Australia remained in the top 10 global destinations for foreign direct investment (FDI) for the fourth consecutive year, according to the UNCTAD World Investment Report 2015. FDI inflows amounted to USD51,854 billion in 2014.
Australia ranked 13th in the World Bank's 2016 Doing Business rankings, down from 12th in the year prior. Australia's strengths were in Dealing with Construction Permits, Getting Credit and Enforcing Contracts, where the country ranked top five in the world across all three topics. The report also placed Australia in the top three economies for the quality of its judicial processes.
Key facts about starting a business in Australia:
Australia's attractiveness as a business destination can be attributed to a number of factors, including its consistent economic growth, highly skilled workforce and connections to Asia. Nevertheless, in order to make an informed decision, it is critical to understand the nuances of any local regime. The manner in which people conduct business in Australia may differ from the home countries of investors. Furthermore, variations on these distinctions may exist depending on the region and industry in which a company operates.
English is the primary language used in Australia and therefore the lingua franca of business. Punctuality is valued in Australia. Business attire is typically conservative.
A handshake is the typical business greeting. While it is not as common as other countries, business cards may be exchanged after initial introductions. Gift giving is not part of Australia business etiquette.
Those looking to establish a business in Australia may look to other countries in the region for alternative options. However, Australia can be differentiated on the following factors:
Despite its historical resilience, Australia's economic growth has slowed amidst the continued slowdown in China and falls in commodity prices. As Australia's largest trade partner, the slowdown in China has adversely affected Australia's export revenues, particularly from its mining industry. Furthermore, a recent rise in the strength of the Australian dollar has threatened to reduce the competitive advantage that Australian exporters have gained from a weaker currency.
This guide has been developed to provide businesses with an overview of Australia, its legal regime, start-up and market entry considerations, tax and customs requirements and a general summary of the factors that may affect the decision to do business in Australia. However, the information contained in this document is generic in nature and you should not act or rely on it without obtaining specific professional advice.
Please note that the Country Guides may only be available in English.
|1||Australian Business Register|
|2||Australian Taxation Office|
|3||Department of Immigration and Border Protection|
|5||Office of the Australian Information Commissioner|
|6||Australian Trade Commission|
|7||Department of Employment|
|2||Doing Business in Australia|
|3||Visa Processing Time|
|4||Economy and growth|
|6||Asia trade links|
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