Not everyone come to Australia with the intent of working a nine-to-five job. Some wants to earn a living with their own products or services, doing trade, or even acquiring a company.
So, how do you do business in Australia? We lined up the things you need to know in every situation for you.
Starting A Business
Much like setting up shop on your homeland, establishing a business in Australia means you need capital, a concrete business plan, management skills, all the works.
But beyond those, you need to iron out the documents and processes necessary, such as (we provided the links for you for more details):
- Applying for an Australian Business Number (ABN)
- Registering your business name (and your business’ website)
- Setting up the taxes for your business
- Processing the registrations and licences for your business
- Registering for an Australian Business Account to better organize your licences and permits External Site
- Set up insurance for your business
Acquiring an Australian Company
Australian companies grow in an opportunity-rich business environment, so it’s no wonder businessmen and investors would come and takeover some of the businesses here.
Companies here are all regulated by the Australian Securities and Investments Commission (ASIC). It holds a record of rules and supervisory documents regarding acquiring companies.
If you are interested in taking over a company (or companies) here, you may refer to ASIC’s regulatory index of takeovers and reconstructions.
Foreign investors and businessmen may begin by submitting a formal proposal, which will be subject to approval by the Australian Foreign Investment Review Board (FIRB). The board reviews and advises the Australian government if such proposals qualifies for approval under the government’s policy.
You may refer to FIRB’s Investment section page here for more details.
Registering A Foreign Company
These days, growing your business means expanding your operations to a global level. If you are trying to register a foreign company with ASIC, here are the steps you need to do to help your affair going smooth.
- Make sure the name you want to register is available.
- Reserve a name (which is optional, just to make sure the name won’t be taken by another company).
- Execute form 402.
- Assemble the supporting documents.
- Lodge the form and other documents and settle the fee.
After your registrations is completed, there are still some obligations that you have to fulfill, such as:
- Displaying your company name.
- Using your ARBN correctly.
- Retaining a local agent.
- Lodging your financial statements.
- Notifying ASIC of the changes.
For a complete and detailed information for each step, you may check here.
Listing for the Australian Stock Exchange
Australia, being a financial hotspot of the world, has a very active stock market. The main stock exchange in the country is the Australian Securities Exchange (ASX).
Australian and foreign companies may apply to ASX for listing, provided they meet the recommended requirements as prescribed by the ASX rules (you may check the listing rules here). These may include company disclosures and reporting requirements.
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