Doing Business In Australia…??
Doing business in Australia…?
Having come from the UK myself as a migrant in 1991 I had to make my way in the Australian business world without any guidance. I now run 3 successful operations here in Australia ‘Pendragon Management’ a Salary Management and Visa company, ‘OZ Migration’ a pure Visa/Migration company and ‘Your Australian Business’ a company that assists new businesses to Set Up In Australia so I feel I am very qualified, through the skilled teams that run my entities and my own experiences, in assisting anyone looking to move or open up a business in Australia.
With over 20 consecutive years of growth, an exchange rate that makes many products and services very affordable and a society and culture very similar to countries like the UK, USA, Ireland and many more– Australia is an excellent destination for many companies.
Australia is the only nation to rank in the top five of the world’s most resilient economies since 2008 and its real GDP growth is expected to outperform that of every other major advanced economy up to 2019. It is still looking for growth and has the capacity to double or triple its growth.
Australia is the safest country in the world for women, according to data the consultancy New World Wealth released in its 2019 Global Wealth Migration Review.
Australia is also conveniently located next to many of Asia’s highest growth economies and has a network of free trade agreements with Asian nations, as well as many native Asian language speakers resident in Australia.
Business in Australia…?
Opportunities exist for businesses to expand to Australia, South East Asia and the Pacific Rim – a mega-region accounting for 36% of the world GDP and the fastest growing. Exports to Australia from the UK alone grew by over 60% in the last five years to more than £10 billion. There are massive opportunities in oil and gas, ports, infrastructure, ICT, education, financial and business services.
But, let’s not forget the lifestyle either!
Today you can still drive to the shops and find a parking spot… You can go to the beach and be home by supper… You can own acreage and property within a reasonable distance from the CBD… and most importantly your children will have the same ample opportunity to succeed in life with great universities and job prospects.
Want to do business in Australia…?
Do you want to know the current opportunities in Australia for your industry? Then take the guess work out of knowing what opportunities exist in your industry with a snapshot report from ‘Your Australian Business.’
There are a lot of facts and information that international business men and women do not know about business in Australia. For this reason it makes sense to get a heads up on what your industry is doing and where it’s heading within the vibrant Australia economy.
Get Your Industry Snapshot Report here…
At the same time please feel free to download the free A-Z guide to starting your business in Australia http://www.youraustralianbusiness.com/snapshot
Business investment in Australia for existing businesses expanding and entrepreneurs…
I have put together some brief information for each state around business investment visas which may be a pathway for you to set up your business in Australia.
All states welcome overseas investments and because the Australian economy is still buoyant they all are good for future business growth…
If you are a successful business person who wishes to establish a new business, invest in an existing business under the Significant Investor stream or you are an entrepreneur, you may be eligible to apply for a state nomination of your Business Skills visa. Please ensure you read the states nomination guidelines to check your eligibility before you apply. A non-refundable service fee is usually charged for processing applications for state nominations.
Please note that state sponsorship is for people 55 and under whereas the new Permanent residency rules which started in March 2018 only allow for people under 45.
For all states here are the following options…
Business Innovation and Investor Program Subclass 188 visa
If you are a successful business person and want to establish a business in any of the States of Australia, manage a new or existing business, or invest in one of the states, you can apply for a Business Innovation and Investor Program visa, Subclass 188. This is a two-stage visa program which provides a pathway to Permanent Residency on a Subclass 888 visa.
The Business Innovation and Investment Program has five streams:
• The Business Innovation stream is for people who wish to own and manage a new or existing business in Australia.
• The Investor stream is for people who wish to make a designated investment in an Australian state or territory and want to maintain business and investment activity in Australia after the original investment has matured. (ACT does not participate in this stream)
• The Significant Investor stream is for eligible applicants who are willing to invest at least AUD5 million into complying investments in Australia. (ACT does not participate in this stream)
• The Premium Investor stream is for eligible applicants who have been nominated by Austrade. (Australian government body)
• The Entrepreneur stream is for people who wish to undertake a complying entrepreneurial activity that leads to either the commercialisation of a product or service, or development of a business in Australia.
Significant Investor Stream Visa 188 holders will become eligible for permanent residence under the 888 Significant Investor Stream once they have held their complying investment(s) in Australia for four consecutive years and met the relevant Department of Home Affairs residence criteria of 160 days accumulatively over four years.
How to apply?
Lodge an application for State Nomination with the Business Migration Centre (BMC). A fee of AUD$750 applies to all provisional visa nomination applications lodged with the BMC.
If you are granted State Nomination you can proceed to lodge an Expression of Interest (EOI) through SkillSelect.
Once nominated in SkillSelect by the BMC, you will receive an invitation from Department of Home Affairs to lodge your Business visa application which must be completed within 60 days using Department of Home Affairs electronic lodgement system.
Provisional Visa Extension
Applicants may be eligible for a maximum of two additional two year extensions on their provisional visa. You must first obtain State nomination before you apply for an extension. Please refer to Department of Home Affairs extending your visa information in the “visa holders” section on SkillSelect.
Business Talent subclass 132 visa
Business Talent subclass 132 visa provides immediate permanent residency for high-calibre business owners. It is designed for successful business people who aim to have a major management role in establishing or developing a business in Australia, or for people who have obtained at least AUD$1 million in funding from an Australian venture capital firm to be used in a Australian project. Applicants must be less than 55 years of age (unless approved by the relevant State Governments if your proposed business will be of exceptional benefit to Australia).
This visa allows you to establish a new or develop an existing business in Australia. It has two streams:
• Significant Business History stream: for high-calibre business owners or part-owners who want to do business in Australia
• Venture Capital Entrepreneur stream: for people who have sourced venture capital funding from a member of the Australian Venture Capital Association Limited (AVCAL).
• be nominated by a state or territory government agency
• be invited to apply for the visa
• have assets of AUD 1.5 million and business turnover of AUD 3 million (Significant Business History stream) or
• have funding of at least AUD 1 million from an Australian venture capital firm (Venture Capital Entrepreneur stream).
Other visa types to consider with regards to business type sponsorship are the TSS/482 visa, under the criteria changes to apply for Permanent Residency from this visa you must be at the least on the Medium and Long-term Strategic Skills List (MLTSSL) list and be under 45 to qualify and it’s the same if you want to apply direct under the Direct Entry Skills programme. If you are under 42 when applying for your 482 visa then you might go down this route and if you are over 42 years old you will have to consider the State Nomination visas.
As you will have seen there are various options with all the states in Australia for the entrepreneur or businessman looking to setup in Australia also bear in mind it allows people over 45 to apply whereas the Permanent residency route via other means now has a 45 year age cap on it since March 2018 plus you won’t be confined to the Medium and Long-term Strategic Skills List (MLTSSL).
Therefore if you are looking to set up a business or invest in a business in Australia and obtain Permanent Residency through that route there are options open to you away from the mainstream 482/TSS visa and/or Permanent residency visas.
I wish you all ‘Good luck’ in your quest to invest in or set up a business in Australia…