What Overseas Entrepreneurs Need to Know Before Starting a Business in Australia?

Australia is a pro-business nation; opening a business in Australia is a smooth ride and comes with plenty of facilities. Australia is a lucrative destination for global investors for availability of skilled labors, tax remittances, road connectivity and industrialized environment.

Australian government is more than willing to lay the red carpet for big corporations. Mid tier businesses might not expect such hospitality, but they’ll surely get all types of assistance. But before setting up a business, you should know more about Australia.

Australian Financial News

Important business related facts on Australia that you should  Know Before Starting a Business in Australia ;

Domestic market

Australia’s domestic market is not too big due its small population. The country is on a location that is geographically remote. Living standard of its citizens is high. The implications of these facts are;

  • Setting up manufacturing units of export quality goods may not be profitable unless you target the South-East Asian region.
  • As purchasing power parity index is high, people could buy expensive stuffs, electronic apparels, fashion accessories. So it’s wise to set up such businesses.

Corporate structure

Australians believe in inclusive world view. It is reflected in their daily actions as well as in their communication and management style. Corporate structure in Australia resembles a matrix. The management doesn’t have too many layers and absence of hierarchy enables the growth of a business.

It indicates you could avoid bureaucracy inside the company. Spend some time formulating a growth oriented structure and if needed, consult with professionals. Also, include everyone in the decision making process. At least take inputs from everyone.

Advices and support

Australian government delivers a wide range of advices and support to wannabe entrepreneurs and foreign investors. Contact the respective department to obtain support. Normally support and advices from the government are needed for environmental management issues, employment, fair-trading, grants and assistance, export import, occupational health and safety, taxation and tender and contracts.

You could also check the event calendar for events, seminars and training courses, held across Australia and attend them.

Licence requirement

Before opening a business or a manufacturing unit in Australia, you need a licence. There are different types of licences to choose from. Some businesses require additional permits and registrations. You could gather all requisite info from Australian Business Licence and Information Service. They will give you detailed and step-by-step guide so you could get a business licence.

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