Australia is one of the few nations globally that can be considered as a highly developed market economy. Based on the key economic indicators released by the Australian Bureau of Statistics, the country’s GDP reached an estimate of A$1.89 trillion as of 2019. The country also has a total wealth of A$10.9 trillion as of September of the same year.
The country also has a record for being the nation with the longest continuous GDP growth. Because of this, plenty of business owners are confident about building small and medium enterprises in the country. First-time entrepreneurs would look for ways to register a company in Australia to start their operations.
If you are one of the business-savvy individuals who are interested in launching a business in Australia, you need to comply with several basic requirements to start a business. Here is a list of what you need to do to have a seamless business launch in the Land Down Under:
Choose The Business Structure
To register a company in Australia, you need to select the right business structure to determine the level of control that you can exercise in the company, as well as the required amount of tax that you must pay. It will also allow you to know all your regulatory obligations and other requirements that you need before you can operate in the country.
There are four basic business structures in Australia. It includes:
- Sole trader – This is the accurate business structure to choose if you want to be the sole owners of the company. It means that you are the only one responsible for all the legal aspects of the company even if you hire other people to work under your team.
- Company – This business structure refers to the commercial entity or business that operates with a separate legal entity to all its shareholders.
- Partnership – This type of business structure exists when more than one individual or entity manages and operates a business together, but not as a company.
- Trust – The trust is the type of a business entity that possesses a property, income, or any kinds of assets for the advantage of a third party.
Choose The Business Type
After selecting the business structure, business owners need to determine the type of business that they want to run. There are a variety of business types to choose from, but the most common in Australia are:
- Online Businesses
- Independent contractor
All industries have a varying set of regulatory requirements and legal obligations. The business owners only need to look for the right type that would suit the industry that they plan to venture in.
Register An Australian Business Number (ABN) And Business Name
The country will not allow any legal business to operate without an ABN. It is a unique 11-digit number that you can use as the government identifier for your company. As soon as you get your ABN, you can already register your business name. You may also claim government taxes like the Goods and Services Tax (GST) and file for tax credits like the energy grants.
Your registered business name is also crucial before you start creating your assets like your business logo, company website URL, and other marketing materials. If you create all these without checking if your chosen name is already unavailable, you might have to redo all these if you need to change your name.
Once you manage to accomplish all of these, you can start to register your domain name then identify your funding source. You can also start registering for the appropriate taxes, and then your company is good to go.