Doing Business in Australia
Australia & Doing business in Australia
Australia has proven to be an appealing and profitable market for American companies doing business for many years and especially now that it has withstood the GFC much better than its world peers with it sound economic and banking principles. It offers very few barriers to entry for businesses, with a familiar legal and corporate framework, and a sophisticated – yet straightforward and transparent business culture. Australia with its strong economic policy, strong dollar and economic system not yet influenced by other powerful countries enjoys its locational advantage of being next to Asia yet holding got ties with its preferred allies US and then Europe. This surely makes it more attractive market and rewarding to do business here for these countries.
For America, The Australia-U.S. Free Trade Agreement enhances the long and successful trading relationship by eliminating tariffs on almost all manufactured and agricultural goods. Australia is fast developing its business with not only with its old trade partners Japan and US but now also CHINA, INDIA, Latin America and South East Asia which are rapidly growing for the Export markets.
Australia has a population of over 20 million people. The great majority of the population is located in a few major urban centres. The large majority of the population (93%) has a European heritage, primarily English but now known as aussie. The aussies are more different from the English being more friendly, outgoing, less tight upper lip and saying it as it is attitude. The predominant language of the country is English with Christianity the largest religion (75%).
Business council of Australia
The business council of Australia is a national institution the BCA provides a forum for Australian business leaders to contribute directly to public policy debates, policy agenda and policymaking process. They have helped to initiate and shape the key economic and business reform debates that have underpinned Australia’s economic resurgence.
Business Government Australian website
Business.gov.au is a government website that offers simple and convenient access to all the government information, forms and services you need for starting, developing and maintaining a business. It’s a whole-of-government service providing essential information on planning, starting and growing your business. Its got information relating to imports and exports, registration and licences, tenders and contracts and grants and assistance to small and big business.
Business Directory – http://www.australianbusinesstimes.com/BusinessDirectory/
Australian Business Register
The Australian business register has been formed to give a more transparent access to all registered businesses and crops flow of information between agencies. The ABR also provides Business registration services such as registering your business number (ABN) , Tax file number (TFN ) and also other services like ARBN, ACN, PAYG and GST.
Major Australian Business Industries
Retail and education has been the major contributor to the robust Australian economy as they employ more people throughout the retail sector ( Coles, Woolworths, Bunning’s ,Myers, David jones) and pay local taxes as they are Australian based. Mining Sector in Australia has been strong but it employs only a smaller workforce compared to retail and education, with most of the revenue from these operations going overseas due to complex tax structures and foreign ownership of some of the major mining companies.
Australian stock Market
The Australian stock market is mainly run by the “Australian Securities Exchange” (ASX). Recently a new player Alternative stock exchange has entered the market called “CHI X”. The Australian stock market sector is regulated by (ASIC) Australian Securities and Investments Commission. The banking industry is regulated by (APRA) Australian Prudential Regulatory Authority.
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