There are many benefits to registering your company in Australia. Australia supports open trade and has trading relations with many countries, including the United States, South Korea, Japan, China, and the United Kingdom. Thanks to the government’s business-friendly initiatives, venture capitalists can get subsidies through the Australian Trade Commission (Austrade), which helps multinational businesses exchange products and services from Australia.
The Commission also recognizes prospective investment ventures and business partnerships that would like to register their business in the country. But before you launch a new business, it is essential to understand that there are several ways to establish an enterprise.
Each of them has distinct duties and liabilities that you must know before selecting the structure that you want. When choosing a framework for your business, choose one that best suits your specific needs, and consider the benefits and drawbacks of each system.
A company is a type of business structure. A company is a legal entity that represents a group of people. However, it is also separate from the people who run it. You should apply with the Australian Securities and Investments Commission (ASIC) to to operate across Australia.
Presuming that you have selected a company as your business structure, follow the steps below to set up your business Down Under:
Run an ASIC name search to verify if the business name you want is still available, and there is no identical name that might give you complications. If this occurs, it may take legal proceedings to prohibit you from using your brand, even when you’ve registered it!
Sign up to ASIC Connect and enter your company name under the Licenses and Registrations section at the top of the front page. You will also have to enter the details of the business holder, the company address, and the registration period. Remember that company names are case sensitive. If you are not an Australian resident, consider and designate somebody who “ordinarily lives in Australia” as your resident administrator.
Review the application thoroughly. Check the document for grammatical and spelling errors when after filling it out. Once you have verified that everything is correct, you can send your application.
Once ASIC accepts your application, it will provide your business with an ACN that you can apply for your Australian Business Number (ABN). They will officially authorize the company and give you a certificate of registration. ABN is a unique 11-digit number that helps you to identify your company with the government and other businesses.
After you have received the ABN, the next step is to apply for a Tax File Number (TFN). Registration for services and goods taxes will only apply if the GST turnover is AUD75000 or more.
You can also register a company through a Private Service Provider (PSP), including an accounting firm, a solicitor, or another business that helps in the application process. The fee for these tasks depends on who you are working with.
Although it comes with added expenses, collaborating with a local expert will protect you and your company from any delays or issues that may occur from the registration and application process. This step also guarantees that you ensure compliance with all government laws when establishing your business.
Author Bio: Julian Carter is a farmer of words in the field of creativity. She is an experienced independent content writer with a demonstrated history of working in the writing and editing industry. She is a multi-niche content chef who loves cooking new things.