Australia is widely regarded as an appealing country for international companies to expand into. Doing business in Australia is seen as a chance to seize unique opportunities in a low-risk market environment. It is viewed as the most attractive country in the world to tech investors according to AusTrade, and is ranked the most attractive country in the OECD organisation to foreign entrepreneurs.
So why is the land down under so alluring to a forward-thinking, success-driven business owner and why do business in Australia? 
Here are 6 benefits of doing business in Australia:
#1. Australia has dynamic industries
History shows, that Australia’s business environment has supported the success of companies in an array of industries, namely, energy and resources, education, tourism, financial services, and agribusiness. More recently, Australia is becoming a leader in new technologies, having evolved to facilitate the development of world-class innovations. There are approximately 700 fintech companies, 600 EdTech companies, 500 MedTech companies, and 400 AgTech and FoodTech companies in Australia, reflecting the country’s potential for prosperity within advanced industries. This is a significant advantage of doing business in Australia and one of the primary reasons for starting a business in Australia.
Related: Why US Tech Companies are eyeing Australia
#2. Doing Business in Australia gives you access to a culturally diverse market
One in three Australians were born overseas, and this cultural diversity generates a myriad of business benefits. Evidence suggests that having access to a multi-cultural workforce can enhance performance and increase innovative and creative thinking. Not only that, being able to tap into a diversified consumer market comprising of people with a variety of needs is also a primary advantage of doing business in Australia. Opportunists view Australia's unique consumer market as a motivating reason to start a business in Australia.
#3. Australia is politically and economically stable
Unpinned by transparent and politically stable governance, Australia’s economy has historically remained resilient during global uncertainty. According to AusTrade, Australia is ranked in the top five on the global index of economic freedom and is one of only nine countries with an AAA credit rating, indicating that the government has a strong ability to repay money, which correlates directly to the health of the economy. Many entrepreneurs decide to start a business in Australia due to the low-risk economic aspect.
#4. The corporate and financial market is well-regulated
The Corporations Act 2001 is the principal legislation in Australia that was implemented to set the framework for the incorporation and conduct of companies, streamline regulation, and ensure market integrity. Such a robust regulatory system begets low instances of fraud and corruption, which is ideal for any company seeking entry into an unfamiliar business environment. This is a fundamental benefit of doing business in Australia, and a primary reason why starting a business in Australia has become increasingly common.
Related: Can a Foreign Citizen Start a Business in Australia?
#5. Well-educated Australian workforce
Australia has a 99% literacy rate, and the education system is ranked eighth in the world, demonstrating the skilled workforce that is accessible to international companies starting a business in Australia. Additionally, 15% of the population are bi or multi-lingual, explaining why Australia is globally connected – which amplifies opportunities for cross-boarder business and further global expansion. Given that employees are such a valuable resource to any business, this is a notable advantage of doing business in Australia.
Related: Australian Payroll: What Global Companies need to know
#6. Accessibility to Asian markets and time zones
Australia has had a multilateral relationship with ASEAN since 1974, and a free trade agreement since 2008. Many Australian businesses are also directly interconnected with Asian countries and have access to large professional networks in the region.
Azure Group's significant international technical expertise and presence in both Australia and Asia allows us to add value to the growing demands of international clients. Azure Group China are also closely tied to AustCham Shanghai – an organisational body that act as a bridge between Australian and Chinese businesses. It is this interrelationship between Australia and Asia that generates opportunities, and positions Australia as an appealing destination for foreign businesses starting a company. Australia's relationships with Asia are integral to business growth when considering the emergence of the 21st century "Asianisation" of the world.
About Azure Group
Azure Group is an international professional Accounting & Advisory firm in the Asia Pacific region with offices in Australia and China. Azure Group is a founding member of international alliance XLNC bringing a global reach to our international client base.
We are able to tap into a long list of trusted alliance relationships offering value added services to international business.
Our Team
We have built a team of commercial and technical experts capable of managing the accounting, statutory, and financial reporting obligations for subsidiaries of international groups and growing entrepreneurial business.
We adopt sophisticated IP and Technology that allows us to streamline the way we work with international clients across borders.
Contact Us
Get in touch with our team to learn more about the benefits of doing business in Australia, or to discuss starting a company in Australia.
Have you noticed our #FridayExpertTips... here's one that relates to #International
“Do you know the differences between setting up a branch or a subsidiary if you are thinking of doing business in Australia? Making the right decision can be difficult but we can help you out!”
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