Australia is very much a land of opportunity and the forward-thinking federal government welcomes foreign investors. In this short article, we offer useful information to help you set up your foreign-owned business here in Australia.
Various Types of Business Registration
There are numerous types of business registration in Australia, such as:
- Registered Foreign Company – You can register a branch office of a foreign company that has registered with ASIC. A Resident Public Officer and Local Agent are required, while an annual tax return must be filed. It can take up to 3 months to complete the registration. While it is the case that foreign companies operating in Australia need a Local Agent, an international law firm can take up this position.
- Private Limited Company – Setting up a PLC is the quickest way to become a trading entity with limited liability. This requires a Resident Public Officer and a Resident Director to oversee the operation; you must file an annual tax return and complete ASIC registration. A PLC typically takes one month to set up. Click here to find out how digital marketing can help your business.
- Representative Office – This is perfect for a foreign business that wishes to research the Australian market; a short-term option with the parent company holding liability. No Company Officers are required, nor is an annual tax return required. You do not need to register with ASIC either and this type of business can be set up within 30 days.
The Importance of Legal Advice
Prior to doing anything, it is imperative that you confer with a legal expert regarding business set up in Australia. Obviously, there are many options and you can only make an informed decision if you consult with an experienced commercial lawyer. You have to think long-term when registering a foreign business in Australia and by talking to an established law firm, you can make the right decisions.
Sourcing the Right Legal Partner
The best approach is to search online for a leading international law firm with offices in Australia and you can enjoy a free Zoom call with one of their experts to discuss your needs. Not only can you get the best advice, the law firm will facilitate your business registration application and keep you informed every step of the way.
The Importance of Compliance
Setting up a business in a foreign country means you have to remain compliant at all times and this can be challenging. One good reason to engage the services of an established Australian law firm is that they will always ensure that your business remains compliant. There are many complex rules and regulations covering foreign businesses and with an experienced business lawyer in your corner, you should always be compliant with the many regulations.
To conclude, setting up a foreign business in Australia is best achieved with the help of an established commercial law firm.
Photo by Patrick McLachlan.