How to Buy a Business in Brisbane
Brisbane, Australia, is the capital of the Queensland province and the one of the largest cities in the country. It's situated on the northeastern coast of the continent and is one of the most important ports in the country for trade with the countries of the Asian Pacific. The city itself is home to many blue collar and white collar businesses, including key metalworking companies that process ore from the mines around Queensland. Purchasing a business in Australia is relatively simple for foreigners, with few legal barriers to investment.
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Instructions
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Determine what kind of business you want to purchase. Many of Brisbane's companies have close links to international markets. As such, they are quite adept at putting foreign investment to use and working with multinational companies. The Business Brisbane News (see Additional Resources below) can help get you accustomed to the business environment in the city.
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Consider consulting with a business broker to help you find the right business and to help ease the transition. A broker such as Benchmark Business can help you in your search.
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Negotiate with the current business owner to get to a fair price and determine whether or not you can make it profitable. Have a plan prepared for what you will do with the business. An effective business plan will be essential if you plan to get small business grants from the Australian government. Speak with a Brisbane-based consultancy firm if you think you need help on formulating a plan that will pass muster, such as Reload Consulting.
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Contact the Australian taxation office and ensure that all registration is completed properly. Hiring an Australian accountant even on a temporary contractual basis might be useful if you are not familiar with Australian business and taxation law. You must pay Australian taxes on the business purchase even though you may not be an Australian citizen. You can find more details at the Board of Taxation website, which describes the law as it relates to foreign expatriates.
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Communicate with the Queensland Department of Tourism, Regional Development and Industry. It offers many subsidies, tax credits and other business incentives to people either starting or purchasing a business, whether they're foreign or not. Failing to take advantage of these programs could result in a competitive disadvantage.
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Get in touch with the Brisbane City Council, which also offers many grants and taxation incentives for businesses operating in the city.
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