Embrace New Horizons: Move to Tasmania and Buy a Business

by Vanessa Lovie 31st of May, 2023

Embrace New Horizons: Moving to Tasmania and Buying a Business

Are you seeking a fresh start, breathtaking natural landscapes, and a vibrant business environment? Look no further than Tasmania, Australia's island state that offers a perfect blend of opportunity and unparalleled beauty. Moving to Tasmania and buying a business for sale can be an exciting journey, filled with new possibilities and a chance to embrace a unique lifestyle.

With a population just over 550,000, Tasmania is one of the smaller states in Australia but can provide an ideal destination for aspiring entrepreneurs and business owners. With close-knit communities, breathtaking sceneries, and well-established industries such as healthcare, agriculture, tourism and hospital, there are multiple benefits to relocating and investing in this southern state.

Tasmania's Allure

Nestled in the southernmost part of Australia, Tasmania boasts a captivating blend of rugged mountains, pristine wilderness, and charming coastal towns. Its untouched natural beauty, including the renowned Tasmanian Wilderness World Heritage Area, attracts visitors from around the globe. Beyond its scenic wonders, Tasmania also offers a thriving economy, a supportive business environment, and a strong sense of community, making it an ideal place to start or expand your entrepreneurial journey.

Tasmania's capital city, Hobart, offers a blend of history, culture, and natural beauty. The city's iconic waterfront, with the backdrop of Mount Wellington, provides a picturesque setting. Visit Salamanca Place, famous for its vibrant Saturday market, art galleries, and trendy cafes in Hobart. Explore the historic Battery Point neighborhood, home to charming Georgian houses and quaint streets. Don't miss the opportunity to visit the Museum of Old and New Art (MONA), a world-renowned art museum that showcases an eclectic collection of contemporary art.

Launceston, often referred to as the "Heart of the North," is a charming city located in northern Tasmania, Australia. It is the state's second-largest city and is renowned for its rich history, picturesque landscapes, and vibrant cultural scene. Launceston boasts a wealth of beautifully preserved historic buildings, showcasing architectural styles ranging from Georgian to Victorian. Stroll through the city's streets and you'll encounter elegant facades, enchanting parks, and grand public buildings that reflect its colonial past. The iconic Cataract Gorge, located just a short distance from the city center, is a natural wonder with walking trails, a suspension bridge, and a chairlift offering breathtaking views.

Travellers to Tasmania often visit for the natural beauties such as; Freycinet National Park located on the east coast of Tasmania; The UNESCO World Heritage Cradle Mountain-Lake St Clair National Park; Port Arthur Historic Site, Burny Island and Bay of Fires.

Mount Wellington Tasmania Business Opportunities

Mount Wellington Tasmania

Business Opportunities

Tasmania presents a range of exciting business opportunities across diverse industries. With over 250 Businesses for Sale in Tasmania on Bsale there are many quality business opportunities for sale. From hospitality and tourism to agriculture and technology, there is room for innovation and growth.

The state's commitment to sustainable practices and its focus on niche markets create a fertile ground for new ventures. With a supportive government, access to funding, and a growing network of entrepreneurs, Tasmania provides an environment where businesses can flourish.

Prominent Industries

Agriculture and Aquaculture: Tasmania has a strong agricultural sector, producing a wide range of agricultural products such as dairy, beef, lamb, wool, fruits, vegetables, and grains. The state is also recognized for its thriving aquaculture industry, particularly in salmon and trout farming.
Tourism and Hospitality: Tasmania's natural beauty, including its stunning landscapes, national parks, and World Heritage sites, attracts a growing number of domestic and international visitors. The tourism industry encompasses accommodations, restaurants, tour operators, and various tourist attractions.
Manufacturing: Tasmania has a diverse manufacturing sector, with a focus on food and beverage production, timber and wood products, metal fabrication, and advanced manufacturing. The state is known for its high-quality food and beverage products, including cheese, wine, whiskey, and craft beer.
Renewable Energy: Tasmania has abundant renewable energy resources, particularly hydropower. The state's hydroelectric power stations generate a significant portion of Tasmania's electricity and contribute to Australia's overall renewable energy capacity.
Education and Research: Tasmania is home to several universities, research institutions, and vocational training providers. The education sector plays a vital role in the state's economy, attracting students from both domestic and international markets.
Mining and Resources: Tasmania has valuable mineral resources, including copper, zinc, tin, and gold. Mining activities contribute to the state's economy, although the sector's scale is relatively smaller compared to other Australian states.
Health and Medical Services: Tasmania's health and medical sector provide essential services to the population. The sector includes hospitals, medical centres, aged care facilities, and pharmaceutical companies.

Small Business Owner Stream Visa

Tasmania is one of three states that offer the Small Business Owner Stream 491 visa. This visa is a state-sponsored visa that allows eligible individuals to establish and manage a small business in Tasmania. The visa falls under the broader Skilled Work Regional (Provisional) Subclass 491 Visa category.

To be eligible for this visa, applicants must meet certain requirements, including having a genuine intention to own and operate a small business in Tasmania, securing a minimum of 35 points in the points-based system, meeting the English language proficiency requirements, having relevant business ownership or management experience, and meeting the health and character requirements.

Applicants must also receive an invitation from the Tasmanian Government to apply for the visa and provide supporting documents to demonstrate their business skills and financial capacity. The visa allows successful applicants to live and work in Tasmania for up to five years. It offers a pathway to permanent residency through the Skilled Regional (Permanent) Subclass 191 Visa after meeting specific criteria, including residency and employment obligations.

If you are interested in this pathway to living and owning a business in Tasmania, it is important you speak with a professional migration agent.

Is Stamp Duty Payable on Business Sales in Tasmania

Stamp Duty on goodwill and other non-real business assets was abolished by State Revenue Tasmania on 1 July 2008. Stamp duty is now only payable on the transfer of property. So if you are buying a business in Tasmania that is freehold and includes some land such as buying a hotel in Tasmania or motel, then you may still be liable for stamp duty.

Benefits of Relocating to Tasmania

Moving to Tasmania offers numerous benefits that enhance both personal and professional lives. The state's smaller population fosters a close-knit community, enabling easier networking, collaboration, and community engagement. Tasmania's exceptional education system, affordable housing options, and low crime rates make it an attractive choice for families and individuals seeking a high quality of life. Moreover, the abundance of outdoor activities, cultural events, and gastronomic delights ensures a well-rounded lifestyle for residents.

Tasmania has a temperate maritime climate, which means it experiences mild summers and cool winters. With temperatures ranging from 3°C to 12°C in Winter and 17°C to 23°C in summer, it is a colder climate than most of mainland Australia.

The current median house prices in Hobart, TAS is $802,500 which is much lower than other capital cities, providing affordable housing options.

Steps to Buying a Business in Tasmania

Research: Begin by researching the market, industries, and business opportunities in Tasmania. Identify your interests, strengths, and the type of business you wish to pursue.
Get Professional Guidance: Engage with business advisors, accountants, and legal professionals who are well-versed in Tasmanian business regulations. They can assist you with due diligence, negotiations, and navigating the legal aspects of purchasing a business.
Evaluate Business Opportunities: Analyze the financials, market position, and growth potential of the businesses you are considering. Conduct thorough assessments to ensure a sound investment decision.
Financing and Funding: Explore financing options, such as loans, grants, and government incentives, which can support your business acquisition. Tasmania offers various schemes aimed at promoting economic growth and supporting entrepreneurs.
Negotiation and Purchase: Once you have identified a suitable business, negotiate the terms of the purchase agreement. Seek expert advice during the negotiation process to ensure a fair and favourable outcome.
Settle and Transition: After the purchase is finalized, prepare for a smooth transition. Develop a comprehensive transition plan that includes employee management, marketing strategies, and integrating yourself into the local business community.

> Read the full guide to buying a business

Moving to Tasmania and buying a business opens up a world of opportunities for those seeking a thriving business environment and an unmatched lifestyle. Tasmania's awe-inspiring landscapes, vibrant economy, and supportive community make it an exceptional choice for entrepreneurs. By undertaking thorough research, seeking professional guidance, and embracing the unique benefits of Tasmania, you can embark on an exciting entrepreneurial journey in one of Australia's most enchanting destinations. Welcome to Tasmania, where business dreams and natural wonders merge seamlessly!

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