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Government to Invest in Blockchain Technology Innovation in Australia

Government to Invest in Blockchain Technology Innovation in Australia

The Australian government recently unveiled plans to ramp up innovation through blockchain technology with an updated roadmap. The Ministry for Science, Industry, Energy and Resources has formulated a new national plan aimed at generating value of business-related blockchain activity, with a specific focus on supporting international supply chain management systems and tracking.  The roadmap mainly focuses on three areas:  Skills Capability and innovationInternational investment and collaborationRegulation and standards. We explore the government’s plan to boost technology and innovation in Australia, and what that could mean for opportunistic businesses considering an Australian expansion. Government agenda to develop technology and innovation in Australia The government’s investments have been advancing blockchain technology, creating international standards for blockchain and facilitating businesses to bring blockchain products to market. The Australian government engaged in March 2019 with industry and researchers to develop the National Roadmap to emphasize blockchain’s opportunities and potential. The technology of blockchain is expected to generate a worldwide annual business value of over US$175 billion by 2025 and in excess of US$3 trillion by 2030. The Australian government has also provided support and capital for public sector, private sector and researchers to foster innovation and co-operation around blockchain technology. Using programs such as Austrade business missions to international markets, Australian Research Council Grants, the...

What are the Business Opportunities for Australian Companies in Mexico?

What are the Business Opportunities for Australian Companies in Mexico?

In recent decades, Mexico has become a strong and stable economy on a global scale, encouraging and attracting local and foreign business opportunities. Economic similarities between other regional powers generate valuable opportunities, such as those for Australian companies in Mexico. This is attributed to fruitful trade deals, competitive cost structure, openness to Foreign Direct Investment (FDI) alongside many other factors. Mexico now boasts the second largest GDP in Latin America and offers a stable and increasing economic growth.  Government initiatives set to boost business opportunities in Mexico The current President Andre Manuel Lopez Obrador (AMLO) has pledged to reduce the inflation to 3%,  increase spending on local infrastructure, and invest in supporting lower socio-economic groups through providing jobs. Furthermore, AMLO has increased the minimum wage and provided government assistance for those needed.   With the AMLO government pro-growth vision combined with lucrative business opportunities, Mexico is on the path to be a significant global economic powerhouse in the decades to come. We discuss business opportunities for Australian companies in Mexico. Mexico-Australia economic relationship at an all-time high In 2014, Mexico was Australia's largest trading partner in Latin America. The trade relationship between Australia and Mexico remains healthy and vibrant. In 2014, Mexico was Australia's largest trading partner in Latin America. The signing of the Tran Pacific Partnership Agreement (TPP) in 2016, has...

When Do you Need a Legal Representative in Australia?

When Do you Need a Legal Representative in Australia?

For a long time, Australia’s economy has been on an upward trajectory, becoming an export giant and the premier economic power in the South Pacific. Steady economic growth under a stable government is increasingly enticing foreign investors to incorporate a business in Australia. However, before entering Australia’s market, it is important to assimilate a company with local commercial culture and laws. Do this with the help of a local legal representative in Australia. Legal representatives work with a range of different entity structures, a range of different company sizes and company activities. By using an in-country expert, ensure a smooth company incorporation process and continuing corporate compliance. What is the role of a legal representative in Australia? A legal representative is an individual, usually a lawyer, who acts as the legal figurehead of the company and is the signatory on all company activities. They concern themselves with every legal matter within the company, from hiring employees to company liquidation. By assigning a legal representative, the individual personally accepts particular legal liabilities related to the actions of the company. It is, therefore, in the interest of the legal representative to ensure the company acts compliantly. In accordance with Australian law, an individual legally representing a company must be over 18 years old and must also be an Australian national or foreigner with residency status. Not only is this a legal requirement, but it is also convenient for legal representatives to be able to act quickly on urgent...

Corporate Compliance for Business in Australia

Corporate Compliance for Business in Australia

Australia's string of successful stable governments and steady stream of foreign investment have allowed their economy to show a continuous incline over the last 20 years. These advantages have helped investors look past Australia’s rigid and strict corporate compliance system at the bigger picture – opportunity in the diverse corporate landscape that Australia offers. Nevertheless, that is not to say that newcomers to the market shouldn’t be aware of the regulation. Outlined is a brief glance at a range of corporate compliance regulations that especially incoming foreign investors to Australia should be wary of. Maintain corporate compliance in Australia with ordered business registrations One of the first tasks to take care of when incorporating a business in Australia is compliantly registering the business with the relevant authorities. The first registration task is obtaining a business name. The best way to do this is directly through the Australia Securities and Investment Commission’s (ASIC) online business name registration portal. This is quick, convenient and direct. This business name must be renewed every 1-3 years. Following that, every operational business must get an Australian Business Number (ABN) and a Tax File Number (TFN). If the company is seeking to trade in goods and services, it must be registered for Goods and Services Tax (GST). All of these tax registrations are available to obtain online through the same Australian Business Register website. Following this, the company is formally recognized. Depending on the activities of the company, there...

E-commerce Activity Rising Among Australian Businesses

E-commerce Activity Rising Among Australian Businesses

Australia is the 4th largest regional e-commerce market globally, with online sales of US$ 18.6 billion in 2018. The future e-commerce projections are also on a positive trajectory, expecting to reach US$26.9 billion by 2023. With the future looking bright, E-commerce in Australian businesses is becoming more important. Local businesses are seeking to hop on the e-commerce wave and access the growing number of consumers migrating to digital markets.  Australia is a low-risk country with a stable economy that ranked 5th at the Economic Freedom Index, demonstrating judicial effectiveness, fiscal health, and business and trade freedom.  Outlined below is a comprehensive demonstration of how e-commerce is reshaping Australian businesses and broadening their market share.  E-commerce in Australian businesses has allowed companies to gain global customers A study found that businesses that have higher than a basic-level presence over the internet reap more benefits. According to a recent report performed in Australia, small businesses that moved to a more optimized digital engagement have seen a  60% increase in revenue per employee. Furthermore, they have reported a 38% growth in revenue. This goes to show that the potential of implementing an e-commerce strategy for small-to-medium-size businesses in Australia results in a considerably positive trajectory. Currently, there are a number of major projects seeking to implement e-commerce into their business strategies in Australia. Perth Airport has initiated a project regarding their Duty-Free shopping business model in which...

Overview of Australian Trade Agreements with Latin America

Overview of Australian Trade Agreements with Latin America

Being isolated deep in the South Pacific, Australia’s economy relies heavily on good business relations and free trade agreements (FTAs). In order to stimulate opportunities for Australian companies, it is the role of the government and its various trade agencies to diversify and broaden the number of countries that can trade with them.   Though Australia's relations with Latin America were more or less inconsequential in the past, today, their relationship is entirely different. Over the last 20 years, Latin America’s impressive growth statistics have caught the attention of Australian businesses. Consequently, the Australian government has reached favorable trade agreements with several countries and associations in Latin America.  Before incorporating a company as a foreign investor, it is worth examining the various trade agreements on offer to establish how your company can benefit.  Trade between Latin America and Australia With it’s 10 free trade agreements, connecting with countries all around the world, Australia’s economy is reinforced and bolstered by its economic partners. FTAs provide importers, exporters, producers, and investors with better access to international markets, often with reciprocal favorable tariffs. In the case of Australia, FTAs offer: a better competitive position for Australian exports. more prospects for increased bilateral investment. reduced import costs for Australian businesses and consumers. Australian Free Trade Agreements (FTA) with Latin America Australia has 2 operational FTAs with South American countries with 2 more awaiting...

Tax Incentives for Foreign Investment in Australia

Tax Incentives for Foreign Investment in Australia

For prospective investors, Australia presents itself as a modern, fast-growing economy with a stable government and a strong trade sector. What many do not know, however, is that the foreign investment policy in Australia has a raft of tax incentives, hoping to attract the astute investors. Foreign investment in Australia is spurred by a diverse economy; its sectors range widely from a large agriculture sector to an increasingly growing technology service. However, due to its isolated location, Australia has a large reliance on trade. Both in goods and services, Australia exports account for 21% of its GDP and comes in as the twentieth-largest export economy in the world. In order to attract investment and company formation into its early-stage or lesser-known sectors, the government has developed a foreign investment policy in Australia that allows for a number of tax incentives. In a country where corporate income tax lies at 27.5% for low-income companies and 30% for medium-high income companies, tax breaks are welcomed by local commercial actors. Being on the high side of the global average corporate income tax of 22%, Australia’s rates can deter foreign businesses from coming in. Australia: Tax incentives by sector Like all developed economies around the globe, Australia has to evolve with the times. Traditional industries such as manufacture, agriculture, mining, and construction are well-entrenched and integrated into the Australian economy and therefore do not need to be incentivized. On the other hand, in order to stimulate diversification, Australia is...

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