Have you started thinking about starting your own business as a foreigner in Australia? If so, you are probably feeling utterly overwhelmed, stressed out, and in a way, scared. However, the entire process does not have to be complicated and terrifying, especially with the right tips in mind.
Fortunately for all individuals thinking about starting a company in Australia, this article could help you quite a lot. The text below is going to feature the top 8 tips that you should remember when planning on starting a company in a foreign land. Let’s take a look at the list:
First Things First – Get a Visa
Any individual that is planning on starting a business in warm Australia must apply for a visa, more specifically, there are two visa options – the ‘Business Innovation and Investment’ Visa or the ‘Business Talent’ Visa. Applying and getting either of them is crucial for opening a company, hence, you should contact the DIPB to begin the entire process.
Opt For The Structure of Your Company
The next step you should take is determining what structure your company will have. There are a lot of structures out there, however the most frequent ones are a company, trust, partnership, or a sole trader structure. Before you choose one of the four options, you might want to ask for some advice from a lawyer, but if you do not know which one is the best in Australia, you can check out the useful guides at Kevsbest.com.au for more information.
Register For an ABN
Once you are done with the two aforementioned steps, you’ll have to apply for an ABN (Australian Business Number). When you obtain it, you’ll be able to do a wide range of things, including confirming your company identity which will allow you to invoice and order, you won’t need to pay taxes on the money you receive, you’ll be able to claim different tax grants and credits, and you’ll be able to purchase a domain name.
Creating And Registering Your Brand
Another important thing is to opt for a name for your brand that is not already registered in Australia. If you want to determine whether or not the name you are thinking about is eligible, you can search the Security and Investment website in order to see if you can register a specific name. When you ensure that you can, in fact, register it, you should get in touch with a trademark lawyer that will help you file everything.
Register Your Business
There are actually two ways that you can do this:
- By Getting in Touch With a PSP – by choosing this option, they’ll handle almost everything for you, for a fee, of course. Most of them utilize a program that allows them to access the system directly, which means that you’ll application will be dealt with efficiently and quickly. Keep in mind that you should do some digging before opting for a PSP.
- By Getting in Touch With ASIC – you could also choose to register it by yourself by filling the form 201 and then sending it to the ASIC. Naturally, you’ll need to send it after you pay the expenses you have, and if you do not pay, your application won’t be processed.
Get All of The Permits
Similarly to opening a business anywhere in the world, there are some basic permits that you’ll need to obtain, including:
- The Marketing License – all companies around the globe need to advertise their business in order to be successful. Hence, if you are thinking about using signs or different advertising tools, you’ll need to do it legally, which is why you’ll need to obtain this particular license.
- The Sale Permit – if you are planning on selling products or services, you’ll need to obtain this permit. Of course, the requirements are different in each state, hence, ensure that you know what you’ll need. Additionally, learn more about the tax regulation since you’ll need to get state taxes on each purchase.
- A County License – this is, perhaps, the most important thing that you must obtain, especially since it allows you to operate legally in Australia. Not obtaining it implies that you won’t be able to operate your company, hence, ensure that you get it as soon as you possibly can.
- A Health Department License – this particular permit implies that the Health Department representatives come to your office building and inspect it. Why is this necessary? Well, they’ll ensure that there are any health hazards. If there are, you’ll be required to eliminate the threat before you can operate.
Getting a Domain Name
No company can be successful without a website, which is one of the reasons why you need to ensure that you get a domain name and a trademark for your firm. It is very important for you to have a “.com.au” name, especially since it will ensure that people do not think your business is a scam.
Marketing is The Key
When you are done with registering your domain name, you can finally start building your brand and audience. Hence, do not forget to utilize every single tool available, including social media platforms such as Instagram, Facebook, and Twitter, as well as creating useful and effective marketing strategies such as email marketing.
Doing all of this won’t only ensure that you perfectly showcase your products and/or services, but, it will also ensure that you reach your targeted audience faster and more efficiently. Keep in mind that you should get your customers involved by communicating with them, as well as offering them different polls, choices, and encouraging them to interact with your brand.
As you can see, there is a wide range of things that you’ll need to remember and do before you can actually open your own company in Australia as a foreign citizen. But, by following and doing all of the aforementioned things, you’ll be able to make the entire process less time-consuming, and more importantly, less stressful.
Hence, now that you are aware and that you learned all there is about starting your own business in this warm country, you should not lose any more time. Instead, you should start working on the first tip mentioned in the list, which is applying for and obtaining a business visa.
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