Establishing a business in Regional NSW
Regional NSW has each of the key ingredients for success in the modern business world:
- competitive operating costs
- a highly-skilled workforce
- world-class infrastructure and
- digital connectivity.
Most importantly, it is also on the doorstep of key markets in the Asia-Pacific.
Regional NSW combines this with the very best lifestyle and most spectacular natural setting imaginable, with world-renowned coastlines and beaches, 890 national parks and nature reserves, the Australian Outback and the country’s largest ski fields.
Best of all, setting up a business in Regional NSW is simple. Our investment specialists are available to guide you through any or all of the steps in getting started, including:
- Deciding on a business structure. If you haven’t already, you’ll need to work out which business structure best applies to your new business: sole trader, partnership, trust or company.
- Registering a business name and obtaining an Australian Business Number (ABN). You can register on the Australian Business Register website to apply for a business name, ABN and tax registrations.
- Establishing an Australian company. International investors can choose to establish a new Australian company or subsidiary. These must be registered with the Australian Securities and Investments Commission (ASIC).
- Registering as a foreign company. Foreign entities can often continue business in Australia as a foreign company, so long as they’re registered with the Australian Securities and Investments Commission (ASIC).
- Acquiring an Australian company. Takeovers and reconstructions may require approval by the Australian Foreign Investment Review Board (FIRB).
- Obtaining business premises in Australia. Purchasing, leasing and developing commercial property is facilitated by state and local governments.
- Listing on the Australian Stock Exchange (ASX). The Sydney-based ASX is a modern and active stock exchange and is consistently ranked in the world’s top five exchanges, with a total market capitalisation of A$1.5 trillion. It offers access to the Asia-Pacific region and a time zone that provides 24/7 trading opportunities. It also boasts Asia’s largest derivatives trading market, worth A$47 trillion.
- Registering a trademark and domain name. Australia’s strong intellectual property laws protect company and naming rights and allow companies to register a trademark and domain name.
Some of the global companies that have already chosen Regional NSW
Visas required to live and invest in Regional NSW
There are several visas available to help overseas-based businesses and investors establish a business in Regional NSW.
- NSW skilled regional nominated migration
- Short-term business visit visas
- Significant Investor or Premium Investor stream of the Business Innovation and Investment visa
- Employer-sponsored workers
- Employer-sponsored labour agreements.
The NSW Government can nominate eligible business owners and investors to the federal government and welcomes applications from highly skilled workers to live and work in Regional NSW. For more information, visit the Department of Home Affairs and Live and work in NSW websites.
Running a business in Regional NSW
We can help you understand your obligations when establishing and running a business in Regional NSW.
From recruiting staff to paying taxes and meeting your regulatory requirements, such as financial reporting, we can help guide you through what you need to know. In the meantime, you can find more information about your obligations on these websites:
- Employing people: Fair Work Ombudsman
- Understanding NSW state taxes: NSW Revenue, Taxes and Duties
- Understanding Australian business regulation: Austrade business regulation guide.
Renting office and commercial spaces in Regional NSW
Office rental costs in Regional NSW average only A$260 per square metre a year.
This compares to an average rent of A$695 per square metre in Melbourne’s CBD.
Average Annual Commercial Rent
Source: LJ Hooker Commercial, 2019
Labour and utilities costs
The median annual wage in Regional NSW is A$60,700, although this varies across sectors and regions.
The average annual water and sewer bill in Regional NSW is only A$1,460. Access to surface and groundwater is a NSW government priority and businesses receive equitable access based on Water Sharing Plans administered by the NSW Department of Primary Industries.
Government assistance to establish a business
The NSW and Australian Governments can both offer support and advice to help you get started here in Regional NSW.
- NSW Investment Concierge Service - This supports companies looking to establish or expand in Regional NSW and our Special Activation Precincts.
- Regional Job Creation Fund - The NSW Government offers a range of incentives to attract new and growing businesses to Regional NSW.
- Regional Skills Relocation Grant - Businesses in eligible industries may be entitled to incentives to relocate highly skilled staff from metropolitan areas.
- Training Services NSW - This provides subsidised training for staff, including part qualifications.
- Research and Development Tax Incentive - Eligible company research and development activities are entitled to refundable tax offsets.
- Business Connect - This NSW Government initiative offers business advisory services and business skills training.
- Boosting Business Innovation Program - This A$18 million program encourages collaboration between NSW research organisations and business communities.
- TechVouchers - Amounts of up to $15,000 are awarded on a competitive basis to eligible NSW companies to help them collaborate with Boosting Business Innovation Program delivery partners.
- TradeStart Network - This network, delivered by Austrade, assists small and medium sized exporters to achieve long term success in international markets.
Contact one of our investment specialists for more information on any of these programs.