How To Setup A Foreign Company In Australia When Carrying Out Business
In 2010, Australia has overall population of 22 million citizens making it the world's sixth largest country making up area of about 7.7 million square kilometers. It also features a vast continent covering up a distance of around 3,700 kilometers from its most northerly point to its most southerly point which encompasses nearly 4,000 kilometers wide from east to west. Among the six states, two are considered the most promising in politics and business. These are Canberra which is the political capital and New South Wales which is the major city in the country where Sydney is located. Alternatively, all the rest of its states are: Northern Territory, Queensland, South Australia, Tasmania, Victoria and Western Australia.
Australia is also considered blessed for being already a developed continent in Asia Pacific abundant of mineral and agricultural resources. In addition, it also has the best climate in the world as it's based in the southern hemisphere so summer is in the months of December to February whereas winter is in the months of June to August. As to Australian lifestyle conversely, it is seen to have life span of 83.5 years for females and 78.5 years for males that's why it's also competent to provide exceeding quantity of educated, skilled and computer literate workforce to investors over time having 99 percent literacy rate. These are some of the reasons why any foreign company in Australia is quite much keen to set business within this continent.
At the same time as viewed by foreign companies in Australia, it's best to be geared for a dynamic business in the Asia Pacific region. States that hold the major businesses include: Sydney (New South Wales), Melbourne (Victoria), Brisbane (Queensland) and Perth (Western Australia. The government also acknowledged these advantages to open markets by over half tariff rates on imports within the last decade that has meant lesser input costs but higher productivity and efficiency.
Changes to the tax system have also resulted in major reductions in business costs, specifically for exporters. This made another reason for the government to supply a number of bonuses to foreign companies in the country to promote and motivate foreign investment. These bonuses vary from taxable grants and tax relief to the provision of infrastructure services at reduced rates. However, if a foreign company prefers to set up a branch office in Australia, it must be authorized as a foreign company within the Corporations Act.
The foreign company must submit an application form with the Australian Securities and Investments Commission (ASIC). Upon signing up, an Australian Registered Body Number (ARBN) will be allocated to the foreign company.Once listed, the branch must submit the foreign company's annual accounts and abide by other filing requirements. A listed office also needs to be established in Australia and a local agent must also be employed.
Australia is also considered blessed for being already a developed continent in Asia Pacific abundant of mineral and agricultural resources. In addition, it also has the best climate in the world as it's based in the southern hemisphere so summer is in the months of December to February whereas winter is in the months of June to August. As to Australian lifestyle conversely, it is seen to have life span of 83.5 years for females and 78.5 years for males that's why it's also competent to provide exceeding quantity of educated, skilled and computer literate workforce to investors over time having 99 percent literacy rate. These are some of the reasons why any foreign company in Australia is quite much keen to set business within this continent.
At the same time as viewed by foreign companies in Australia, it's best to be geared for a dynamic business in the Asia Pacific region. States that hold the major businesses include: Sydney (New South Wales), Melbourne (Victoria), Brisbane (Queensland) and Perth (Western Australia. The government also acknowledged these advantages to open markets by over half tariff rates on imports within the last decade that has meant lesser input costs but higher productivity and efficiency.
Changes to the tax system have also resulted in major reductions in business costs, specifically for exporters. This made another reason for the government to supply a number of bonuses to foreign companies in the country to promote and motivate foreign investment. These bonuses vary from taxable grants and tax relief to the provision of infrastructure services at reduced rates. However, if a foreign company prefers to set up a branch office in Australia, it must be authorized as a foreign company within the Corporations Act.
The foreign company must submit an application form with the Australian Securities and Investments Commission (ASIC). Upon signing up, an Australian Registered Body Number (ARBN) will be allocated to the foreign company.Once listed, the branch must submit the foreign company's annual accounts and abide by other filing requirements. A listed office also needs to be established in Australia and a local agent must also be employed.
