Are you an international or foreign citizen looking to buy a business in Australia? The Australian government welcomes international investment as it helps build the Australian economy and supports economic growth and properity. This article provides relevant links to the Australian Government websites that provide the guidliness for purchasing business or making an investment in Australia. Please visit these government sites and the Foreign Investment Review Board before purchasing a business if you are not an Australian citizen or resident. Its important that all regulations are abiided by to save yourself ending up in a troublesome financial or business situation.
Foreign Investment Review Board
This is the section of the Australian Government that examines the proposal of a foreign person to invest in Australia and makes reccomendations to the Treasurer. They abide by the 'Foreign Acquisitions and Takeover Act 1975'. The Australian government welcomes foreign investment and has documents and ACTs that dictate what is allowed, please read this information on the below links and contact the Foreign Investment Review with any questions you may have:
Under the Foreign Acquisitions and Takeovers Act 1975, a foreign person is:
Some information from the Australian Foreign Investment Policy (June 2010) about buying a business in Australia:
Who Needs to Apply to the FIRB for approval? (this is just a summary of the information, not advice, please read full document):
What is the Government Looking For?
"The Government is making sure investments are not contrary to the national interest. If an investment is contrary to the national interest, the Government will intervene. This occurs infrequently. What is contrary to the national interest cannot be answered with hard and fast rules. Attempting to do so can prohibit beneficial investments and that is not the intention of our regime. Australia’s case-by-case approach maximises investment flows while protecting Australia’s national interest"
More Enquiries or Information:
General enquiries: Fax: 02 6263 2940 +61 2 6263 2940 From overseas: Phone: 02 6263 3795 +61 2 6263 3795 Email: firstname.lastname@example.org email@example.com Compliance hotline: Email: FIRBCompliance@treasury.gov.au FIRBCompliance@treasury.gov.au
We find a number of international buyers contact us to find information on whether they can purchase a business in Australia. We always send them to the FIRB for more information so they can check on government regulations before making a decision. By posting this information I hope it helps foreign investors find the information they need.
Are you an international / foreign citizen that has purchased a business in Australia? How did you find the process? Did you need to apply for approval?