5 important points to know before starting a business in Australia
Australia is one of the most business-friendly countries in the world, and The World Bank has ranked Australia in 13th place in terms of ease of doing business and 11th in terms of starting a new business.
Business, whenever you think about this word our mind, come across people like Tata, Birla’s, Ambanis or people like jack ma or Jeff Bezos some of them started their own business, and some of them inherited, but one thing is common in all of them they are a most successful person around the globe. But when you look back, it was not an easy journey for them.
If you want to start a business in Australia, then you have to keep these 5 things in your mind
1) Decide the business structure of your company
Before you think about starting your company in Australia, you must be clear about the business structure of your company basically there are 4 types of business structure –
- Sole trader
2) To know the law
The next step is to know the law. You have to understand the regulations, licenses, and taxes you will need to follow, obtain, and pay for your new business in Australia. For that, you have to consult a lawyer and accountant to help you understand how to start a business legally.
3) Focus on the people and their needs
Business is all about people around you and the employees who are working for you.
Focus on the people around you and employees who are working for you understand their needs compensate them adequately and invest in their training.
4) Obtain a Service level agreement
Before you indulge in any kind of business activity of providing a service to individuals or corporations in Australia, you must have a well-drafted service level agreement (SLA). This agreement provides a clear understanding of the scope, responsibilities, and quality that the service provider will deliver to the service user.
5) How to obtain a business Visa.
If you are not an Australian citizen and are looking to start and manage a business entity in Australia, then before obtaining a business visa (known as The Business Innovation and Investment Visa in Australia), you have to submit an Expression of Interest (EOI). Based on EOI, a businessperson will be invited to apply for an Australian business visa.
So, these are the most important points to keep in mind before you start a business in Australia.