Dreaming Of Your Business In Australia But Unsure Where To Begin?

Tue, 12/12/2023

No Worries! Today, we'll unveil the visa options that allow you to legally initiate a business in Australia, along with the essential steps to establish your enterprise.

To embark on this entrepreneurial journey, you'll require a business visa Australia. The Business Innovation and Investment category by SIEC Migration caters to migrants aspiring to contribute to Australia's economic growth through business ventures.

The category includes three pivotal visas:

1. Business Innovation and Investment (Temporary) Visa (subclass 188):

This initial step shows the way for permanent residency in Australia via the Business Innovation and Investment Visa (subclass 888). It grants you the freedom to set up or manage a business, own and run an existing business in Australia, or invest in an Australian state or territory.

The three streams under this visa have specific qualifying criteria:

• Business Innovation Stream: Establish, develop, and manage a new or existing business in Australia.
• Investor Stream: Make a designated investment of at least AU$1.5 million in an Australian state or territory.
• Significant Investor Stream: Invest a minimum of AU$5 million in complying investments in Australia.

2. Business Innovation and Investment (Permanent) Visa (subclass 888):

This phase is the permanent residency in Australia, allowing you to own and manage a business, engage in business and investment activities, or pursue entrepreneurial business in Australia.

Qualification criteria vary for each stream are as follows:

• Business Innovation Stream: Own and manage a business in Australia and meet specific business threshold requirements.
• Investor Stream: Maintain business and/or investment activity in Australia after the original investment matures.
• Significant Investor Stream: Continue business and/or investment activity in Australia post-maturity of the original investment.

3. Business Talent (Permanent) Visa (subclass 132): Designed for prospective immigrants seeking to establish or invest in a business in Australia with state nomination, this visa grants permanent residency.

It features two qualification streams: Significant Business History and Venture Capital Entrepreneur.

The Business Innovation and Investment visa application involves three steps:

• Submitting an Expression of Interest through SkillSelect.
• Awaiting an Invitation to Apply from a state or territory government.
• Proceeding with the visa application upon receiving an Invitation to Apply.

Now, let's delve into the crucial steps for starting a business in Australia, as outlined by the Department of Industry, Innovation, and Science:

1. Choose a business structure that aligns with your business needs, whether it's a sole trader, company, partnership, or trust.
2. Register for an Australian Business Number (ABN for a unique 11-digit number that identifies your business to the Australian government and community.
3. Register your business name and trademark and connect your business name to your ABN, and consider trademark registration for protection.
4. Register a website name to enhance your business's online presence.
5. Determine applicable taxes and register for the necessary taxes based on your business type and size.
6. If opting for a company structure, undergo the registration process with awareness of legal and financial responsibilities.
7. Whether buying or renting, seek professional advice on agreements from accountants and solicitors.
8. Explore insurance options with companies and brokers, ensuring comprehensive coverage.

For those seeking guidance, our SIEC experts can assist throughout the application process.

Summary

Your first task is getting assessed in starting a business in Australia is seeing if you qualify for one of Australia's business visas. If the outcome is positive, you can proceed with your visa application with SIEC Migration experts.

Ready to get assessed? Simply book a consultation call with us right now. One of our SIEC consultants will be in touch within the hour, enabling you to take the first step in hopefully starting a business in Australia.