Five key factors of a successful business migration
Migrating to a new country can be an exhilarating, life-changing experience. I’m fortunate enough to work in the migration industry, where I meet business migrants and their families who have followed their ambitions and migrated to Australia. I’m pleased to say most people I speak to reflect fondly on their experience, recounting the thrill of such a major event in their family’s lives and the fantastic people who have helped them along the way.
Unfortunately, there are sometimes hiccups along the way, causing many to miss out on an enjoyable and smooth journey. But like anything in life, if you’re thinking of doing something, odds are that someone has already done it. And like the thousands of investors and business people already in Australia, there are a number of things you can do to increase your chances of successfully migrating on a business visa.
I would like to share with you five key factors of a successful business migration, which I’ve developed through my many years of working with business migrants. You’ll find these overlap one another and the order in which you follow them may vary, but I’m confident they will offer you a sound foundation for your migration plan.
Five key factors of a successful business migration:
1. Determine what you want to do in Australia
Determining the type of business you intend to pursue is crucial, whether you intend to buy an existing business or establish your own business from scratch. There is no right or wrong answer here; it’s a matter of seeking the right advice and considering which direction is the right one for you, your family and your business interests.
2. Engage a registered, reputable, experienced and licensed immigration consultant or immigration lawyer
I cannot emphasise enough the importance of engaging a registered, reputable, experienced and licensed migration agent and seeking their professional advice on the most appropriate visa for you and your family.
Make sure your agent has experience in, and understands Australia migration, as you will be paying them for their knowledge and experience of these markets. In Australia, providers on migration advice are regulated by the new Migration Agents Registration Authority (MARA). If you choose to do it alone, aside from the stress the cost can be significant and the ‘wrong’ visa can trigger adverse taxation implications, among other things. Cliché it may be, but you get what you pay for.
3. Get your business structure and affairs in order
Just as it is essential you get your business structure and affairs in order before you leave your home country, it is essential you do the same in Australia; ideally, before you arrive. I’ve already emphasised the importance of engaging a registered, reputable and experienced visa agent; it is now time to make sure you have a reputable and experienced Australia-based accountant.
Business visa requirements are complicated, and the choice of business structure and how it is applied may have a critical impact on residency, taxation and commercial issues. So make sure you work with someone who understands your business needs.
4. Open your Australian bank account before you arrive
Gone are the days when you had to wait until you arrived in Australia to open a bank account. Most of the large Australian and banks enable you to open a bank account up to a year before you arrive and deposit money into the account as soon as it is opened (you cannot, however, withdraw money until you arrive in Australia and are ‘identified’).
When choosing your bank, make sure you choose one that has a dedicated migrant banking team and a simple, efficient online application process. Ensure there are no fees, charges and minimal deposit requirement, and that competitive interest is paid on any deposited funds.
Most importantly, ensure your bank provides you with your own dedicated business banker in Australia who you can contact prior to leaving your home country and when you arrive. That way, you’ll have someone who has experience working with business migrants and is dedicated to helping you make the right decisions for your current and future financial needs.
5. Seek the right advice from the right people
If there is one overriding tip I can give to business migrants, it’s to do your homework and seek the right advice from the right people. I acknowledge that this is not as easy as it sounds but rest assured, there are very capable, reputable and experienced people in the migration industry that can help you.
I wish you all the very best with your move to Australia!
Written by Travis Doherty, National Australia Bank Group
Travis Doherty is Chief Operating Officer of National Australia Bank Group’s Global Migrant & Expatriate Banking Division
