A lot of firms from Singapore are willing to establish their presence in Australia. The country enjoys a strong economy, a good geographical position with numerous logistic connections and well developed human resources and hence offers a wide range of opportunities for the companies planning further expansion of their activities.
This guide provides invaluable advice that helps any Singaporean entrepreneur considering expanding their business in Australia on how to go about starting up a company down under. We do this from the kind of business structure as well as compliance.
Section 1: Choosing the Right Business Structure
One of the first things that you will need to do when setting up a business in Australia is choosing a suitable business structure. The decision made on these issues will have an effect on your tax position and you will also be required to comply with legal responsibilities and reporting requirements. The most common types of business structures in Australia are:
- Sole trader
As they have different advantages and disadvantages, you should carefully choose among them. It is also important to seek professional advice from a good lawyer as well as an experienced accountant. If you’re interested in diving deeper into the intricacies of business structures in Australia, I highly recommend delving into the following resource as it provides a comprehensive and insightful exploration of the topic How to Set Up a Company in Australia: A Step-by-Step Guide.
Section 2: Registering Your Company with ASIC
The next step after choosing a business structure is to register the organization with ASIC. ASIC is a regulatory authority that regulates companies, financial markets, and providers of financial services operating in Australia.
During the registration, it is necessary to provide detailed information about your company, such as its name, address, directors and shareholders including share specifications. You will also be asked to pay a registration fee and other relevant documents such as identification card and passport. Upon registration, applicants will be given the company an ACN (which you can use to apply for an ABN).
Proprietary companies need at least one director in Australia and public companies should have at least three. Therefore, it is vital for a company to have its nominee’s director perform such tasks. Should you need to choose a nominee Director for a New Company, FastLane will be pleased to lead you and help with all aspects until finally you set up a business. We have previously covered the subject of nominee directors. To know more about this topic, kindly click the provided link.
Section 3: Compliance Obligations for Foreign Companies Operating in Australia
As a foreign company operating in Australia, you will have certain compliance obligations to meet. Some of these obligations include tax registration with Australian Taxation Office (ATO), acquiring necessary permits and licenses, abiding by the employment legislations such as minimum wages, working hours and leave.
Being aware of laws and regulations in Australia is important so as to be compliant and avoid legal issues. This involves keeping abreast with the tax laws, industry requirements and changes in employment and workplace legislations. Such obligations are frequently updated, and you would want to be on top of the evolving requirements from relevant government agencies. You should regularly seek advice from legal and tax professionals as well.
Keeping ahead of compliance requirements and abreast of the law, as it changes from time to time, therefore will ensure an easy operation for your business in Australia and a good standing with local authorities. You may alternatively engage a company secretary for your business in Australia that will deal with all compliance needs proactively, ensure you are aware of prevailing regulations, and always remain in good shape with Australian authorities.
Section 4: Tips for Successfully Expanding Your Singaporean Business into Australia
While expanding your business into a new country can be a very challenging process, with the correct strategy and advice, it can also be extremely beneficial. To ease this process, connecting with local organizations such as AustCham (Australian Chambers of Commerce) in Singapore is one way out. AustCham is an association offering premier business liaison for Australian businesses and provides useful contacts and information related to your operations in Australia.
Venturing your business from Singapore into Australia calls for careful thought and astute preparations. FastLane Group can guide Singaporean businesses to smoothly expand to Australia. With that, you can set up your company successfully in this growing country. Therefore, make the move to internationalize and experience Australia’s limitless potential for your venture. Talk to our expert now.