Opening a business as an international student in Australia
As an international student in Australia, it may appear daunting or intimidating to open a business, but it’s a general issue for entrepreneurs. Whatever difficulty you’ll face is mainly because you’re an entrepreneur, not because you’re an international student. Thankfully, with the right support and proper planning, you can mitigate and minimize these difficulties. There are a few points to successfully start a business in Australia. Some of these are:
Visa
You can open a business in Australia as an international student, but before you’re allowed to do this, you must have a valid visa. Also, it’s also important that you stick to the number of working hours stipulated on your visa – 20 hours weekly. Now that you’re running a business, you have more reason to give your essays and assignments to assignment writing services and online assignment help Australia, but you must also complete the study load hours on your visa.
Business structure
You must decide which business structure you’re running before setting up your business. The four main structures are:
- Company
- Partnership
- Sole trader
- Trust
Your business structure will likely impact the operation of your business. However, as the business grows, there’s room to change your structure. So, you can start out as a sole trader, and if everything goes well after a while, you can switch to a company structure. The switch may come with its legal responsibilities, but it’s part of your entrepreneurial journey. So, you must be prepared for everything.
Australian Business Number (ABN)
The Australian Business Number is an important requirement that you must obtain before you start your business. There are several uses of ABN, such as:
- Registering your business name
- Identifying your business
- Applying for an Australian domain
- Paying GST (if your GST turnover is over $75,000 annually)
It’s much easier to apply for an ABN as a sole trader. You can apply for free and get the approval as soon as you complete the application. However, in some cases, there might be delay for up to 20 days, if the Tax office needs more information.
For company and partnership structures, it’s recommended that you seek guidance from a qualified accountant to help you with these requirements.
Tax
After obtaining your ABN, you also need the Tax File Number (TFN) from the tax office to open a business. The business structure that you choose also determines how you’re going to pay your tax. For instance, a sole trader can use their TFN solely to pay tax, but a company structure, you must use another tax reporting method, like submitting your Business Activity Statement.
How much will you need to start a business in Australia?
You can start your business without a dollar in Australia. Getting your TFN and ABN is free. Then you can start building your brand by opening social networks and setting up a website, and you can achieve this with free software and apps.
However, if your business is one that requires a lot of monetary investment, then you should be informed about the programs that the Australian government opens constantly, and you should seek to apply for any of the financing options. You don’t have to be an Australian to use these programs, but make sure you check the necessary requirements first to see if you qualify for it. Also, irrespective of your nationality or visa, there are numerous incentive programs that you can undertake.
Benefits of opening a business in Australia
There are several possibilities that you can undertake in Australia. That’s why it’s often regarded as a country of opportunities. So, being an entrepreneur in this country has many benefits, and here are a few that you can enjoy:
- Entrepreneurial ecosystem
This is a country with a large number of entrepreneurs, so it has a working ecosystem, especially in cities like Sydney, Brisbane, and Melbourne. These cities have an extensive network of startups and entrepreneurs.
- Government support
The government often provide consistent support for entrepreneurs and innovators, with various forms of funding. The system also allows you to open your business online in a simple, fast, and convenient way. You don’t have any complications or obstacles while doing this.
- Financial stability
Australia has a very strong and stable economy, and the citizens have a very high purchasing power. So, there’s a high consumption rate to match the high purchasing power. This means you don’t have to worry about whether people will patronize your business.
- Open-mindedness
Australians are very open-minded, and are willing to venture into new things or try things out. this is aided by the stable economic condition. They’re not afraid to try out a new service or product. So, irrespective of your company or business model, there are customers waiting for you to launch.
- Universities focus on innovation
There are many schools and universities in Australia that focus their learning methods and studies on new businesses, entrepreneurship, sustainability, and innovation.
Conclusion
One of the best things you can do for yourself as an international student in Australia is to open a business or become an entrepreneur. It’s straightforward, and there are many benefits you’ll enjoy from it.