5 Must-Follow Steps to Register a New Company In Australia

Are you ready to transform your business idea into a reality? Registering a company in Australia is a crucial step towards establishing your presence in the business world.Embarking on this new entrepreneurial journey can be both exciting and challenging for new investors as everything needs to be in compliance with Australian regulations. Whether you are starting a new business or scaling up an existing one, Business AU can help you.

To establish a legal entity in Australia, you must register your company with the commercial register, ensuring compliance with the country’s corporate regulations. We understand that being your own boss comes with a long list of things to get the right start and we have listed a few below.

Choose the Business Structure

The first step towards company registration is choosing a business structure that caters to your business needs. This decision will impact various aspects of your business, including operations, tax liabilities, and personal asset protection. Choosing the right business structure will help you have the right balance between benefits and legal protections.

You must note that each structure has its own implications and liabilities, so choose wisely. As the business grows, you can choose to change the business path and structure. Here, we have mentioned the four main business structures commonly used by small businesses.

  • Sole trader: This is one of the most common forms of business organisation in Australia. The business owner will be legally responsible for all aspects of the business and is personally liable for all financial obligations.

  • Partnership: This is an association involving two or more people or entities running a business together and sharing the profits and losses of the business. Each partner will be personally liable for the financial obligations of the business.

  • Company: An entity, separate from shareholders will handle all the responsibilities of a business.

  • Trust: Trust is a type of business structure that does not have an owner or owners in a traditional sense. A trustee can be a person or a company that holds income or property for the benefit of others.

Apply for the Australian Business Number (ABN)

Australian Business Number is a unique 11-digit number that will identify your business. The Australian Business Number is different from the Tax File Number, but it is used for various business and tax purposes. It is not mandatory for sole traders to get an ABN, but you need to be registered for GST.

The ABN registration will help you enhance your business’s visibility and facilitate interactions with banks and government departments. Once you get your ABN it will be added to the Australian Business Register (ABR) and made accessible to the public.

Register a Business Name

If you don’t plan to operate under your personal name, registering a business name is essential. You will have to check the National Names Index to see if your business name is available. To register the name, an ABN application is required. This step is vital for establishing a distinct identity and brand recognition.

Register Your Website Domain Name

Your domain name is the website address on the internet that will give your business an online identity and a brand for your customers. You will need ABN to buy ‘.com.au’ or ‘.net.au’ web addresses.

Getting a Tax File Number (TFN)

Getting registered for the correct taxes is an essential part of setting up a business. Regardless of the type of business you are starting, you must have a Tax File Number. If you are planning to run your business as a sole trader, you can use your individual TFN. If you are running the business in partnership, company or as a trust, you will have to register a separate TFN. Taxation applies for all businesses but the liabilities will vary depending on the type of business.

Before you rush for company registration online, it is important that you understand all the prerequisites which also include the cost of registering a company. Our team of experts will help you with all the key considerations and requirements before proceeding with the application process.

Post Incorporation Requirements

Once you register a company, there are important post-incorporation formalities that must be followed to maintain compliance and facilitate business operations. Here are the key requirements:

  • Display Company Name: Your company’s name must be displayed whenever it is open to the public or conducts its business This helps establish brand identity and recognition.

  • Company Registration Number: The company registration number of Australia must be displayed on the documents published by the company. This number serves as a unique identifier and demonstrates legal compliance.

  • Keep Company Details Updated: All the details of the company must be kept up to date. This includes changes in address, directors, shareholders, and any other relevant information. Maintaining accurate records ensures transparency and legal compliance.

Where Can You Register Your Australian Company?

Establishing a company is one of the best ways to expand your business and ensure its success. You will be free of personal liabilities, yet lower tax rates will allow you to focus on growing your business into a profitable venture.

ASIC: When starting a company in Australia, the first step is determining where to register it. The three main options are through the Australian Securities and Investments (ASICS), a private service provider or an accountant. Each corporate structure has its own set of rules.

ASIC is the regulatory body in charge of company registration for businesses operating within Australia. This option allows you to register directly with them online or by mail. However, it’s important to note that this process can be time-consuming and requires a great deal of attention to detail.

Private Service Provider: Another option is using a private service provider who specialises in registering companies on behalf of clients. These providers offer various packages and services depending on what you need, but they do come at an additional cost.

At Business AU, our accountant will assist you with the company registration services. This is a convenient option as we will help you deal with all the paperwork and legalities.

Why Choose Us?

Setting up a new business can be a daunting process. At Business AU, we have years of experience catering to the needs of business owners in Australia. We have optimised our registration system to make it simple, quick, and hassle-free. Our streamlined procedures have benefited numerous clients, enabling them to register their companies efficiently.

Here are some of the few reasons why you should choose us.

  • Dedicated business manager

  • Convenient services

  • Quick turnaround time

  • Flexible and transparent services

  • Personalised client interactions

Take the next step towards your business success. Contact Business AU today at 1300 24 29 36 or email us at mybusiness@businessau.online. Our team is ready to assist you with your company registration needs.