Three Easy Steps to Register Your Business in Australia
Are you a new business owner in Australia? If you are ready to make your brand known throughout the country, the first step is to register a business with the Australian government.
It is no surprise that many businesses are establishing themselves in Australia, given the country’s economy and well-developed infrastructure. Once registered, your company is taxed at an appropriate rate, can be easily identified by available suppliers, and can apply for licenses and permits. Because it is now included in the registry of legal company names, it enables industries to recognise your brand.
To register your business, you must first choose the type of business, then obtain an ABN (Australian Business Number), and finally, register a business name.
First Step: Know Your Business Type
The nature of your business will have a significant impact on the amount of tax you may pay, your liability, business operating costs, and the amount of control you have over your business. You could start the following types of businesses:
Sole Trader
The term “sole trader” denotes that you are running your business as an individual and that all aspects of the business are your responsibility. This includes losses and debts incurred when things do not go as planned. As a sole trader, you can hire people to assist you in growing your business in the most basic business setup. It is the business structure used by the majority of online merchants and private shops.
Partnerships
It entails two or more people working together to run a business. Business partners should accept full responsibility for the company’s debts and losses.
Company
A company’s legal entity is distinct from its shareholders. As a business owner, you are still personally liable and have tax obligations, but some risks are delegated to others.
Trust
A trust is a legal entity that controls assets and property. Trustees manage the business for the benefit of the beneficiaries, not for their profit and benefit. Because of the administrative costs involved, trust is costly to establish and maintain.
Next Step: Get an Australian Business Number
An upcoming business in Australia will receive a unique 11-digit number upon registration, which will identify your business to the government and the community. It assists you in confirming your legitimacy when placing orders with suppliers and billing. You’ll also need an ABN to get tax breaks and register for an Australian domain name. Your business ABN should be present in all the business documents, including the written advertisements, business letterhead, and all documents that come with ASIC.
Last Step: Register a Business Name
When you register a business name in Australia, it is considered a permanent one, so you must choose the right one for your business. You may consider a unique name for your business that is easily understandable and remembered by the consumers. Registering your business allows you to protect your business name against the use of others. Aside from it, as a business owner, you will get tax and legal benefits as well as personal liability protection. Most of the countries in the world require a fee in registering a business. The fees vary in different locations.
In conclusion, these three simple steps are only the beginning of the process of making your business legal and operational in Australia. As a business owner, you have a long way to go; take the time to research necessary information and stay current in order to make your business long-lasting and relevant to customers.
