Building A Business That Thrives in Australia.
by Desmond Ang
Australia achieved an overall rank of 18th out of 190 countries in the World Bank’s Ease of Doing Business survey for 2019. Australia has evolved into one of the easiest and most interesting countries in which to do business in the world.
Overview – As the world’s sixth largest country, comprising of six states and two territories, the total population exceeds 25 million people and has one of the world’s best lifestyles.
Environment – Australia is blessed with an abundance of mineral and agricultural resources and arguably the best climate in the world. It is home to people from more than 200 countries and has an enviable international reputation for diversity. It has also benefited from an active program of immigration over the last 50 years. Approximately 1 in every 4 residents was born overseas. Of those born overseas, 40 percent were born in Europe and 33 percent in Asia.
The Australian Government recognizes the need for a regulatory framework to keep pace with financial market developments and reformed laws to maintain market integrity and investor protection.
Economy – Being one of the strongest, most competitive, open and flexible economies in the world, the standard of living in Australia has surpassed that of France, Germany, Italy, Japan, Russia and the United Kingdom. Over the last 15 years, the inflation rate has been stable and the unemployment rate in Australia was 5.2 percent in May 2019. Australia is one of the largest economies in the Asia Pacific region after Japan, China and Korea. China is Australia’s largest trading partner.
Because Australia’s time zone spans the close of business in the USA and the opening of business in Europe, multinational companies view Australia as presenting the best business case for regional headquarters to target the dynamic Asia Pacific region.
Key business centres in Australia include Sydney (New South Wales), Melbourne (Victoria), Brisbane (Queensland) and Perth (Western Australia). Office space costs in Australia’s business centres are low relative to major business centres with Sydney being the highest.
Australia’s corporate tax rate of 30 percent is very competitive when compared with other major economies, with higher company income tax rates applying in the United States, China, Japan, Germany, France and India. Australia is a leading financial centre in the Asia Pacific region. Australia offers real cost advantages for every category of business needs from prime central business district office space, metropolitan factory space and industrial land, to transport infrastructure and low-cost utilities.
There is a strong and enduring tradition of democracy in Australia where rule of law and regulatory frameworks prevail. Australia continues to offer a multilingual, highly educated and skilled workforce. Australia has a comprehensive education and training system with around 50 percent of Australia’s workforce having some form of tertiary qualification. Australians also possess a diversity of language skills with approximately 15 percent of the population speaking a language other than English.
Education in Australia is one of the best education systems in the world. With a 99 percent literacy rate, Australia is able to provide a highly educated, skilled and computer literate labour force to investors.
Visas – There are a number of visa categories available to businesses and business people wishing to come to Australia. The migration program allows for the permanent and temporary entry of business people and highly skilled individuals into Australia and visa requirements vary.
Global Migration Solutions – To find out more about doing business in Australia, book your complimentary consultation at +6010 229 2114 or email enquiry@globalmigrationsolutions.com
