Wednesday, January 8, 2014

Australia, The New Frontier for Mature Business People


from http://pixabay.com/en/service/terms/

For many retirees with investment funds and mature business people who want to start a fresh venture, Australia holds all the promise of a new frontier. The country welcomes foreign investors and commerce, but there are strict policies regulating money and businesses coming into Australia. The steps for investors and entrepreneurs are similar.

Planning for investors is crucial. They should research the market including threats and future opportunities in the area of their intended outlays. To get a physical presence in the country for assessment purposes, investors should obtain a business and innovation visa in one of two areas. The “Investor Stream” is for people who want to invest at least 1.5 million AUD (approximately $134 million) in an Australian territory or state and who intend to maintain business activity there. The other investment visa avenue is the “Significant Investor Stream” which targets people who are investing at least 5 million AUD in a complying business and who intend to maintain business activity in the country.

Some investments may require submitting a proposal to the government. Depending upon the kind of investment and the monetary value, the proposal may have to be reviewed and approved by the Australian Foreign Investment Board. In addition, investors must understand the current Australian regulatory environment and abide by it. Professional investment corporations who keep abreast of the changing economic climate can offer assistance.

Those wanting to start a business in Australia need to plan as well. First, entrepreneurs should get an accurate picture of their finances, strengths and weaknesses. This includes assets such as available personnel as well as money. There should be a well-defined and realistic business strategy which takes into account several things. A business plan should be in effect, including anticipated startup time and the market potential. In other words, people who want to start a business in Australia need to evaluate personal resources and the financial atmosphere surrounding the industry they are targeting, just as they would in beginning a venture in their own country.

What may be different for foreign business people is the system of regulations and requirements required by the Australian government. Businesses may be registered as foreign companies or as subsidiaries of existing businesses. Business people may buy franchises or even purchase companies already in existence. An understanding of the registrations and their applicable requisites is vital not only to set up the enterprise, but even to get into the country as a business person. Many of these things can be found online, but there are also professional corporations that can be a help in interpreting them.

Just as investors, those desiring to start businesses in Australia must obtain a business and innovation visa. The first step is expressing an interest in bringing the industry to Australia. This can be accomplished online through the portal “SkillSelect” on the Australian Government website. The business person must be nominated by two state or territory government officials. Then, the business person must be invited by the Minister for Immigration and Border Protection to apply for the visa. Once procured, the Business Innovation and Investment Provisional Visa, which usually lasts six months, allows people with business skills to

  • Establish a new business or develop an existing business
  • Travel in and out of Australia for the life of the visa
  • Bring family into the country
  • Seek permanent residency.
The provisional visa can also lead to a permanent visa being issued.

Foreign businesses in Australia are covered by The Australian Fair Trade Law. This comprehensive standard includes unfair market practices, industry codes of practice, industry safety and consumer issues such as labeling. It applies to virtually every corporation or sole proprietor in the country. Penalties for violating the law can reach $1 million. There are other standards as well. Those wanting to begin an enterprise in Australia should be aware of the statutes and their obligations under them.

Australia is an inviting and beautiful “new frontier” with a vital and energetic business environment. Still, business standards and requisites vary by country so wise investors and entrepreneurs should do their research carefully.


1 comment:

  1. Australia is a lovely place. I would love to spend my retirement years overseeing a nice little business out there.

    ReplyDelete

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