Australia is great, but business owners and investors often overlook it. This isn't surprising given the country's relatively small size and population compared to its neighbors. However, many benefits to doing business in Australia make it worth considering if you're considering expanding your company into Asia or even globally. Take a look at some of these benefits:
1. Stable Economy
The Australian economy is one of the most stable economies in the world. It has a low unemployment rate, and its economy is growing quickly.
Exports are important to Australia’s economy and are growing quickly. The country's strong currency makes exports more attractive to international buyers. This creates a positive trade balance which means that they import more than they export, so they don't have to borrow money from other countries. Their imports are greater than their exports which makes them less dependent on foreign lenders as they only need loans when there is high demand for goods and services but insufficient supply available, especially during natural disasters such as cyclones or floods because these disasters destroy infrastructure such as power lines, bridges, etc.
2. Favorable Tax Structure
One of the biggest benefits of doing business in Australia is its favorable tax structure. As of 2018, Australia’s corporate tax rate is 30%, which is lower than many other countries, including the United States (35%), the United Kingdom (20%), and Canada (26%).
3. Affordable Office Space
Australia has a very friendly business environment. Setting up a business there is relatively easy, with minimum capital investment. It's very easy to find an affordable office for rent in Brisbane. This can be important if you can access office space and keep your costs down.
Many tax incentives exist for businesses in Australia, including accelerated depreciation rules for upfront equipment purchases. You may also access generous small business tax concessions, such as the immediate deduction of expenses on assets worth more than $6,500, allowing you to write them off against your taxable income immediately rather than depreciating them over time.
4. Strategic Location and Access to Resources
Australia's strategic location and resource access make it an ideal place to do business. The country is located in the Asia-Pacific region, home to some of the fastest-growing economies in the world. Australia also has a large landmass and abundant natural resources, including coal, iron ore, and natural gas.
5. High Standard of Living
Australia is a great place to do business because of its high standard of living. The average income in Australia is very high, which makes it easier for people to afford the costs associated with doing business. Because costs are lower, you will also be able to charge lower prices for your services and still make more profit than you would if you were located in another country with a lower standard of living.
You can also expect that most Australians can access quality healthcare, education, and housing through their government.
6. Technological Innovation Hub
If you were wondering, there are more reasons why Australia is a great place to do business. For example, it is widely recognized as one of the world's top centers for technological innovation. The country has an excellent track record for developing new healthcare and defense systems technologies, with many high-tech firms located on the coast or around major cities like Sydney and Melbourne.
7. Access to Growing Asian Markets and Established Trade Relationships
Australia's geography makes it the perfect gateway to the growing Asian markets. This means that Australian companies are well-positioned to take advantage of the growing Asian markets and have a head start on their competitors. The country already has strong trade relationships with China, Japan, and India.
8. Supportive Government Institutions and Policies
Australia is also great for business because of the supportive government institutions and policies. The government is always ready to help businesses grow and make them successful. There are many incentives for new companies to set up shop in Australia, including:
Tax concessions for small businesses
Grants from state governments for research and development activities
Grants from local councils for community projects
Australia is a great place to do business. There are many reasons it is the second-largest economy in the world, and there are even more reasons why you should consider doing business there.