With one of the strongest economies in the world, there are many benefits to starting a business in Australia . And while it’s a relatively straightforward process, there are a number of factors you need to consider to ensure your business is a success, such as business structure, taxation, human resources and finance systems.
With one of the strongest economies in the world, there are many benefits to starting a business in Australia. And while it’s a relatively straightforward process, there are a number of factors you need to consider to ensure your business is a success, such as business structure, taxation, human resources and finance systems.
It can be overwhelming having to navigate unfamiliar legislation, terminology and processes in a foreign country but we’re here to help. Combining our global network with local expert knowledge, we can assist you to enter the Australian market with confidence and ease by managing your setup and compliance while helping you to minimise costs.
Before starting a business in Australia, you’ll need to decide which business structure is the best option for you. This will depend on your business model and the activities you want to pursue in the Australian market.
You’ll also need to consider what will provide the most efficient outcome for your business in terms of taxation, beneficial contractual obligations, staff employment and immigration visas.
It’s also worth having a thorough understanding of your tax and superannuation obligations in order to avoid unforeseen tax charges that could impact your budget so it’s worth enlisting professional advice to help you navigate this from the beginning.
Essentially, there are two main business structures we recommend for foreign businesses setting up operations in Australia – a foreign branch or an Australian subsidiary company.
A foreign branch is when an overseas business trades in Australia but doesn’t operate as a separate legal entity and must still comply with Australian legislation.
This means the business must apply for an Australian Registered Body Number (ARBN), a tax file number, goods and services tax (if annual income is over $75,000) and Pay As You Go Withholding (PAYGW) tax (if you are employing staff).
On the other hand, a foreign business can create an Australian company and become a subsidiary of the foreign business and it’s this Australian subsidiary company that trades in Australia as a separate legal entity.
According to DFK Varnay Laurence Partner, Tony Nguyen, their international business services team has a proven track record in helping international businesses set up operations in Australia.
“If you’ve got plans to grow your business internationally, we can make it happen. Our international team is available to give you practical advice that will help you navigate cross border transactions.”
“Some of the dedicated services we offer to international clients include end-to-end business services such as business advisory services and relationship management as well as seamless end-to-end commercial services giving you more time to focus on your core activities and business growth,” he said.
Feel free to get in touch today to discuss how we can help provide you with a tailored solution for expanding into Australia.
By email, phone, or in-person – our outsourced accounting firm is ready to discuss how we can help take your business to the next level.
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