Starting a new business in a different country can get extremely overwhelming. As a result, you may feel lost in the process. To help you in this situation, I have prepared a step-by-step guide that will keep you afloat.
So, let’s dig in!
- Know about the visa process
If you are planning to settle in Australia and start your own business, you first need a visa. The department of Home Affairs is in charge of handling the visas related to business. But you can not apply directly for a business visa. Instead, you need to follow a set of steps; I have mentioned them in the below pointers.
- First, you need to submit an expression of interest through the department of home affairs Skillselect online portal.
- Then you have to wait for some time. You will receive an invitation for visa application from a state or territory government or the CEO of Austrade. If you are not getting the invitation, you can contact the state or territory government directly.
- In case you have received the invitation, you can apply for the visa. To get a visa, you must meet specific requirements and submit the supporting documents mentioned.
- Pick the right visa
There are different visas available for noncitizens who are interested in starting a business in Australia.
- Business innovation and investment visa: Business innovation and investment visas are eligible for people with business skills. You can start a new business or operate an existing business with this visa. The validity of the visa is for four years and three months. With this visa, you can apply for a permanent visa after meeting specific requirements.
- Business talent visa: You can be qualified for a Business Talent visa if you are selected by a state or territory government agency, got the invitation for applying for the visa, and have the funding required to start the business.
Further, there are two types of Business talent visas. One is the Significant Business history stream, and another one is the Venture capital entrepreneur stream.
The first one is for experienced business owners who have a net value of 1.5 million Australian dollars and an annual business turnover of a minimum of 3 million Australian dollars. The second one is for businessmen looking forward to starting a business in Australia and receiving venture capital funding from a member of the Australian investment council.
There is also a condition for sourcing venture capital funding from a member. You must have at least 1 million Australian dollars in Australia’s venture capital funding. This will help in developing valuable business ideas.
- Select the structure for your business
Once you have secured a visa, you have to decide whether you want to be your business’s sole owner or need a partner. In case you choose to be a sole owner, you have to take responsibility for the legal works of your business and its day-to-day work.
If you select a company business structure, your business will have a separate legal existence. Therefore, getting into a partnership setting is advisable to minimize the risks involved. Plus, you will also have an extra hand to help you through the entire process.
Be sure to select the business structure before registering, as the paperwork will largely depend on it.
- Choose the business type
Some industries are suitable for franchises, and others will work great as independent contractors. You have to spend some time doing research on what will be appropriate for your business and then make the decision.
- Apply for ABN Number
The full form of ABN is the Australian Business Number. It is a combination of 11 unique digits that will identify your business for ordering and sending bills, filing taxes, claiming returns, etc. You can apply for ABN and your business name together from the Australian business website.
Over to you…
If you’ve done all this, 90% of your job is done. The fact that you’re reading this, I am guessing you already have a business plan. Then this is the time to search for investors. You will find them in many governments’ funding programs, if not, you can always opt for private investors and banks.