Regulatory Facts
|
Doing business in Melbourne is easy.
Australia is rated number two in the world for the shortest time needed to set up a business1 - just two start-up days, ahead of Singapore (three) and Canada (five).
That’s because the regulatory framework underpinning key institutions and Victoria’s business environment is solid, straightforward and simple. Australia’s regulatory system has been ranked 13th in the world for ease of doing business.2
|
Invest Victoria can work with you to ensure that establishing your business in Melbourne is as simple and cost-efficient as possible.
|
Assessments and Approvals
|
Invest Victoria can guide you on a confidential basis through any statutory assessments or approvals your business needs, including:
|
- Municipal planning permits, which govern land use, building and works, permission to subdivide.
- Building Permits which ensure that new buildings or alterations comply with design and other standards.
- Environment Protection Authority (EPA) approval for certain industrial projects. These cover activities that generate waste discharged into the atmosphere, land or water, or where noise is likely.
- State Environmental Assessments for major projects with potentially significant environmental impacts.
- Federal Environmental Assessments where a development may have an impact on Commonwealth-owned land, or on a mater of national environmental significance, such as biodiversity. These assessments usually relate to exploration for minerals, oil and gas.
|
|
Foreign Investment Review Board
|
There are occasions when proposed investment in Australia requires prior approval by the Foreign Investment Review Board (FIRB).
Usually, the board only becomes involved in very large investments, or when proposals involve sensitive sectors such as banking and media.
The board balances the benefits of foreign investment with community expectations about competition and control of resources and assets.
In 2010, the Foreign Acquisitions and Takeovers Act was updated to reflect the growing role of State Owned Enterprises (SOEs), sovereign wealth funds, and complex investment instruments.
Other changes to the legislation include higher and simpler thresholds for screening by the board.
For details, visit www.firb.gov.au.
|
Banking
|
Australia’s banking sector enjoys a worldwide reputation for excellence in financial market regulation and supervision. Prudent regulation of this sector helped protect the country from the worst of the Global Financial Crisis.
The 2009-10 Global Competitiveness Report ranked the soundness of Australia’s banking sector third in the world out of 133 countries.
Standard & Poor’s has also rated Australia’s banking system the most stable in the Asia Pacific region. Australia’s top four banks (ANZ, Commonwealth, National Australia Bank and Westpac) are all ranked among Asia’s top 10 most profitable.
Australia has a fully internationalised currency, no restrictions on access to credit or loan facilities, and no restrictions on capital flows.
|
Visas
|
International businesspeople make an important contribution to Victoria, especially in diversifying skills, expanding local business and export activity, and creating jobs.
Short and long-term visas are available from the Australian Government Department of Immigration and Citizenship (DIAC).
There are numerous visa categories for senior executives, investors and business owners. Skilled workers can enter under the General Skilled Migration Scheme or be nominated by their employer.
For details, visit the department’s website www.immi.gov.au.
Or contact the Victorian Government’s Skilled Migration Program
Tel: +61 3 9938 0562
Fax: +61 3 9938 0561
|
Email
|
Website
|
Download fact sheet: Visas and Immigration (200kb)
|
Customs & Quarantine
|
The Australian Customs Service (ACS) manages and regulates the movement of goods and people into and out of Australia.
Australia is ranked ninth globally on the degree to which Customs authorities facilitate the efficient transit of goods.4
|
The Customs Information Centre, based at Docklands next to the Port of Melbourne, can provide information such as:
|
- Import and export requirements and restrictions
- Rates of duty
- Goods subject to Quarantine
- Federal Government schemes that benefit manufacturers importing raw materials for goods that will ultimately be exported; and
- Concession rates on imported goods where no substitutable goods are produced in Australia
|
|
The Australian Quarantine and Inspection Service (AQIS) provides quarantine inspection services for the arrival of international passengers, cargo, mail, animals and plants or their products into Australia, and a range of inspection and certification for a range of animal and plant products exported from Australia.
|
Workplace Health and Safety
|
WorkSafe Victoria is the government body that enforces health and safety in Victoria’s workplaces. This includes enforcement of regulations on plant, safe handling and storage of dangerous goods and major hazard facilities. Invest Victoria can introduce your company to WorkSafe representatives who will be able to provide information on relevant regulations.
|
|
1IMD World Rankings 2010 “Start-Up Days”
|
2 IMD World Rankings 2010 “Ease of Doing Business”
|
3 The Global Competitiveness Report 2009-2010, World Economic Forum
|
4 IMD World Rankings 2010, “Customs Authorities”
|
