Business professionals from all around the globe are choosing Australia for their business expansion under Australia Business Visa. Many high net-worth individuals, entrepreneurs and investors have found success in building their business empire in the Australia Soil. We have seen many “rags to riches stories” of Indians who made good fortune and have exceled in the business arena of Australia. If you are also eyeing for Business Immigration to Australia, then you need to suffice certain requirements as per the business pathways. Once you arrive in Australia, you must tread along the definite path to establish your business adhering to the costs.
Depending on the type of business, costs may vary from AUD 400 to thousands. Primarily, you must to choose a business structure, then register the business and apply for ABN.
COST OF REGISTERING A BUSINESS IN AUSTRALIA
In order to start a business in Australia, you must accomplish some preliminary steps such as registering the business, getting an ABN (Australian Business Number) and a business name.
- ABN (Australian Business Number)
You can get ABN from the official business portal of the govt. by declaring your business structure, proof of identity and details of your business activities and associates
- Business Name
Cost: AUD 37 (INR 2000) to AUD 87 (INR 4600)
Upon receiving the ABN, you need to register your Business name in the ASIC portal. Make sure that your Business Name is unique and has not acquired by any other businesses. For registering for one year it will cost you AUD 37 and for three years it will cost AUD 87.
- Registering a Company
Cost: Minimum AUD 417 (INR 22,000)
After getting ABN and Business name, you must register your business upon deciding whether your company will be proprietary or public and understanding your legal obligations. Registering Cost can go up depending on the nature and size of business.
COMMON EXPENSES FOR NEW BUSINESS IN AUSTRALIA
Australia Business Visa for Entrepreneur has given birth to many startups and highly functioning business in the country. These businesses follow a strict regime of fluid operation, managing expenses, and quality service and revenue generation. Managing the expenses can be challenging at times, but you must plan meticulously for the ongoing costs and focus on the sale. Below are some of the common expenses:
- Salaries – Running a business means a group of people working together which incur payment. The average annual salary in Australia vary from AUD 69,477 to AUD 89,846 depending on the region. You must hire and plan the salaries of your employees very carefully that suit your business needs.
- Equipment – Business cannot run on its own wherein you need certain equipment and appliances to work with. Prices may differ as per the items, you must research the cost of the equipment and properly plan to acquire from various sources.
- Rent – Depending on the type of business, you may need to rent a physical space that may cost from minimum AUD 300 (INR 16,000). For retail locations (restaurants, beauty shops and others) prices may go higher due to the higher income of the business.
- Website – In this competitive market, website is mandatory marketing tool for every business. For small businesses, you can set up a website with couple of hundred bucks (INR 11,000) but if its a retail online shop that may cost upwards of AUD 2000 (INR 1.05 Lac) to function.
MISCELLANEOUS EXPENSES FOR THE BUSINESS IN AUSTRALIA
While aforementioned expenses targeted the primary costs of a business, but in order to run and operate a business on a daily basis, you need to bear additional expenditures.
- Marketing Fees – Marketing is the backbone of any company that drive the client acquisition and revenue. Understand the target audience and channelize the marketing activities for your company brand.
- Office Supplies – It is essential commodity of any business whether you run the operation from your home or from the office space.
- Insurance Fees – It is advisable to insure your business in Australia which will cover your business assets, customers, employees, business owners and your earnings.
- Accountant Fees – Accountant is an integral part of the money management of every company who understand the financial, tax and trade laws of the country.
- Other Costs – Other expenses may include phones, security system, computer software, etc.
Understanding the expenses of establishing and running a business in Australia, make it easier for the business owners to expand their business. For more information on Australia Business Visa, you may reach us @ 8595338595 or you may write on [email protected]