Start a Business

How to Start a Business in Australia

For foreigners, starting a legal business in Australia has been made simpler than ever before. If you are a startup, Oz is the best country to bring your business. For the Global Entrepreneurship Index that was conducted in the year 2017, Oz is ranked worldly in the 7th position and the best in the all of Asia-Pacific. This has made it the best environment for bizzo startups.

Requirements for starting a business

The first thing to starting any type of business in this country is getting a visa. Thus, visa forms the essential hurdle when you are looking to start a business in this country. There are two visa options you can select from if you are a non-resident.

In the case that you, the visa applicant, is proven to have the required business skills, you will be issued a business Investment Visa together with a Business Innovation Visa. You are required to be nominated by the government, the territory or the state before proceeding to apply for these respective types of visas. After being nominated, you will have to submit your wish to DIBP and then you will have to wait for the invitation from the government, the territory or the state, depending on which gives you the go-ahead to process the visa. Upon the approval of the visa, you will be issued a visa that has a validity of 4 years.

There is another type of visa that allows you to start the business in this country. This is known as the Business Talent Visa. The individual eligible for this visa is one who already owns or part-owns an overseas type of Business with the net Business and the associated personal assets that are totaling 15 million dollars AUD or exceeding this and accompanied with annual Business turnover totaling 3 million dollars AUD or more. The other type of individual eligible for this type of visa is someone who is granted 1 million dollars AUD or more in terms of funding venture capital in this country.

The next thing is choosing the structure of the respective Business, either by starting as the sole trader, opening up a company or forming a partnership or a trust. Before making this decision you are required to seek more information from an accountant, the consultant of the new business or a lawyer.

After choosing the best business structure, the next thing is becoming the legal entity of that particular business by registering for the Business Number registered by this country. The next step is making a confirmation as to whether the chosen business brand can be registered in Oz. You can perform the registration of your business by contracting a private service provider which will manage the application you made or by applying for registration directly with the ASIC.