Bringing your business to a new country is an exciting opportunity however, every country has its own set of regulations, laws, and requirements that must be met before your business can operate. Therefore, even if you have prior experience starting a business in one country, you will need to conduct research to ensure a smooth transition in another.

Australia is a very attractive option for business owners to set up operations in, due to the strong economy, thriving industries and open trade agreements. To help guide you through the process of setting up your business, we have compiled a list of key items to address when starting a business in Australia.

Business Structure

Your business structure has a significant impact on several factors, including:

• The level of control you have.
• The amount of taxes you’re required to pay.
• Regulatory obligations.
• Health and safety requirements in the workplace.
• Your level of personal liability.

When establishing a business in Australia, there are 4 main structures to consider. Here are the key features of each structure:

• Company: In this structure, the business is a commercial entity with a separate legal existence from its shareholders.
• Partnership: This structure involves two or more people and/or entities running a business together, but not in the form of a company.
• Trust: A Trust is an entity that holds possession of property, income, or other assets for the benefit of a third party.
• Branch Operator: This is common where there is an established business overseas and they want to carry on business in Australia.

It’s important to determine the structure of your business before registering, as each structure involves different steps. Be aware that you may need to alter your business structure as it develops and progresses over time.

Register your domain name

To obtain a .com.au address, you must first register your business name and ABN as only registered Australian businesses are eligible. Ensure that the domain name you select is related to your business and is easy for potential clients to locate and remember.

Identify funding opportunities

For most new businesses, cash flow will be the main priority. Even if you have a great business plan, it will be useless if you don’t have the funds to keep the lights on while you establish yourself. Therefore, it’s crucial to be aware of the resources available to make the initial growth period smoother.

Utilise software

In the early stages of building your business, you will face many important decisions, including the selection of software tools that can streamline your operations as your enterprise expands. While choosing the best software depends on the nature of your business, there are a few essential tools that are worth considering for any type of business. It’s highly recommended that every company use a CRM to maintain a centralised customer database, accounting or bookkeeping software to track finances, and an analytics tool to measure business growth.

If your business has a turnover of $75,000 AUD or more, registering for the Goods and Services Tax (GST) is a must. Additionally, if you’re withholding an amount for tax purposes or paying salaries, you’ll need to register for Pay As You Go (PAYG) withholding tax. Finally, if you offer benefits such as company cars to your employees, you must register for Fringe Benefits Tax (FBT).