The Australian Trade and Investment Commission, on its official website, makes a number of arguments that the country is best suited for small business development. Moreover, the field of activity can be anything from a grocery store to an online casino.
What does Australia offer?
If you’re an entrepreneur, here are some pretty good reasons to seriously consider doing business in Australia:
- the country is in 15th place out of 190 world economies;
- robust regulatory framework, Australians are known for their stable institutional structure and strict financial and banking regulations;
- competitive prices for office space;
- good remuneration for specialists;
- the ability to choose any activity;
- high quality of life.
Australia is in the top ten of all countries in the world. To the pluses, you can add the weather and local beaches, where it is a pleasure to relax. Australia has a strong economy, dynamic industries, innovation and skills, global connections and a solid foundation.
The state ranks fifth in the world in absolute economic freedom in a special index for the past year. It concluded that “the economy has benefited from sustainable entrepreneurship development supported by an effective governance system, a well-functioning legal system and an independent bureaucracy”.
It should be noted that the most important indicator is the quality of litigation.
What else is the country famous for:
- it is easy to get permission for a new type of activity;
- ease of execution of contracts;
- you can get a loan without much difficulty;
- It is not difficult to start any business.
According to the Local Trade and Investment Commission, Australia’s economy is:
- 13th largest in the world;
- AAA rating from all three global rating agencies (this is the best credit rating that can be obtained in the long term);
- experts predict that the average annual growth of real GDP will be 2.9% over the next 5 years and will be the highest among the large developed economies;
- high level of productivity.
The latter indicator significantly affects the increase in the income of the entire population. So opening a new online casino in Australia is a promising project.
The nuances of running a small business in Australia
When you decide to start your own business, there may be several facts related to running it:
- A World Bank analysis ranks Australia among the top countries for ease of doing business. This is not only about the work in the market itself, but also about your own business in general: registration, taxes, capital protection, etc.
- It takes 2, sometimes 3 days from the beginning of the procedure to obtaining full rights.
- There are no minimum capital resource requirements.
- There are no mandatory pension contributions. Thus, there are no fixed costs regardless of the success of your business.
- The complete procedure (depending on the type of activity) consists of a maximum of 3 steps:
- free registration of an ABN number (if you have a TFN number);
- registration of a legal entity in ASIC;
- purchasing health insurance at the workplace WCI (Worker Compensation Insurance).
Of course, before registering any action, you need to clarify a few questions. The most important thing is the form of activity, then its specialization, product, distribution, promotion, all legal and marketing opportunities.
At the same time, there are 3 main types of activities in the market:
- individual entrepreneur – works as an individual (Sole Trader);
- in the form of a company;
- as a subsidiary of a foreign enterprise.
Of the three types listed above, the most popular is the individual trader. If you are planning a small-scale activity, and are going to provide various types of services, this will be an excellent choice for you. With a minimum of formalities, virtually zero registration costs, accounting services and relatively low operating costs, it is easy to become an entrepreneur in Australia.
What do you need to get started?
Looking to start a business in Australia? Here’s some background information.
Investors usually choose between:
- the creation of a new company;
- registration as a foreign company;
- the acquisition of an existing one.
When choosing the structure of your business, consider the legal and tax conditions. Companies may also need to establish their identity through a trademark, online and/or offline. The Australian Government provides a wealth of information on the Internet to enable investors to make the choice that best suits the nature of their business. Information is available in English. If you have any problems with paperwork, you can use the services of a professional lawyer.
What to look for
You should first decide how the management activities will be conducted. According to interchangeable rules or their own statute, or in a combined version.
The registration process can be carried out according to the following algorithm:
- See a private specialist. There are many vendors who use software that has direct access to ASIC systems. They can manage your company’s application, of course, everything is done for an appropriate fee.
- Submit the paper form directly to the ASIC. To do this, you must complete Form 201, this application to register as an Australian company.
- Remember to sign all information on the form.
- After processing the application, you will be sent a certificate of registration and a corporate key, which is a unique number for your company. You will need to use it in the future to create an online account and update your data.
- When the registration process takes place, make sure that its name appears wherever you work and that it should be publicly available. The ACN/ABN of the company must be listed in all documents published by the company.
Is only some information important to you? Learn directly from official government websites, newsletters and their affiliated agencies. In cases of doubt due to ambiguous terminology, it is worth discussing this issue with a professional lawyer. Consulting a specialist will help you figure out many issues, but you can also figure it out on your own.
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