Australia is a great place to start your business since the people are open to new business ideas at all times. And if you have quit your job and want to set up a company, you can do that easily. There are a few guidelines that you must follow when you register a company in Australia. Since registering a company is entirely hassle-free, you need to make the right decisions regarding a business idea. You will also require a lot of patience, and you might need to demonstrate your modesty time and time again. According to the 2019 Australia Small Business and Family Enterprise Ombudsman report, 61 per cent of the small business owners are over 45 years. Anyone can start a business in Australia. You can look at the following instructions or guidelines to set up your company.
Selecting a Company Name
Choosing a name for your company is a joy and not at all a difficult task. You must keep your vision and mission in mind before selecting the name. And when you choose a company name that reflects your business and its ideals, you can check its availability instantly with the help of an availability tool. If you have thought of a specific name for your company, you can reserve that name online immediately. Before selecting and reserving, it would be best to check out various websites and social media platforms to make sure you are not utilising a similar name.
Register Your Company With ASIC
You can register a company in Australia with the help of the Australian Securities and Investments Commission or ASIC. Sometimes, you might not look at all the social media platforms and websites when it comes to choosing a different name for your business. That’s when you can register in ASIC instead of looking through every company in every state and territory. There are two things that you should consider when registering your company name. First and foremost, your company name should not be similar to the other company with a similar category as yours, whereas the second is that you must check if your name is taken.
Trademark Your Business Name With IP Australia
Many people consider registering with ASIC as the final process. But that’s not the case. Additionally, you should trademark your business name as well. Your entire business can come to a halt because of the conflict of your name with the other company or trademarked entity. Hence, you should check if your name is trademarked or not at IP Australia Trademarks.
Get an ABN
ABN stands for Australian Business Number. If you want to conduct a business in Australia, you will require an ABN. ABN is crucial for tax and other business purposes such as invoicing and availing of GST credits. For the non-residents, you can apply for ABN with documents like Tax File Number or Proof of Identity.
Set up a Business Website
You can buy domains for your website from a plethora of places. If you want to set up a low-cost website, you can select a local IT provider. Also, .com websites are reasonably priced than the .com.au websites. You can settle upon both domain names or maybe just one since purchasing multiple domain names makes the website search for your clients easier.
Keep Good People Around You
At every stage of your business, you have to maintain good relations with your clients and specialists in the industry. You can talk to them openly and be honest about your business. The specialists might even share some of their experiences in business. Moreover, you can hire good accountants, legal advisors and human resources to ensure the growth of your business.
With all these clear instructions, you can register a company in Australia without any effort. Indeed, you will gain a lot of success in your business if you follow the rules and regulations correctly.