Open A Business In Australia As Foreigner – Starting a new business venture is both exciting and terrifying in equal measure. For one thing, you end up being the boss; Master of your own destiny, you strive for success in what you are truly passionate about. On the other hand, you already have a laundry list before you start so everything goes smoothly. While working for someone else relieves these responsibilities, the startup business owner takes on all of these burdens. Not only that, every state has different laws, regulations, and requirements to help you get started. So even if you’ve started a business in one country, you need to do a lot of research to make sure you’re doing well in another. To help you, at least in Australia, we have compiled a list of the most important things when setting up a company below: How to start a company in Australia 1. Choose your company structure. The structure you choose for your business is very important because it directly affects things like: the level of control you have the amount of tax you pay regulatory obligations the health and safety requirements of the workplace the level of personal responsibility you will have. There are four structures on which you can form your business in Australia: Sole Proprietorship: Sole Proprietorship: You register someone (usually yourself) as the sole owner of the business. This means that you are responsible for all legal aspects of running your business, but you have the right to hire people to work for you. Company: This is a commercial company or legal entity that has a separate legal entity for its shareholders. Partnership: A partnership is a situation where more than one person and/or entity carry on business together, but not in the form of a partnership. Trust: A trust is an entity that holds property, income or other assets for the benefit of a third party. Image Credit: AnyBusiness.com You should determine the structure of your company before registering it, as each structure involves different steps to do so. It’s also worth noting that you can change the structure of your company as it grows and evolves over time. 2. Select the activity type. With the right structure, you can better understand the type of business you need. There are many business types to choose from and some of the main ones are: Online Business Franchise Independent Contractor Every industry has a different set of legal obligations and regulatory requirements, so it is important to choose the best business type that fits your industry. 3. Apply for an Australian Business Number (ABN) and register your business name. You cannot legally set up a business in Australia unless you have an ABN. This is an 11-digit number that is unique only to your company and serves as your company identifier. Once you have an ABN, you will be able to: Register your business name Identify your company when dealing with others, for example to order goods and services or send invoices Apply for taxes such as Goods and Services Tax (GST) Use credit for things to do. such as energy subsidies. It’s best to choose a business name before you start creating assets like the website URL, logo, or other design. Otherwise, you will have to change everything in case of changing the company name. If you’re creating a company logo, it’s worth considering whether you should patent it to protect against copyright infringement. You can register your ABN and business name separately if you prefer, but here it’s easier to apply for both at the same time. Image Credit: Ministry of Industry, Innovation and Science 4. Register your domain name. You can only take this step once you have secured your company name and ABN, as getting a .com.au address is only possible if you are an Australian registered company. The domain name you choose should be related to your business in some way and make it easy for potential customers to find and identify it. While you may have the perfect domain for a killer business name, you still need to see if someone else has already taken it. Fortunately, there are many sites that can help you with this – here’s one that will give you a head start. Image Source: Instant Domain Search Once you find a domain name that is not already taken, you can visit the .au Domain Administration Limited (.auDA) website to find links to domain registrars and resellers. Here’s how much you’ll pay to protect your domain name. 5. Identify your source of funding. If you’re like most new startups, cash flow will be your primary concern. You can have the best business plan in the world, but it won’t help you if you don’t have the money to keep the lights on while you’re on the ground. Therefore, it is important to know what resources are available to make the initial growth period easier. While there aren’t many state grants to help you start a business, there are several options that are specific to each state. For example, if you are setting up a business in Adelaide, you can apply for a great Small Business Development Fund of $20,000. Image credit: Department of Industry, Innovation and Science Other grants are based on: Bringing an idea to marketing and sales Buying equipment Importing and exporting Employing people Your venture. 6. Select Software Stack. When you start building your business, you will have to make many important decisions. One of the most important choices is strategically choosing software that can make your life easier. While the exact software solutions depend heavily on the type of business you run (a SaaS business will require slightly different tools than a coffee shop), there are some tools worth considering for any business. Almost every business needs to use a CRM to track important customer information in a central repository, accounting or bookkeeping software to keep their finances in order, and analytical tools to measure business growth. 7. Register for proper taxes. As the saying goes, “The only certainties in life are death and taxes.” Unfortunately, this also applies to those starting a business in Australia – to avoid potential legal hurdles, registration for relevant taxes is required. The taxes you need to register for depend on the type of business you choose to set up, with some applicable to all types and others only required for certain types. Here are some examples: Goods and Services Tax (GST) – Required if your business turnover is AUD 75,000 or more – Required if you want to withhold tax for purposes such as paying Income Tax (FBT) – If you are lucky your Enough to give employees benefits like company cars, you should register. For more information on tax types, click here. Once you’ve sorted out the above essentials, you’re almost ready to get started. However, we have one last tip for you – starting a business is a difficult task that becomes easier if you find ways to save money and build a solid network of collaborators and cooperation partners. A great way to achieve both of these goals is to set up shop in one of Australia’s many co-working spaces. You’ll save a lot of money on office expenses, as well as open the door to networking opportunities that could lead to other benefits down the road. Whatever you do and wherever you decide to start your business, we wish you the best of luck!
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Open A Business In Australia As Foreigner
We care about your privacy. HubSpot uses the information you provide to us to contact you about relevant content, products and services. You may opt out of receiving these communications at any time. For more information, please see our Privacy Policy. Once a foreign company has registered a new legal entity in Australia, it is time to set up a corporate bank account for the new venture. There is a specific process for setting up a business bank account in Australia and by following the steps below you will be able to successfully open a new account. The first task is to register the company in Australia with the Australian Securities and Investments Commission (ASIC) and have a current ABN (Australian Business Number).
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