Your Guide to Moving to Australia for Starting a New Business
Moving to Australia to start a new life is a dream for many people, especially when the weather here is cold, dark and miserable. Over a million people from the UK have moved to Australia to enjoy the high standards of living, including investors, business buyers and ambitious new entrepreneurs. Although Australian immigration is subject to strict regulations and there are application fees to pay, the Australian government actively encourages migration that will boost the country’s economy. Various industries are highly profitable in Australia including tourism, mining, environment, minerals, ICT, science, financial services, biotechnology, agricultural technology and more. There are millions of small businesses in the country making up over 40% of goods exporters. Here’s what you need to know if you are considering moving to Australia to start a business.
Getting a Visa:
If you’re thinking of starting a company in Australia, one of the first things to consider is which Australian business visa is best suited for you. There are a number of immigration visas available, however, the Business Skills Migration visas are typically the best options for investors and business owners. The Business Skills Migration visa covers four main categories, which are Business Owner, Senior Executive, Investor, and Business Talent. Typically, applicants will be given an initial four-year visa on a temporary basis and will be able to apply for permanent Australian residency if evidence of a certain level of investment or business activity that you have maintained over a certain period of time is provided.
Establishing Your Business:
Once you have selected the most relevant visa option from UIS Australia, there are two options available for those who want to establish a business presence in Australia. You could either establish a branch office that registers itself as doing business in Australia or acquire or establish an Australian subsidiary company with at least one director who is an Australian resident. It’s important to note that the main distinction between these two options is that in most cases, a subsidiary will need to lodge its own accounts with the Australian Securities and Investment Commission (ASIC), while on the other hand, branch offices will need to do this in the country where the overseas business is based.
There are various regulations, rules and licenses surrounding legally setting up a business in Australia, so it’s definitely worth taking your time to engage the services of a professional business broker who can help you navigate the system. A business broker can help you deal with the complex processes of either buying an Australian business or moving to the country to set up a new company. They act as an independent third party that provides unbiased advice in your best interest. A good Australian business broker will also have extensive local knowledge regarding financial regulations, permits and licenses, insurance, real estate prices and more.
Investing in an Australian Business:
Visas provided for business migrants to Australia aren’t just for those who want to start or buy a business in the country. You can also get a visa if you are looking to make a significant investment in one or more already established Australian companies. Under the Business Innovation and Investment visa, you can qualify to enter Australia legally if you are willing to invest in a local company. To qualify, you must be looking to invest a large sum of money in either territory or state bonds, and plan to maintain investment and business activity in Australia once your initial investment has matured. Your business and personal net assets for the previous two financial years will also need to surpass a certain amount.
Getting Business Financing in Australia:
If you want to move to Australia to start a new company, a business broker can help you navigate the world of business financing and funding in the country. It is worth noting that Australian banks have a reputation for rejecting small business loan applications, however, there are various alternatives to consider. Online lenders are popular with Australian small businesses with over one hundred lenders available offering small business financing on both secured and unsecured basis.
If you’re looking for a change of scenery and pace, moving to Australia to start or invest in a business could be an excellent decision.