Compared to other countries, it is relatively easy to start a business in Australia as it has one of the most transparent and efficient regulatory environments in the world. With the country’s strong economy, it is not surprising that many foreigners are interested in opening up a business in Australia. It’s a great place to start a business in, but of course, there are still some legal points to consider before doing so.
It is important to know the laws of a country before investing in it because it might ruin you and the business if you are not careful.
Australia ranks pretty high when it comes to the enforcement of intellectual property laws. The global Information technology and knowledge economy has made strong intellectual property framework critical in the success of a business. It is important to know the rights of an intellectual property owner as well as the measures to preserve and avoid legal problems in connection to the rights.
Taxes are always an important consideration when doing business in countries around the world. A potential investor should consider the income tax, capital gains tax, and transaction taxes in the region and area in Australia where he or she wants to invest. Bilateral treaties also exist between Australia and other countries that should be considered by foreign investors.
It is important to know about the hours, holidays, leaves, superannuation, and safety requirements when hiring employees. The Department of Productivity and Labour Relations and Department of Occupational Health, Safety and Welfare should be able to help you to get this information.
The requirements for the acquisition and transfer of interests in land can vary depending on the underlying land. The government also recognizes that the Aboriginal and Torres Strait Islander peoples may hold native title rights and interest on the land and waters in accordance to their traditional laws and customs so it is important to check on this when dealing with land outside of urban areas.
Like many other countries, Australia has implemented laws for environmental protection. There are laws in the Commonwealth, state and territory, and local government levels. There is some degree of harmonization across the different jurisdictions but both the state and Commonwealth legislation should be consulted because approvals from both may also be required.
Foreign investment laws
A screening is provided for foreign investors who plan to invest in Australia. The Foreign Investment Review Board (FIRB) does the review and makes recommendations to the Federal Treasurer on the basis of the review. There may also be a need to be registered as a “foreign company” with the Australian Securities and Investments Commission (ASIC). There are also particular industries that have restrictions on foreign ownership such as in banking, shipping and media.
Industry-Specific Regulations and Incentives
Different industries and sectors also have their own specific legal requirements to consider such as in mining. For examples, the Mining Act 1978 has given acquiring a mining tenement in Western Australia its own registration and approval requirements. Some forms of inward investment may also be able to take advantage of government incentives.
Starting business in Australia enables you to take control of your life. You can work your own hours, you have the potential to earn much more than any employee can, and most importantly, you can do what you love – not what you have to.
If you’re interested in Starting Business in Australia, Just follow the easy steps on our website, and you’ll learn everything you need to know about how to set up, maintain, and grow your business to the point where you can quit your job and spend your life doing what you love.