Australia is a well developed nation with a high quality of life and all modern amenities available to its residents. It is regarded as a wonderful place for doing business because of the excellent opportunities it presents to businessmen and traders. Australia attracts huge amounts of FDI in diverse industries such as agribusiness, mining, renewable energy, and information technology services among others. It has a growing economy with political stability to encourage entrepreneurs to start a business and earn good profits. It is easy to do business in Australia because of the availability of a highly skilled workforce and a regulatory mechanism in place.
Easy to start a business in Australia
World Bank gives Australia 2nd rank behind United States in terms of ease of starting a new business. Australia has a strong and very competitive economy and it takes only two days for a businessman to get his business registered in Australia and get ABN, the unique 11 digit identification number necessary for transactions and taxation purposes. For those involved with construction business, it takes nearly 112 days to obtain the necessary permits from the government.
A new business can get electricity connection from a service provider after applying for a connection and getting the approval from the authorities. Buying a property and getting it registered in your name also takes just 2 days in Australia to make it fast and easy for anyone to start a new venture. If you want to set up a company in Australia, you need to register it with Australian Securities and Investments Commission (ASIC).
Investors desirous of setting up a business in Australia can do so by creating a new company or by setting up as a foreign company in Australia. They can also choose to acquire an existing company in Australia. The government of Australia allows businessmen to choose from a variety of avenues depending upon their requirements and nature of business. The availability of a highly skilled workforce in Australia solves many problems for the investors as they do not have to outsource operations of their business.
Why Australia is a good place to do business?
Businessmen from around the world find Australia a wonderful destination for doing business. People here have a business mentality that allows them to do business with a new entity as they do not need a long relationship. They are receptive to new ideas and sense business opportunities very quickly. Australian people are modest and they appreciate modesty in people with whom they do business. An aggressive sales pitch can prove counterproductive in Australia. You need to be patient as Australians do not like to be rushed into making decisions.
Australia is a multicultural society with one in every 4 residents having been born overseas. Of these, 40% belong to Europe and nearly 33% are from Asian countries. Australia is made up of 6 states and 2 territories. There is a great deal of certainty and security for businessmen operating in Australia because of a fair and just legal system and a highly effective regulatory framework in place.