Opening a business in AustraliaAustralia is a dream destination for many entrepreneurial expats. Sydney and Melbourne consistently rank among the top cities in the world for quality of life, and there is no shortage of talented small business owners and startup founders Down Under.
Tips and advice from expertsJust ask Steven Speldewinde, who talks to Australian business owners every week for his site, Ideas Hoist. “By the time you’ve interviewed more than 250 Australian entrepreneurs about their businesses and how they make ideas happen, you can’t help but be impressed incredibly supportive community of passionate, energetic and inspiring individuals who are willing overcome challenges such as access funding by building innovative, sustainable and profitable businesses, and using those businesses to affect positive social and environmental change for the next generation,” he says. If you are thinking of starting a company and building your own dream in Australia, keep these 13 tips in mind.
Startup Founders Should Decide Early On Whether They Need FundingPaws for Life CEO Mike Frizell argues that startups don’t necessarily need funding, but a clear business model. “A self-sustaining business model is more attractive to investors and gives you the choice to take on investor capital,” he tells Switzer Daily. Still, many startups — and small business in general — will need some initial capital to get going. Just be prepared to make a strong case for why your company needs the investment. “The limitations of the Australian market can make e-commerce capital intensive,” Frizell says. “…If you do decide to go down the capital raising route, know that venture capitalists are looking for proof of model.”
You Will Probably Need to Register for Goods and Service TaxIn Australia, products can be taxed 10 percent extra under the goods and services tax (GST). To set up GST for your business, you can register through the Australian Taxation Office. It may be mandatory to register in some cases, such as if a business:
- Makes at least A$75,000 annually
- Is a nonprofit that makes at least A$150,000 annually
- Wants tax fuel credits
- Provides transportation for customers via limo or taxi