Being your own boss is a great feeling. However, if you are going to be a business owner, you have to understand and follow the rules wherever your company is based. Entrepreneurs who wish to start or operate their company in Australia need to follow Australian business law if they don’t want to run afoul of the government.
Your Company Is A Separate Entity From Yourself
The most important thing to understand is that your company is considered to be a separate entity from yourself. This means that you have to treat dealings with your own company the same way that you would treat dealings with any companies that you have no ownership stake in. To ensure that you are playing by the rules, you should establish a board of directors that has oversight authority over all actions that your company takes.
One Share Equals One Vote
It should also be noted that one share equals one vote for all shares of stock. In some countries, you can designate certain classes of stock that allow you to give certain shareholders a higher status than other shareholders.
A Permanent Resident Must Operate Your Company In Australia
Foreigners cannot run an Australian business from their home country. If you don’t want to live in Australia while running your company, you can appoint someone else to act as your president or CEO. You can talk to an immigration consultant or an immigration lawyer to determine whether it makes sense to obtain a business visa to make it easier to become a business owner in Australia.
Don’t Let Your Visa Expire
Your business visa typically expires after a predetermined period of time depending on what visa you hold. If you have a temporary investor visa, you may be able to enter the country until you are able to get a permanent business visa. If your visa does have an expiration date, it is up to you to renew that visa. In the event that the visa is not renewed, you may not able to continue to run your company. This is where the services of an immigration lawyer or immigration consultant can come in handy.
Running a company in Australia is different than running a company in America or other western countries. You must be a permanent resident or citizen of the country to run your company or designate a resident or citizen to run the company for you. If you don’t have the right visa, you may not enter the country for any purpose regardless of whether or not you own a company in Australia.