South Australia, the 4th largest state in landmass, and the 5th in population in Australia is turning out to be an innovation and investment hub for many growing industries. Apart from being one of the world’s most sustainable food and wine growing environments, the state has other resilient sectors such minerals and energy mining, advanced manufacturing, health and life sciences, financial and business and even IT and communications.
The reason these sectors are able to thrive now is because South Australia has had uninterrupted growth for the past 2 decades, built strong links to the Asia-Pacific and their economy to be resilient and robust by basing it on knowledge and expertise.
The government of the state of South Australia supports the economies and collaborates with industries and communities to actively provide assistance to businesses via a range of programs. These programs aim to attract and and build skills and expertise to the state by investing heavily in training, providing options for businesses to fill positions with migration programs and engage qualified overseas students to live and build a career or a business at where they studied.
Besides this, according to Migraton.gov.au, factory and office rents in South Australia are one of the lowest in the country and with near-to-perfect levels of accessibility by road, rail, air and port facilities, you can be certain that many local businesses there are in fact looking forward to finding partners and migrants that can open up access to the international markets, exporting to countries of origin of the migrants, where these business migrants can really utilise the localised knowledge that they already possess.
Within the state itself, opportunities for new businesses and ventures remain excellent. Id.community reports that the retail trade turnover for South Australia at March 2019 has seen an increase in 1.67% from the previous year, which indicates that the level of consumer confidence remains high and AiGroup published a study that forecasted South Australia’s GDP growth to peak at 2.5% in 2020, and then at 2.25% for the subsequent years.
Many investors and business migrants cite these reasons when choosing South Australia to direct their assets and investments. “South Australia and its economies has unprecedented investment opportunities and offers a range of business advantages for interested migrants today,” writes an investor. SmartCompany.com.au in 2018 reports that 1 out 3 small business in Australia are owned by migrants, and migrant business owners employ more 1.4 million employees across the nation, with a quarter of them providing training to local youth.
The government of South Australia is making extra effort to attract skilled migrants. Premier (Head of State) Steven Marshall of South Australia wants skilled migrant to move into the state to spearhead the “wave of new developments” as “existing employers (are) struggling to secure their workforce needs”, ABC reports. Business migrants are a backbone to the nation’s economy, and with positive signs in the region, South Australia is poised for growth that business migrants can take advantage of by minding these few things.
1. Attend Trade Exhibitions, Expos, & Shows
Australia has 700 over tradeshows in a month, and you can select a few within your industry to attend. Local businesses and importers are eager to work with talents that can help them expand into South Australia and capture the market share there. Business migrants would do well to maximise their times at such events by connecting with peers, getting leads, presenting their business plan and passing their contacts around, as well as following up any potential customers.
2. Sorting Legalities with your Visa & Business
Generally, there are 2 types of business visa that migrants that apply for – one is for those that have business skills and want to set up and manage a new or existing business in Australia, and the other is for those that have funds and personal assets to become an investor into local businesses. After contending with that, eager business migrants should then decide the form of their new enterprise – a manageable sole proprietor or a scalable corporation – as each form has its own set of paperwork and legalities that needs to be sorted.
3. Apply for Grant and Fundings
Funding and assistance can be obtained from the state and federal government via grants (check out state grants here) and regional development programs, which currently funds an initiative called the Regional Growth Fund 2019-20 (which can be read here) for both sole proprietors and corporations. Here’s where having well developed business plan helps because it cements your request.
A little tip – business migrants would also do well to remember the regulatory bodies that are closely associated with their business like the Local Government Association of South Australia and the City Councils for these bodies would come in handy in providing aid and connecting businesses with one another with communities.
Business migrants that are eager to get started on this path can check out their visa options here on the South Australian government’s website and review through the criteria set by the Federal Government of Australia here, before launching their application with the Immigration Department of Australia. Or skip the hassle and plan the business of your dreams while Kitson Migration Services handles your application.