You can set up your business right from the beginning of your business journey. Think of it as the basics of a house, and once you perform it properly from the start, it saves you a lot of difficulties later on.
In case you are setting up a business as an individual or a sole trader in Australia, it will speed things up if you offer your tax file number (TFN) once you apply. You can consult a business registration service to ensure that you are following a procedure correctly.
You will generally need to decide between establishing a new business, registering as a foreign business, or acquiring an existing business. In case you establish a new business, then there are a variety of business structures available for you.
Each structure you would come across has its own regulatory and tax considerations. Being a business, you may need to establish your identity through a trademark, whether you have an online or physical presence.
Choose a Business Structure
You would come across a set of common structures in Australia that you can use when establishing a business.
The four chief types are:
- Sole trader
- Partnerships
- Trusts
- Companies
Consider thoughtfully which structure suits your business needs in the best way. Your business structure is going to decide the licenses essential to operate, as well as tax and legal implications.
Australian Business Number or ABN
An Australian business number is a unique eleven-digit identifier that can make it convenient for you to interact with all government degrees. You would need an ABN to:
- Run in the GST system encompassing claiming GST credits
- Evade pay as you go (PAYG) tax on payments you get
- Confirm your business individuality to others once you order and invoice
- Be permitted as a gift deductible recipient or a tax-exempt income charity
It will help if you keep your ABN particulars up to date in the Australian Business Register. An online business registration service can help in this regard.
Register a Trademark and Domain Name
Being a business entering Australia, you will want to protect your rights and avert others from using your name. This you can do by registering a trademark and domain name.
Australia has a sophisticated legal system that guards the intellectual property of businesses and individuals. Being a business, you can register a trademark as a marketing instrument. A registered trademark would provide you legal protection that averts others from using your brand. Your trademark will be issued and protected nationally.
Speaking of registering a domain name, your domain name is a unique internet website address that enables others to access your website. Internet addresses that end in ‘.au’ are registered in Australia. These are administered and controlled by the .au Domain Administration (auDA).
For registering your .au domain, the domain name should be available, and your business must meet the domain name eligibility and allocation policy by auDA.
Run a Business through a Company
If you want to run your business through a company, you need to register your company and get an ACN. You do it with ASIC once you start your company. You must get your ACN before you can receive your ABN and tax registrations.
Hence, if you are still confused about anything, then a qualified and experienced business registration service can help you throughout the business registration procedure.
