Starting a new company can be an exciting and challenging experience, and registering your company is one of the most critical steps in launching a new business. This process can be intense, but it can be made much easier with the right guidance and support from a professional business registration service.
The following section of the article will guide you through the process of registering your business in 5 easy steps with the help of a reliable service provider.
Step 1: Choose the Right Structure
Choosing the proper structure is the first step in registering your company. The most common structures in Australia are:
- Sole Trader: A company owned and run by a single person.
- Partnership: A company owned and run by two or more people.
- Company: A separate legal entity owned by shareholders.
- Trust: A structure where a trustee holds property or assets for the benefit of others.
Each structure has specific advantages, so it’s essential to consider your business needs and seek advice from a professional before making a decision.
Step 2: Choose a Name
Choosing a name is an exciting part of starting a new business, but choosing a name that is unique, memorable, and not already taken is essential. You can check the availability of your chosen name by searching the Australian Securities and Investments Commission (ASIC) database. If your chosen name is available, you can reserve it for up to two months while you complete the registration process.
Step 3: Register for an Australian Business Number (ABN)
An Australian Business Number (ABN) is a unique 11-digit number that identifies your firm to the government and other businesses. Registering for an ABN is free and can be done online through the Australian Business Register (ABR) website or with the help of a business registration service. Once registered for an ABN, you can register for Goods and Services Tax (GST), a tax on most goods and services sold in Australia.
Step 4: Register Your Company
Registering your company will depend on the business structure you have chosen. If you have chosen to register a company, you will need to complete the following steps:
- Choose a company name and check its availability
- Appoint a director and a company secretary (if required)
- Decide on the company’s share structure and issue shares
- Draft a company constitution (if required)
- Apply for registration with ASIC
The registration process can be completed online through the ASIC website or with the assistance of a professional business registration service, and the cost will vary depending on the type of company you are registering.
Step 5: Register for Other Requirements
Depending on your company activities, you may need to register for other requirements such as:
- Tax file number (TFN): It is used to manage your tax and superannuation obligations.
- Pay-as-you-go (PAYG) withholding: It is a system where businesses withhold tax from their employee’s wages and pay it directly to the ATO.
- Fringe benefits tax (FBT): It is a tax on non-cash benefits provided to employees in addition to their salary or wages. These benefits include company cars, health insurance, and entertainment expenses.
- Australian business licence and information service (ABLIS): A free online service that provides information about the licences and permits needed to operate a business in Australia.
In conclusion, a business registration service is an important step in starting a new business, and it’s essential to get it right. By following these 5 easy steps, you can ensure that your company is registered correctly and legally, setting you up for success in the future. Remember, it’s always a good idea to seek advice from a professional before making any decisions about your firm’s structure or registration requirements.