Venturing to a new country with your business in tow typically carries a hopeful and exciting "you can do it too" feeling.
Many people have gone down under, choosing to immigrate to Australia while keeping their entrepreneurial dreams, and it's not hard to understand why. Australia has a stable economy, good average income, and a conducive business environment.
In a recent ABC News article, Australia is reported to grant about 7,000 visas in the business and investment visa programme annually, and every year, many aspire to become part of this statistic by starting something of their own.
Why Establish Your Business in Australia?
Australia is generally a brilliant location to consider establishing start-ups. According to the Australian Bureau of Statistics in its August 2019 report, the country’s average weekly earnings for full-time adults in May was AU$1,634, and have seen an increase by AU$48 over the year, marking a 3% growth. Greater income gives people spending power, which creates favourable economic conditions and fertile conditions for businesses to land in.
Australia also has a better edge to strike opportunities with Asian companies due to its proximity to Asia, a continent rife with competitive business and the latest technologies. Being culturally diverse, Australia is friendly to new ideas whilst maintaining broad global market connections.
Political and economic stability and a well-educated workforce is another factor that makes Australia an excellent place to set up your business.
If the above factors have left you feeling excited, here are several things to prepare you for your move:
Figure Out Business Immigration Visa
To fulfill Australia investment immigration requirement, you can consider applying for the Business Innovation stream under Business Innovation and Investment (Provisional) visa (Subclass 188).
As of December 2019, the Business Innovation stream will allow you to operate a new or existing business in Australia for 4 years and 3 months. This visa costs AUD$5,375. Once your visa period is up, you can re-apply, or make your stay permanent through the Business Innovation and Investment (Permanent) visa (subclass 888).
Plan Your Expenses
Before you make your big move, you will want to work out your finances beforehand. Consider the workspace you need, be it a home office, serviced office, or a co-working space.
Different parts of Australia offer different workspace pricing and environment. For instance, being a central business district, Melbourne and Sydney have higher office rental prices than neighboring cities but boast convenient transportation routes and vibrant economic activity.
Consider that you need to spend money to make money. Raising local awareness of your product or recruiting local employees require creative works and marketing cost.
Additionally, estimate how much you need to smoothly cover your monthly expenditure based on local market price and map out your spending for the coming months. As of December 2019, Melbourne one-person living cost is around AUD$1,277 without rent, while Sydney one-person living cost is around AUD$1,374. There’s no harm to set aside an extra amount for unexpected expenses while you figure out your way in a new place.
Familiarise Yourself with the Local Rules
There’s no expressway to make sure your business will stick around for the long term, and it’ll be wise not to challenge the tax or legal systems by finding loopholes to save cost. It may seem like a financial solution in the short term, but the strategy can easily backfire in the future.
The whole starting-business-in-Australia process needs to be impeccable from the start to avoid potential issues with the law. Make sure you pay your taxes, abide the laws and regulations to minimize future legal and financial implications. You may want to get some insights from the Australian government regarding income tax for business as a start.
There are also workplace laws that protect employees, such as pay rates, shift calculations, and amount of leave. You can be a law-abiding employer with the help of the Pay and Conditions Tool.
Start Planning
When it comes to business migration, Australia is no doubt one of the top countries to consider. This article should have equipped you with a few things to begin your planning. Time to start your entrepreneurial pursuit in Australia!