In the year 2021, the Australian economy had 2,402,254 actively trading businesses. And by the end of 2021, there was a 3.8% increase in this number. Here, the most significant companies are those in construction (410,839) and healthcare and social assistance (159,076). Meanwhile, deciding to become an entrepreneur is undoubtedly exciting. But after this decision, you also need to take steps to register your business, and it isn’t a smooth process.
To register a business in Australia, you can choose a business registration service that provides you with simple online company registration for a nominal amount of $568. Through it, you can get all your ASIC and ACL documents delivered in a few minutes and not weeks. As such, it makes the entire registration process quick and straightforward. And given below is the process of registering a business:
Know About the Structure of Your Business
The first step to registering your business is to identify its structure. When registering for a business name, you must choose a specific design, and the common types in Australia include the following:
- A sole trader is the most basic structure and imparts you complete control of the business.
- A partnership consists of two or more individuals who distribute earnings and losses.
- The company which is a more complicated structure and limits your liability.
- A trusty has the duty of carrying out business operations.
Get Your ABN
ABN stands for Australian Business Number, and if you don’t have it, you need to apply for it. ABN is a distinct number consisting of 11 digits that identify a business, and it is for tax purposes and transacts other business operations. It is also used for goods and services tax purposes. You also use it to register the domain name of your business website. So, after finding the structure of your business, you must apply for ABN.
Pick a Relevant Name for Your Business
You need to pick a name that’s both unique and relevant to what your company does. Also, it is best not to choose a controversial or provocative name, as it is the name through which your customers will identify you. You will also use this name in every documentation and registration process. So, ensure that it is not similar to any other business currently operating. A business registration service that helps register a business in Australia also lets you see if your business name is available quickly. Such a service also provides you with a company binder, domain name, a framed certificate and discretionary trust.
Know the Way Your Business Will Operate
Your company can be regulated by:
- Replaceable rules – This implies that the organisation doesn’t require a written constitution. So, you don’t have to bear the expense of updating the limitations with the change in the law.
- Constitution – An organisation can have a written constitution whose copy they should keep along with their organisation’s records.
- Share structure – A proprietary organisation should have non-employee shareholders not exceeding 50 in number. The company can be limited by shares, or it can be an unlimited company with share capital.
Licenses and Permits
Licenses and permits approve the business to carry out activities and keep its staff safeguarded. These are basically as per the nature and activities of your business and its location. Besides, you can trade without any fines and penalties when you have licenses and permits. And standard licenses relate to business execution from areas like your home. They also relate to obeying laws and safety requirements.
Follow this stepwise process to set up your business, as it will give a direction for you to carry out your activities.