Thinking of setting up a new or existing business in Australia? But, how can you go about it without registering your business. Business Registration remains one of the most significant components while opening your own business in Australia. After the completion of your Australia Immigration process requirements, you are ready to fly to Australia with a business dream in your mind. Let us give you a head start with this, by informing you about Business Registration in Australia. This is one of the first steps for Australian business initiation. Registering a company is not as complex as it sounds and one can do it from the comfort of their home and office.
Choose the kind of Business Structure you want to operate in
Your Business structure must be in tandem with your business needs as each of them have a different set of liabilities and implications. There are 4 kinds of business structure you can choose from in Australia
- Sole Trader
Your Business structure has the potential to influence daily operations as well as tax accountabilities. This business structure can also be subject to change in the future.
Importance of Applying for Australian Business Number(ABN)
Basically, an Australian Business Number is a unique 11-digit number that classifies your business. It is not a substitute for tax file number but can be used for several tax and business purposes. For sole business owners it is not necessary to hold an ABN number, but you will be requiring one for GST registration.
The ABN aids to identify your business in the public records and speeds the interaction between banks and relevant government departments. Once your ABN details are put in to the Australian Business Register (ABR), they are available for the public to view. Therefore, you can even opt to apply for non-public information ABN which is exclusively only accessible to you, as a holder of ABN, your registered tax agent and qualified government agencies.
Do not forget to Register the Name of your Business
Even the best Immigration consultants will tell you that till you do not decide doing business under your name, you need to think of a business name. In order for you to register this name you need to hold an ABN number or should have applied for one. If it is applicable you must register a domain name that along with your business name is associated with your ABN.
Get Yourself a Tax File Number (TFN)
Making sure you are registered for the correct taxes is essential. No matter what business you are starting, you must have TFN Number.