There are a number of reasons to start up a business in Australia. The following article will highlight some of the advantages of setting up a business in Australia.
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Developed Country
Australia is one of the most developed and wealthiest countries in the world. It ranks highly in many international comparisons of national performance in regards to the quality of life, health and education.
Economic Climate
Australia’s economy has the potential to provide a safe and low risk environment for any business. Australia’s economy:
- is the 13th largest in the world
- has had 24 years of continuous annual growth
- has a triple ‘A’ rating by all global rating agencies
Workforce
Australia’s workforce is one of the most skilled and diverse in the world as it:
- has one of the world’s highest secondary education enrolment rates
- has nearly 40% holding either a tertiary qualification or advanced diploma
- is one of the most multicultural and multilingual countries in the world with more than 12.4 million workers being born overseas
Innovation
Australia is a leader in the development of new technologies. This is due to its high levels of investments, generous research and development tax incentives and strong intellectual property laws. For example, Australia’s CSIRO is currently ranked in the top 1% of the world’s scientific institutions in 14 of 22 research fields.
Ease of doing business
Conducting business in Australia is comparatively easier than in most other countries around the world. This may be attributed to the fact that Australia has one of the most transparent and well-regulated business environments in the world, with a regulatory framework that has provided businesses with confidence and security. Australia has consistently ranked in the top 10 in for ease of doing business over the last 6 years.
Tax
One of the biggest tax advantages in Australia is the 30% tax rate offered to companies on income tax. Companies are also subject to GST, which is currently 10%. Both tax rates are relatively low compared to other countries in the world.
Law
The Australian legal system is derived from the following sources:
– the common law
– the statutory law and regulatory framework
– industrial instruments, such as modern awards and enterprise agreements
The Australian law provides protection to businesses. For example:
– The Australian law protects intellectual property such as Patents, Copyright and Trademarks and designs
– Competition law ensures that companies do not undertake anti-competitive behaviour within Australia
If you would like advice on setting up a business in Australia, contact The Quinn Group on 02 9223 9166 or submit an online enquiry.
By Patrick Lopes
