Things To Consider When Starting A Business Down Under
Moving from the UK to Australia is a dream for many Brits and there are many success stories out there to keep the dream alive.
When most people emigrate to Australia from the UK, they do so in the hope of obtaining a working visa and being able to get a job. But what if you want to start your own business in Australia?
What things will you need to consider before making such a huge and life altering decision?
What kind of visa will you need?
During the recent Brexit debate in the UK, we heard a lot about the ‘Australian points based immigration system’. To set up and run a business in Australia, you will need to get your hands on the right type of visa.
To get hold of one of these, you will need to score a certain number of ‘points’ in the vetting process. The two main types of visa you will want to look at are Business innovation & Investment Visas and Business Talent Visas.
More information on how to get hold of one of these visas, which one is right for you and whether you will be eligible can be found on this page on the Australian government’s website.
What about your business structure?
Another important consideration when starting a business in Oz is what structure your business will take. Fortunately, this is an easy concept to wrap your head around as businesses in Australia are structured in a similar way to what they are in the UK, with the four main types of structure being sole traders, partnerships, trusts and companies.
While these names may sound familiar, it is still worth exploring how they work in Australia in more depth, as this could play an important role when it comes to any possible legal and tax implications. You can get more information about setting up your Australian business structure here.
Where will you locate your business?
Perhaps the most important part of setting up your business in Australia will come when you are deciding where to locate it. If your business is going to be reliant on a skilled and transient workforce, then you will want to locate in a busy and thriving area.
Locating in a popular city may also help you when it comes to finding contractors to build or renovate your business premises. You will likely discover that it is much easier to find a electrical contractor in Sydney, for example, than it is to find one in a less populated area.
You will also need to consider who the potential clients for your business might be and locate as close to them as possible, so that you can respond quickly to their needs or gain the necessary footfall for your business to thrive.
There are many more points to consider when you are seriously thinking about starting a business down under. Here we have discussed just three, but hopefully they will prove to be good starting points to help you on your way.
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