Australia has experienced more than 20 consecutive years of growth within a society and culture that is very similar to countries like the UK, Canada, USA and Ireland. It is the only nation to rank in the top five of the world’s most resilient economies since 2008, and its real gross domestic product (GDP) growth is expected to outperform that of every other major advanced economy in 2018.
Australia is also conveniently located next to many of Asia’s highest growth economies and has a network of free trade agreements with Asian nations, as well as many residents with an Asian background. As a result, Australia has real potential to double or triple its growth rates during the next few years.
Opportunities exist for businesses to expand to Australia, South East Asia and the Pacific Rim – which is a mega-region accounting for 36 per cent of the world’s GDP. Exports to Australia from the UK alone grew by more than 60 per cent in the last five years to more than GBP10 billion, and there are massive opportunities in oil and gas, ports, infrastructure, ICT, education, financial and business services industries.
Having arrived from the UK myself as a migrant in 1991, I had to make my way in the Australian business world without any guidance. I now run three successful operations here in Australia ‘Pendragon Management’ a salary management and visa company, ‘OZ Migration’ a pure visa/migration company and ‘Your Australian Business’, which is a company that assists new businesses to set up in Australia.
Making Australia a launch pad for doing business in Asia, is an excellent strategy for Western businesses. We always recommend that businesses assess the most efficient and economical way of entering the market place, ranging from setting up a full blown office to sending out an individual (scout) to test the water. Just make sure you engage a good Australian team on the ground who know your business and how it works here in Australia.
What should companies considering an Australian operation be aware of?
There are various ways for you or your organisation to start trading in Australia. The main visa options to consider are the Business Innovation and Investment Visa, the Business Talent Visa and the Temporary Skill Shortage Visa.
Business Innovation and Investment Visa
The Business Innovation and Investment Visa is the one most companies or entrepreneurs look at, allowing them to own and manage a business in Australia, conduct business and investment activity in Australia or undertake entrepreneurial activity in Australia. Basic eligibility involves being nominated by an eligible government organisation, being invited to apply for the visa, and meeting the stream requirements.
The Business Innovation Stream is a temporary visa for people with business skills. It lets you operate a new or existing business in Australia. The Investor Stream is a temporary visa requires you to invest AUD1.5 million in an Australian state or territory and maintain business and investment activity in Australia. The Significant Investor Stream is for people who invest AUD5 million in Australian investments that meet certain requirements and maintain business and investment activity in Australia. The Premium Investor Stream is for people who are nominated by Austrade and who invest AUD15 million in Australia, while the Entrepreneur Stream lets you carry out entrepreneurial activities in Australia. Further details on this visa and all streams can be provided by our team in Australia.
Business Talent Visa
The Business Talent Visa provides immediate permanent residency for high-calibre business owners. It is designed for successful business people who aim to have a major management role in establishing or developing business in Australia, or for people who have obtained at least AUD1 million in funding from an Australian venture capital firm to be used in an Australian project. Applicants must be less than 55 years of age (unless approved by the relevant State Governments if your proposed business will be of exceptional benefit to Australia).
Temporary Skills Shortage Visa
Don’t underestimate using this visa to get some key personnel over to set up your company. This temporary visa lets an employer sponsor a suitably skilled worker to fill a position they can’t find a suitably skilled Australian to fill. Basic eligibility includes that you must be nominated for a skilled position by an approved sponsor, have the right skills and qualifications to do the job, and meet the relevant English language requirements. It also allows an overseas entity to sponsor someone to work in Australia as their representative. The occupation must be on the Skilled List and the stream is determined by the occupation.
Labour agreement stream
This visa is for skilled workers nominated by an employer with a labour agreement.
Further details on all visas are available at www.immi.homeaffairs.gov.au.