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Hicksons Lawyers weighs in on state of play for international business
The Aussie law firm has shed light on how the COVID-19 pandemic has sparked a renewed interest from international companies looking at the country for establishment or expansion opportunities.
Emma Musgrave
According to Hicksons Lawyers, the increased attention has been a knock-on effect of Australia’s government’s quick handling of the pandemic, seeing onshore companies able to recommence production, shipments and service delivery “while international competitors remain hamstrung”.
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The economic outlook for Australia looks positive in comparison to overseas jurisdictions, managing partner Stewart Cameron flagged.
“The Australian federal and state governments have been able to minimise the impact of COVID-19 by limiting community transmission so the economy could restart faster,” Mr Cameron said.
“These actions have put Australia in a prime position to facilitate a sustainable post-COVID-19 recovery on a national scale, and organisations, both Australian and international, are looking to leverage this.
“While traditionally the cost of doing business in Australia has been hefty, making it sometimes unattainable for global companies, consideration will be given to the cost of not being able to do business at all due to the ongoing repercussions of COVID-19 and other potential future global crises. Australia is primed to be a place where businesses can continue to operate and thrive.”
Mr Cameron noted the firm is calling for the formation of a consortium of professional advisers to support companies looking to Australia as an attractive place to do business, noting such a measure “would be invaluable in facilitating offshore businesses looking to expand into or relocate to Australia following the pandemic”.
“Although many multi-national organisations that move or expand into Australia have international advisory teams, access to local contacts and networks helps a company navigate through start-up and governing processes as quick and seamlessly as possible,” Mr Cameron said.
“The benefit of having a consortium of local professional services advisors is that they really understand the local laws, regulations and tax compliance obligations, for example.
“Australian professional services firms could also benefit from creating international connections with other advisory firms and establishing relationships with worldwide clientele.”
Adding to this, Mr Cameron said the need to build a coordinated industry approach to attracting international firms is vital.
“State and territory borders re-opening and restarting industries have bolstered Australia’s economy, pulling the nation out of a recession faster than anticipated,” he said.
“The Trans-Tasman Safe Travel Zone with New Zealand also provides an advantage for industries as it resumes travel, immigration and migration opportunities, and expands the workforce talent pool.”
