Good to Great: How to Scale With an Outsourced CFO

Australia enjoys a strong reputation for being friendly to business-minded people. Businesses of all sizes continue to flourish in Australia, and with the right guidance and support, your own chances of success are high. 

If you already have an existing business in another country, moving that business to Australia may be a great move. You can tap into a new market while enjoying a change in lifestyle and a new environment. However, there are a number of things to consider before moving your business to Australia.

 

1. Decide on a Location

Where will your business thrive in Australia? Does it work best in an urban, rural, or suburban setting? Do you need access to cutting-edge technology and high-speed internet? Are certain areas of the country already saturated with businesses like yours? 

The answers to these questions can help you to decide on a location for your business. Once you settle on a location, you can research the local market as well as territory compliance and legal requirements.

 

2. Decide on a Business Structure

In your current location, your business has a legal structure, and in Australia it will need one as well. Depending on the size and nature of your business, one of the following business structures will suit your purposes: 

• Branch/Permanent Establishment
• Company
• Partnership
• Trust

There are a number of considerations when making this decision, ensure you have spoken to an Adviser to get the right information, optimised for your situation.

 

3. Look into Taxation

As a foreign business owner in Australia, you’ll be taxed on your Australian-sourced income. In addition, Australia has a number of development incentives such as Research and Development and Export Market Development Grants that can assist with developing a new product or services and selling globally.

 

4. Learn How to Employ Workers

Australian employers have a few obligations that may be new to you. For example, as an Australian employer, you’re responsible for contributing to superannuation, Australia’s retirement planning program. 

You’ll also need to check the residency qualifications of your new employees. Australian and New Zealand citizens, as well as permanent residents, are allowed to work in Australia. You’re responsible for confirming their visa status.

 

Why Move Business to Australia

If you’re looking into moving your business to Australia, it’s likely that you’re already aware of the prosperous and stable economy, healthy lifestyle, and beautiful landscapes of Australia. Additionally, Australian businesses enjoy easy access to some of the healthiest and most promising markets in Asia. 

It’s a great time to move your business to Australia. For more information about the process, and to get answers to your questions, talk with an Altus adviser.