in Australia can be a daunting task especially if you take into account all the rules associated with the different areas of business. You can take help from an experienced accountant or from the government’s business advice website in order to make your job easier and propel your business in the right direction.