Tips for starting a business in Australia
MOVE TO AUSTRALIA | Starting a business in Australia can be challenging, but following these steps can help you smooth out the process.
Starting a business in Australia can be a very challenging process, given the strict laws and tax implications. But it needn’t be that tough when you move to Australia, if you follow these basic rules:
Business feasibility and market research
– Research the viability of your business concept to help you with the business plan.
– Licences and permits might preclude you from starting your business so be sure you are aware which ones you require.
– You will need a full financial plan complete with cash flow models, break-even scenarios, future economic benefits, and budget requirements.
– Be concise and to-the-point, but leave no stone unturned.
Business finance and funding
– Review all sources to determine your best options.
– Be aware of all tax implications, especially with respect to employees and also Capital Gains Tax. (See ‘Taxation on business’ section, below)
– Determine whether you want to set up as a sole trader, partnership, or proprietary limited (Pty Ltd) company.
– If you intend on working from an office as opposed to your own home, you will need to research well for available space.
– Commercial properties will be subject to their own laws, so you will need to be aware of a whole new set of restrictions.
– Get professional advice regarding the lease.
– Check with your Local Council about any building plans or health requirements in the area which may impact on your location.
Business name registration
– Check with your specific State department as each one differs in process.
Taxation on business in Australia
– Given the complex nature of Australian tax issues, it is best to seek independent advice.
– There are various areas such as personal, company, capital gains, fringe benefits, GST, business duty, stamp duty, royalties.
Insurance for your business
– This is another area requiring specialist independent advice as there are many different types of Australian business insurance, such as life, income, commercial risks, and worker’s compensation.
Recruitment for your business
– Recruitment agencies are the best place to commence your search for employees. Not only does using one provide a safety net if the employee doesn’t perform up to requirements, but they also save you time in the search.
– Obtain information from Department of Productivity and Labour Relations and Department of Occupational Health, Safety and Welfare regarding hours, holidays, leave, superannuation, and safety.
– You will need to get forms such as invoices, quotations and letterheads with logos of your company on them in order to conduct day-to-day business operations.
– Unless you employ someone from within, you might want to outsource this function. However, you will need to ensure you keep accurate records to assist them with creating a set of accounts for board meetings and socialising other financial aspects of the company.
– All of the big banks in Australia have small business banking divisions who will assist you with setting up an account, lines of credit and internet banking.
Business marketing and communications
– Business cards, brochures, newspaper adverts, Facebook and Twitter are just some of the ways you can advertise your business.
– Ensure you get someone to set up and host your email system, as well as your website.
– Any one of the high street phone stores will be able to help you with setting up a business mobile account.
Legal aspects for business
– You may also want to consult a specialist to give you advice on lease agreements, terms and conditions, dispute resolution, trademarks etc .
– Most banks in Australia have a small business banking division with specialists who can assist in this regard.
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A survey conducted by Hydrogen Recruitment shows that business executives place Sydney just after London and New York as best places to work.
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