Expand Business in Australia
Global Upside helps businesses expand into Australia by providing talent acquisition, human resources, accounting, payroll, tax, incorporation, and professional employer organization (PEO)/employer of record (EOR) services. Our comprehensive offerings create an end-to-end solution that helps you establish your business and optimize your operations, all while maintaining compliance with Australian laws and regulations.
The hiring and incorporation processes in Australia are often complex, time-consuming, and involve numerous legal and compliance challenges. Global Upside simplifies these processes and lifts the compliance burden from your business. Our teams have the experience and expertise required to help you establish a legal entity in Australia. We also offer PEO/EOR solutions to companies interested in hiring employees quickly, without setting up a legal entity in the country.
Australia is the largest economy in Oceania and the world’s sixth-largest country by total area. The country’s population of over 25 million is highly urbanized and heavily concentrated on the eastern seaboard. Australia has a market economy, a high GDP per capita, and a relatively low rate of poverty.
- Australia ranks as the 14th largest economy in the world by nominal GDP.
- Australia is the world’s 5th most business-friendly country.
- Australia has large reserves of coal, copper, timber, nickel, iron ore, rare earth metals, and oil shale.
- Australia has the world’s largest gold reserves.
- Australia is the world’s top opal and aluminum producer.
Options for setting up a legal entity in Australia include:
A proprietary company is a limited liability company with a maximum of 50 investors. A proprietary company is an independent legal entity that is managed by a board of directors who make all decisions about the general affairs of the company. The investors or directors can appoint other directors, as well as remove them.
A public company is similar to a proprietary company except for the fact that there are no limitations to the maximum number of investors. There are also no limits on raising funds from the public.
A branch is a form of a legal entity set-up that requires registration with the Australian Securities and Investments Commission (ASIC). The parent company is liable for all actions of the branch office. The branch must also have one local agent who will bear all responsibility for violations of the Corporations Act.
It takes a minimum of 3 to 4 weeks to incorporate a legal establishment in Australia.
The Fair Work Act (2009) regulates employment in Australia and dictates the information that must be included in all employment agreements.
- Nature of employment (full-time, part-time, fixed-term, or casual)
- Job description and working hours
- Job location
- Working hours
- Restraint of trade
In Australia, there are no legal requirements for when an employee must be paid. Nevertheless, it is common to pay employees either monthly (paid by the 28th to 30th of the month) or bi-weekly (paid the 15th and 30th of the month). An electronic or written payslip must be issued after the payment of salary.
The Australian Accounting Standards Board (AASB) governs accounting policy in the country. The AASB has set accounting standards that closely resemble the International Financial Reporting Standards (IFRSs).
Anti-Bribery & Anti-Corruption Law
The Australian Criminal Code prohibits bribery of Commonwealth and foreign officials under Divisions 70, 141-142.
1. Bribery of Public Officials
i) Imprisonment for up to 10 years
ii) A monetary fine of AUD 8 million
i) A monetary fine of AUD 18 million
ii) An additional fine that equates to three times the amount of the bribe
2. Bribery of Private Officials
i) Imprisonment for up to 7 – 10 years
ii) A monetary fine of AUD 110,000
iii) Confiscation of the bribed money