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Sunday, October 6, 2013

Starting a business down under

Business people with assets are sought via Australian immigration policy
Australian visas have several requirements
The reasons for one moving to Australia are many. It’s a young country, the culture is still emerging and of course and the economy is resilient. Australia is one of the few countries that endured the Global Financial Crisis unscathed.

Australia also has a long history of immigrants coming to come to the country and becoming successful: Harry Triguboff, Frank Lowy and John hemmes, to name just a few.

With a unique position within the Asia Pacific, plenty of natural resources and a very tech-savvy culture; Australia is the place to be for anyone wanting to start afresh and see business from a new angle. If you want to go there, read on.

Getting a Visa


For a business-minded person, there’s generally three different kinds of visas you can go for. The first is the 188 Business Innovation and Investment Visa, which is aimed at investors who want to put money into an Australian business or other investment for at least 4 years. In order to get this visa, you must:
  • be under 55 years of age
  • be able to speak English
  • have qualifications
  • prove you have assets

You should also be able to prove that you are an innovator, that is, you are trying to produce a product or service that deviates considerably from previous goods and services offered in your niche. If you consider yourself someone who is trying to break new ground within your industry, this is probably the right visa for you.

Expansion


If you are already involved in a thriving business back home, and you would like to extend your services to the Australian market, then a 132 Business Talent Visa is probably for you. This visa is also appropriate for hot shot young entrepreneurs who have obtained venture capital, so if you have been endowed with at least $1 million from an Australian venture capital firm, then you should apply for this visa. Generally, you should apply for this visa if one or more of the following applies:
  • you have been sponsored by an Australian state or territory government
  • you have had net assets of $400, 000 or more in a qualified business for 2 of the last 4 fiscal years
  • the annual turnover of your business has been $3 million or more for 2 of the last 4 fiscal years
  • you have a net value of $1.5 million or more
  • you have never been involved in unacceptable business activity in the past

If you get this visa, you will be able to move in and out of Australia as you wish, your family will be able to accompany you and live in Australia for 5 years.

Settling in


Once you have been approved for a visa, it’s time to settle in. The top three things you should get in Australia upon arrival are:
  • home - use home locator search engines such as domain.com.au or realestate.com.au to find an appropriate home close to your business to buy or rent.
  • bank account - the four major banks in Australia are the NAB, ANZ, Commonwealth bank and Westpac. With your visa in hand, any of these four will allow you to open a savings account. From there, you will be able to open business accounts, credit cards and cheque books.
  • phone and internet - the temporary solution for phone would be to get what’s called a ‘pre-paid’ card in Australia. This is a SIM card in which you pay for the credit upfront. Once you’ve had time to adjust, you will probably want to sign upo for a 2 year contract with Optus, Telstra or Vodafone. These contracts typically come with a new iPhone or Android phone, if you’re due for an upgrade. The best kind if internet in capital cities is ADSL2+ or cable, depending on your neighbourhood. Leading internet service providers include iiNet, BigPond and Dodo.

About the author: This post comes from Archie, who writes for the Hunt Migration blog. Aside from helping immigrants find business opportunities in Australia, he likes to read, write and travel within Australia and Asia extensively.

* Image license: Tacluda; RGBStock royalty free

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