Starting a Business in Australia
Corporate Plunder From The Land Down Under
Starting a business in Australia can provide the savvy business owner with many great benefits. From a friendlier tax approach than you currently receive, to lower labour costs, and for tons of corporate incentives in between, you may be looking to do business in Australia for any number of reasons. But starting a business in Australia is just like undergoing any other serious venture. You need to prepare yourself for any issues that may arise, and you also need to know what choices you have before just diving right in. Let’ stake a peak at a basic outline that covers incorporating in The Land Down Under.
You first need to conduct what I like to call a “feasibility study.” This simply means talking with someone who has already successfully done what you are trying to do. In this case, talk to a business specialist that knows corporate law in Australia, and get their thoughts. Any Australian Company Formation firm worth their salt will give you a free telephone consultation to answer your initial questions, and can determine if starting a business in Australia is right for you.
While you are educating yourself, ask your business consultant about the different types of corporate licenses available in Australia. This is your second step. If you are a one man operation trying to lend your small business some global cache’ and respectability with only a virtual office, your needs are going to be very different from someone looking to open a physical office in Sydney. The basic corporation choices you have are Sole Trader, Partnership, Proprietor Limited Company and Trust. Not all of these business entities are available to all businesses, and each offers its special rewards and requirements.
The next step you need to take is to discuss the tax implications for your type of business. There are several tax strategies that make starting a business in Australia very attractive, and these sometimes change from one business type to another. Make sure your Australian Company Formation representative answers any and all questions you have on your complementary call. That is what they are there for.
Next, discuss the fee structure, see if there are any annual costs for business maintenance, etc. Simply going with the lowest bid here may not be your wisest move. And finally, ask for references. This really separates the wheat from the chaff. A respected Australian Incorporation firm will have years of experience starting a business in Australia, and will be happy to inform you of their successful history.
Okay, you’re ready to pull the trigger, and get your Aussie business started. Just one final word of advice before we go. Whatever firm you use, demand that they employ local Australian lawyers and accountants that understand the ever-changing business landscape in Australia. For instance, purchasing a ready-made Australian business could save you time and money, but only a business pro working in Australia day in and day out will know the best move for you, and the best corporate route to bring you the most Corporate Plunder from the Land Down Under.