Starts a Business in Australia
As a Temporary Visa Holder, You might think of bearing your day-to-day expenses by working. As Per Australian Law, You are not eligible to work until you do not have a work permit or business visa. Don’t confuse both these words.
Top Australian authorities do not restrict you from starting a business in Australia until you follow all the temporary Australian Visa guidelines. You will be deported immediately if found guilty.
Visa Requirements –
Temporary Work Visa is divided into different parts. Each visa holder visits Australia to accomplish a different purpose. Let’s check out the types of visas and their eligibility criteria for starting a business.
Student Visa –
If you are on a student visa then you are eligible to work for 20 hours per week. There is no fixed memo shared by Australian authorities that describes the criteria for doing business. So, by considering the working eligibility, we can say that student visa holders are eligible to work as well until they do not breach the visa norms.
Employer-Sponsored Visa –
You will get the employer-sponsored visa only when your employer sponsored you by offering a job in their company. So, if you are planning to start a business on an employer-sponsored visa, you need to work for your employer as well because the main purpose of visiting Australia is to work for the employer. It’s a tough task to work for your employer and handle your own business.
How to Start a Business in Australia
As a Non-Citizen, you are not allowed to start the business whenever you want. You need certain legal documents to commence your business like Australian Business Number (ABN) and Tax File Number (TFN) to file the annual tax returns.
It is recommended to go for company formation if you want to start a business in Australia. The company awards you with the right of “Limited Liabilities”. Under this right, your assets are safe in case your business fall into heavy debt.
By forming a company, you are eligible to welcome investment for business expansion. As a non-citizen, you hold temporary working rights. With the company structure, Investor money is safe in case you leave the country.
As business demands, some legal documents in the same way a company can be incorporated by registering through the Australian Securities and Investments Commission (ASIC).
Tax Issues –
If you are a temporary visa holder that doesn’t mean you are free from tax payment. You need to pay the tax in the same way as other Australian citizens pay on your income. In case you want to leave the company, you need to pay a 30% flat tax rate.
The main issue that temporary visa holders face is validity issues, Visa holders need to vacate the country or apply for a visa extension, Once the visa of temporary visa holders expires. If such a question arises, who’s going to handle the business? If you want to run the business then you need some business partner who’s going to run the business after you Or you can sell this business to someone.