Australia has a thriving economy, and many foreign entrepreneurs decide to enter the Australian market. In this short article, we offer advice to those who wish to expand into the Australian domestic market.
Enlisting the services of an international law firm with offices in Sydney
If you get in touch with Acclime Australia, you will receive the best advice from experienced business lawyers, plus they have access to all the local services you will need to manage your business.
There are three types of business registrations in Australia, namely:
- Registered Foreign Company – A foreign company that is registered with the ASIC can open a branch office. Liability is held by the parent company, and this long-term option requires both a local agent and a Resident Public Officer, with an annual income tax return. The parent company must register with the ASIC, and the set-up can take up to 3 months.
- Private Limited Company – This option is a trading entity that requires a Resident Director and a Resident Public Officer, with limited liability and an annual income tax return to be filed. This option also requires ASIC registration and typically takes 1 month to set up.
- Representative Office – The RO is designed for a foreign company that wishes to carry out research prior to entering the market. This is a short-term option that is a non-trading entity, and the parent company holds liability. There are no company officers required, nor do you need to file an annual income tax return or register with the ASIC. This type of business can be set up within 1 month.
The lawyer can offer advice if you are unsure which option is right for you, and they will give you a list of documents that you need to prepare, plus details regarding the opening of bank accounts. It is important to have a reliable digital platform on which to manage your business, as this article highlights.
Outsourcing essential business services
Your legal partner can put you in touch with local bookkeeping and accounting services to ensure compliance, and should you require secretarial or general office services, they have you covered. You might, for example, wish to recruit a team of telephone canvassers and a sales team, which the lawyer can facilitate, and they are always at hand to offer advice at every stage of your business development.
Managing your business remotely
If you store your business data on the cloud, all the third-party providers can access the data that they need, which means you do not have to be in Australia for your organisation to run efficiently. The key to a smooth transition is planning and preparation, and with an experienced business lawyer who is based in Sydney in your team, setting up the business will be a smooth and trouble-free experience.
We hope that this article helps you to gain a deeper understanding of what is involved in registering a foreign business in Australia.
