Australia is a massive country with a very healthy economy and you have had your eyes on Australia with a view to entering the domestic market, now is a good time to set up a business in Australia. Like any country, Australia has its own set of laws, rules and regulations and prior to doing anything, it makes sense to research what is required in order to register your business.
International law firm
The best approach is to make contact with a law firm that handles business registration in Australia and let the experts explain the many options, which includes the following:
- Registered foreign company – An established foreign company can open an office in Australia, with liability held by the parent company. A resident public officer is required, as is the presence of a local agent and this can take up to 3 months to complete.
- Private limited liability company – Setting up a PLC allows you to immediately trade; you are required to have a resident director and resident public officer and the business can be set up in less than 1 month. ASIC registration is required and you must file an annual tax return.
- Representative office – This is ideal for a company that wishes to carry out market research in Australia; no company officers are needed, nor do you need to file annual tax returns, which saves time and money. You are not required to register with ASIC and this short-term option can be set up within 1 month. Improve your business efficiency with these top tips.
The international lawyer lists all the documents required, plus he or she informs you about banking requirements that need to be set up in advance. No doubt you will require bookkeeping and accounting services, which is something the law firm can arrange.
Taxation benefits
There are tax benefits for foreign investors and unless you seek out the services of a leading international law firm, you would not be aware of these. The lawyer can help you to formulate a clear plan of action, which might involve starting with a representative office, then setting up a limited company when you are ready to trade.
The importance of compliance
When you register a foreign business in Australia, you need to be compliant at all times and this is one of the important roles of a local law firm. They are very flexible and can supply a diverse range of services to foreign investors who wish to do business in Australia. Secretarial services are available and you are constantly reminded when timelines appear, ensuring compliance. Tax returns and annual reports must be submitted on time; click here for information about setting up a business in Australia for a non-citizen.
In summary, the Australian government offers attractive incentives to foreigners who wish to invest in the country and by consulting with a leading international law firm, you can be sure of where you are going.
