The benefits of setting up a subsidiary company in Australia are immense. They include but are not limited to, having greater access to the diverse industries in Australia and a range of Australian services and products. It is also more cost-effective for production and manufacturing as it allows you to take advantage of innovative technology, create brand recognition, and access a skilled labour force.
Australia’s redundancy rate is anticipated to decrease to about 4.75% by the year 2021. This alone should say the massive improvement of the industry. The GDP is also predicted to rise by 3.8% in the year 2021, in 2022 by 4.1%, and in 2023 by 3%.
Setting up a subsidiary company in Australia is relatively cost-effective with access to regions such as the Asian Pacific; a time zone that is convenient for businesses located in the USA. Further, it allows for trade introduction in Europe and vigorous monetarist services divisions. Entrepreneurial essence and global cultures have allowed Australia to become an ideal location to set up a subsidiary company.
With vast resources waiting to be explored, Australia is one of the most progressive countries of economic growth which makes it a secure and low-risk location to conduct business. The economy provides a flexible and strong structure with the prediction for 2020-21 to be a 3% increase in the growth of the economy. This alone should be a factor to consider in assessing whether to set up a subsidiary company in Australia.
Furthermore, your assets add international security to your portfolio. With a stable and well-established government, you have the ability to adjust well to worldwide change. The ever-modernized technology allows your company to assist in the development of the Australian economy. This gives you the satisfaction of knowing you had a part in the growth.
Notably, Australia also has a Free Trade Agreement (FTA) with countries such as the USA, New Zealand, Thailand, Singapore, Malaysia, Hong Kong, Peru, Japan, Chile, Korea, and ASEAN countries. This offers economic ties worldwide. Australia also has a Double Tax Agreement (GTA) with 45 different countries.