A Beginner’s Guide to Starting a New Business in Australia
Are you thinking about setting up a new business in Australia? We understand that the process can seem quite daunting in the beginning. However, with the right guidance and tools, anyone can be successful in this venture. This post will guide you through the necessary steps to establish your own business in Australia.
Before anything else, you need to decide on a business structure. All businesses in Australia fall under four basic structures: Sole Trader, Partnership, Company, or Trust. A sole trader is an individual operating as the sole person legally responsible for all aspects of the business. A partnership involves two or more people or entities running a business together. A company is a legal entity separate from its shareholders, while a trust is an entity that holds property or income for the benefit of others.
After deciding on your business structure, the next step is registering your business name. This is a requirement in Australia unless you plan to operate under your, or your partner’s, full name. This name becomes your unique identifier and once registered, no other business can legally operate under that same name. You can register your new Australian business name at register.biz.au.
A very important aspect to consider when creating your business is whether or not to register for Goods and Services Tax (GST). This largely depends on your anticipated revenue. If you expect your revenue to be over $75,000 per annum, then GST registration is mandatory.
Next, you should apply for an Australian Business Number (ABN). This is a unique 11-digit identifier that makes it easier for businesses to interact with each other and the government. It’s also essential to have an ABN while registering for the Goods and Services Tax (GST) or other business dealings.
As soon as you are done securing your business name, structure, and ABN, you should look into acquiring the appropriate permits and licenses. The type and number of these will largely be determined by the nature of your business and the local laws and regulations in your locality. It’s recommended to do thorough research or consult with a professional to ensure you’re compliant with all necessary regulations.
Now that you have completed all the necessary registration processes, it’s time to plan and promote your business. Consider establishing a digital presence via a website or social media and setting up effective marketing strategies to attract customers.
In conclusion, establishing a new business in Australia may appear tough in the beginning, but with proper guidance, anyone can navigate the process successfully and smoothly. The most important thing is to have a clear plan, register your business name, decide on a business structure, apply for the necessary licenses and permits, and be ready to adapt to changing circumstances. Happy business building!
Register your new business name at register.biz.au
