Starting a new business is a challenging experience, but if you pick the right economic environment – you can make the ride easier and increase your chances of success. In recent times, Australia has emerged as one of the easiest places to do business. Australia has shown receptiveness and opportunity towards citizens of other countries who wish to make a living by starting a new business in Australia as a developed economy. Ease of business rankings by the World Bank placed Australia at the 14th place this year, four places higher than last year.
Other than minimal restrictions on imports of goods and services, many other factors make Australia the ideal business place. Their workforce is highly educated, their natural resources are abundant and diverse, and their rule of law minimizes corruption are a few good examples. Moreover, they have internationally competitive business standards in various industries such as finance, insurance, technology, and high-value-added manufactured goods.
Other than minimal restrictions on imports of goods and services, many other factors make Australia the ideal business place. Their workforce is highly educated, their natural resources are abundant and diverse, and their rule of law minimizes corruption are a few good examples. Moreover, they have internationally competitive business standards in various industries such as finance, insurance, technology, and high-value-added manufactured goods.
Here’s a look at the reasons that make Australia a great place to do business –
- Stable Economy
Australia is one of the few advanced economies that has not seen a recession in the past two decades. Thanks to a steady demand for Australia’s natural resources, flourishing wholesale trade, and finance industry – the Australian economy has been on a continuous growth path. Australia provides entrepreneurs and foreign investors a low-risk and safe environment to setup their businesses. Only a stable economy can allow you to grow with it. - Flourishing & Dynamic Industries
Australia has various industries that are booming. Their dynamic nature and success story make for a fascinating story. Given below are examples of three such sectors that continue to grow and contribute to the Australian economy –- Resources & Energy Exports–Energy exports have touched AUD290 billion and are growing by an average of 8.9% per year since 2000. {SOURCE}
- Agri-food Exports – Australian exporters enjoy a reputation of clean, green produce and high agricultural standards. As a result, the exports of agri-foods reached a new high of AUD48 billion in 2019-20. {SOURCE}
- Financial Sector –Australia’s robust financial and insurance services sector has fuelled the economy for a long time. In 2019-20 this sector was valued at AUD10 trillion. {SOURCE}
- Talented and Skilled Workforce
The Australian workforce comprises some of the most educated and skilled people from around the world. Australian universities offer world-class higher education and churn out highly-qualified graduates who can truly empower your business. Not only that, the workforce available in Australia comes from all around the world, giving you the opportunity of establishing an inclusive and diverse team. - Global Ties
Australia is a part of the Regional Comprehensive Economic Partnership (RCEP), also known as the world’s most significant free trade agreement. The RCEP covers 2.3 billion of the world’s population and 30% of the world’s GDP. Furthermore, Australia is negotiating trade agreements with the United Kingdom, the European Union, and India. {SOURCE} - Strategic Geographical Location
Australia has developed long-standing trade, cultural, and investment relations with Asia Pacific countries. It has helped the country to find reliable trading avenues in both the eastern and western world. Australia is also located in the same time zone as the booming markets of east Asia, Singapore, China, and Japan. It is well-placed to act as a center of operations for European or US companies to access these markets. - Bringing Innovation
Australia has made great strides in research in space science, physics, computer science, and clinical medicine. The country invests in its scholars and universities to create advanced technologies and discoveries. The government offers funding and incentives to businesses that work with researchers and strong-intellectual property protection laws. Australia’s focus on innovation makes it very popular among foreign entrepreneurs and investors. - Entrepreneurship
Australia is a secure base for entrepreneurs to lay the foundation of their business success. Australian enterprise is backed by sound regulations, a lack of corruption, and the rule of law. Apart from that, the high standard of living in Australia encourages foreign nationals to live there. The free and easy lifestyle, acceptance of all diversities appeals to immigrant families and global professional talent. - Lifestyle
Several happiness surveys have shown the world that Australian people are some of the happiest citizens in the world. Their modern metropolises, high-quality of life, medical facilities, natural beauty, and stunning weather attract the best talent in the world to settle in Australia. - Wealthy Citizens
Some of the wealthiest people in the world live in Australia, combined with the leading economy – guarantees profit and opportunity to all businesses. As one of the world’s wealthiest nations, Australia is a great place to start a new business. It offers a broad base of potential customers with spending capacity.
It can be daunting to try and start a business overseas, but at the same time, an international marketplace can be a haven of opportunities for entrepreneurship. If you dream of being an entrepreneur in Australia, talk to our experts today! Work with a trusted advisor who knows the Australian market to set up your business, we can help you gain a better understanding of the local regulations, tax compliance, and cultural expectations.
