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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
The Australian business market is a great place to be. The country is politically stable, it has a transparent regulatory system, and it’s ranked in the global top five on the Index of Economic Freedom. Additionally, Australia’s regulatory environment is ranked 15th out of 190 countries for ease of doing business according to the World Bank’s Doing Business 2016 Index. You’ll also find enticing rates for office space, a labour force that is educated and motivated, and an excellent quality of life. What’s not to love?
Clearly, the Australian business market has a lot to offer to entrepreneurs. If you plan your entry carefully, you’ll set yourself up for long-term success.
Let’s take a look at some key strategies you can use to plan your entry into the Australian market and give your business a firm foundation.
Regardless of your industry or size, you need to register your company and comply with local tax authorities. The way you register your business (as a branch, partnership, trust, or company) will have long-term ramifications on the way your business operates. It’s wise to consult with an adviser who understands the ins and outs of Australian business to help you know which structure will work best for your current business and future goals.
You’ll need to acquire an Australian Business Number (ABN) for your business as well.
Location can mean the difference between success and failure for a business, especially for a business with a storefront and many local employees. In order to choose a strategic location, you’ll have to do market research and will most likely need to use someone on the ground with local knowledge.
Research your potential competitors, current market saturation for businesses like yours, and demand for your services and products. With this information you will avoid entry mistakes such as starting your business in an area that is already oversaturated with similar businesses, or has limited infrastructure.
You’ll need a branch, local, or registered office for your business. You can set one up yourself, or you can have a local company act as your registered office. The second option usually works best for companies that are just entering the Australian market. This is a service we offer our clients.
Australia has its own accounting and reporting standards, and you’ll find that your life is easier if you set it up correctly from the very start. When your business accounting system is compatible with Australian reporting standards, they are easier to submit, saving yourself a lot of time and money.
Like other decisions we’ve mentioned, the decision to buy or lease commercial property will affect your business in the long term. There are tax implications that accompany owning or leasing property, so it’s best to consult with an adviser about this decision.
Depending on your industry, you’ll need to find insurance that minimises your risks and helps you to succeed in the future. For instance, if you plan on employing other people, you’ll need workers compensation insurance to protect them in cases of sickness or accidents. If your business will own vehicles, you’ll need to acquire third party personal injury insurance.
For more information about planning your entry into the Australian business market, or to discuss any other business concern, get in touch with us at Altus Financial.
Set your business on the right path with this simple guide.
Make sure you’re on the right track with this online checklist.
© 2022 Altus Financial, All rights reserved.
Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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