Australia could be most preferred business destination after coronavirus pandemic, says Phoenix Business Advisory

Phoenix Business Advisory has provided a detailed understanding of the plethora of advantages for India's business community in Australia.

According to their recent study on business migration, 12,000 millionaires have migrated to Australia since 2018 compared to the USA which registered 10,000 and Canada at 4,000.

Another important point to be considered is the fact that an average Australian has become significantly wealthier compared to an average US citizen.

The total wealth in Australia has grown by 83 per cent compared to 20 per cent growth in the US in the last decade.

As many as 10,000 high-net-worth individuals, with a personal wealth of USD 1 million or more migrated to Australia in 2017 - mostly from India, China, and the UK.

One of the most striking aspects is the fact that Australia was ranked as the safest country in the world for women, according to a global review in 2018. This has a 92 per cent correlation to growth in wealth.

The world economy in the last 1.5 years has gone downhill. Fueled by the USA-China trade war, Hong Kong-China disputes in addition to the rapidly spreading Coronavirus, which has been termed as a Global Pandemic by World Health Orgsation, has engulfed developed nations like the USA, U.K and all of Europe causing loss of jobs and increase in unemployment rate across the world.

Major businesses have suffered a terrible blow amidst the growing crisis in every part of the world. This has affected a large percentage of the Indian population who wished to settle abroad or invest in new business ventures.

One country that still stands tall amidst the crisis in Australia with its stable economy and a diverse consumer market. It can be rightly said that Australia and a stable economy have become synonyms for each other in the last three decades.

Australia has had the 28th consecutive year wherein it has registered growth in positive figures. The regulatory institutions along with their ability to respond to global challenges provide it with a steady growth.

Another important thing to note is the fact that it is the 14th largest economy characterised by low government debt. It is estimated that the growth rate of the average annual real GDP will be 2.7 per cent over the next five years. This is the highest amongst the major economies of the world.

As of 2018, there are 7.3 million migrants living in Australia. India is in third place with more than 6,00,000 people in Australia.

Australian Financial Review listed Vivek Chaand Sehgal as the twelfth richest Australian on its 2019 Rich List with an estimated USD 5.5 billion.

Getting an Australian PR is hassle-free and time-saving. One can get PR without an upfront investment. The cash rate of the Reserve Bank of Australia is at 25 per cent which provides a great opportunity for businesses to expand and new businesses to start.

Further, the Australian government has introduced a number of measures through its stimulus packages amidst the COVID-19 crisis.

For example, affected employers will be able to claim a fortnightly payment of INR 75,000 per eligible employee from 30 March 2020, for a maximum period of six months.

Not-for-profits and small businesses with a turnover under INR 250 Cr will receive a tax-free cash payment from INR 10 lakhs up to INR 50 lakhs to help them retain staff and continue operating. Also, Australian banks are offering INR 1.25 Cr interest-free loans for six months.

These are just a few out of the bunch of incentives to people across all professional sectors. No wonder, Australia has emerged as the most favoured destination for HNI of India.

The free trade agreements facilitate the smooth flow of goods, services, and investments with major economies across the globe.

10 of the country's top 12 export markets are within Asia and Ocea. The two-way trade in goods and services totalled USD 763 billion in 2017 and the foreign investment stock totalled around USD 3.6 trillion. Australia's inward foreign direct investment stock reached a USD 849 billion in 2017.

"In addition to a safe business environment, four cities are ranked in the top 40 cities for quality of living on the global index. This makes it an ideal place for any Indian to settle down and carry on a safe business enterprise," said MP Singh, CEO of Phoenix Business Advisory.

"Further, the country is ranked at the 20th position under Ease of Doing business on the international market. Its trade market is integrated on the global level. The country has operations from 9 of the top 10 fortune global 500 compes and 8 of top 10 Forbes global 2000 compes," said Singh.

"Australia is an ideal place for blockchain and quantum computing, and its robust startup ecosystem has strong competencies in agtech, edtech, fintech, foodtech, and medtech. Ranked 5th in the world for global entrepreneurship, it contributed to over 4 per cent of world research publications in 2017 despite having only 0.3 per cent of the global population," MP Singh added.

"Over 40 per cent of the workforce has a tertiary qualification with 28 per cent of the population born overseas. Cultural diversity makes is a thriving hub for businesses from all over the world. 3.2 million Australians speak an Asian language and 1.4 million speak a European language," Singh further added.

Over the years, there has been a shift in the migration pattern of Indians. From the USA and the UK to Australia.

A large number of Indians migrate to the land of kangaroos every year and they are highly regarded in Australia. The accepting nature of the Australian government coupled with safety and hassle-free visa procedures make it convenient for Indians.

As the demand for Australian PR is increasing every year the quota for 2020 is full, and one must act quickly for 2021 quota. Settle one's Family and Business in Australia with ZERO Upfront Investment. Visit www.pcba.com.au to apply for the 2021 quota.

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( With inputs from ANI )