April 23, 2024

Our TEC partners, ABN Australia and Neo Advisory in Australia, were contacted to learn how to start a business, precisely a company, in Australia. This guide will take you through the steps to start a company in Australia.

Checklist for Opening a Company in Australia

You need to check the following list before starting a business in Australia:

  1. Choose your business structure
  2. Choose a name for your business
  3. Select a business address
  4. Selecting company officers

Select Your Business Structure

The first step in starting a new Australian business is to choose a structure that best suits your needs. This article is primarily about how to start a business in Australia. However, there are many other business entities that you can use when starting your business, such as a sole trader, partnership, trust, or company. You can change the structure of your business as it grows.

Choose a Company Name

A business name can help your customers form an emotional bond with your brand. It would help if you had a business name to register your company in Australia unless you’re a sole trader. It is essential to check that the name you want to write for your business is available and does not infringe on existing trademarks.

Select a Business Address

If you are not a sole proprietor, your registered office in Australia must be the principal location of your business. ASIC will send all official communications to that address, which will be displayed as your primary business location. Your business address must be something other than a post office box.

Using a virtual office plan, you can get an Australian business address at a fraction of what it costs to rent a traditional office. Virtual Office Plans include a mail service, a prestigious office address in a Grade A building, and flexible terms. This is the perfect way to launch a business in Australia.

Choose Company Officers

At least one director must be a resident of Australia. It is essential to obtain written consent from the officeholders of your company and store it in your records. You can contact local service providers, such as our partner ABN Australia fo,r help ding a resident meet this requirement.

How to Start a Business in Australia

This is a simple step-by-step guide to getting your business up and running in Australia.

  1. Register your business with ASIC
  2. Get an ABN (Australian business number)
  3. Tax File Number (TFN)
  4. Register for GST (Goods and Service Tax)
  5. Register your business name at ASIC
  6. Register your website domain name
  7. Open a local account
  8. You must apply for all licenses and permits that are required

Register your company in Australia with ASIC.

You can register your business online using the Australian Government Business Registration Service or through a private service provider. ASIC will process your application and provide you with an ACN for your business (which can be used to obtain an ABN), register the company, and issue a registration certificate. Remember: Before doing business in Australia, foreign companies must be registered with ASIC as a foreign company. It would help if you appointed a local agent (a person or Australian company) authorized to accept notices and services on your behalf.

Register for your ABN

ABN is an 11-digit unique number that identifies you and your business. To conduct business in Australia, you will need an ABN. This is essential for all business and tax activities in Australia. It’s also required to invoice, claim GST credits, and get an Australian domain name ending in.au. You can apply for an ABN even if you’re not a resident of Australia. You must submit your Tax File Number, Proof of Identification, and the intended business statement for Australia when registering for an ABN. ASIC offers a comprehensive guide for those who want to know more about ABN Registration outside Australia.

Register your Tax File Number (TFN).

You will need a tax file number to file a tax report for your business. It would help to have a separate TFN unless you are a sole trader. The TFN can be obtained by most companies when they apply for an ABN.

Register for GST (Goods and Services Tax)

You must register for GST if your business exceeds the threshold within 21 days. You can register for GST once you have your ABN. You may need to register for a standard or simplified GST if you’re a non-resident. GST applies to all sales that are connected with Australia.

Register a Business Name with ASIC

You can register a business name at ASIC after registering your ABN. You will need the following to register your business name:

  • ABN or the application reference number
  • The address to receive official documents and display on the Business Names Register
  • A principal place of business is required (this must be your primary business address, no PO Boxes are allowed).
  • An email address

You will receive a confirmation of your business name registration within 2-5 days. To make it exclusive, you can register your business name as a trademark at IP Australia.

Purchase your domain name.

You can register your domain after you have registered your business name. ABN/ACN is needed to register a domain name for your business under.com.au but not for a domain in.au.

Open a Local Bank Account

In Australia, a local account is often required to run a business. It is best to set up the account in advance. You may have to travel to Australia if you are based outside Australia to meet your bank’s KYC (Know Your Customer) requirements. You can also work with service providers like ABN Australia, who can streamline the account opening process.

You can apply for any licenses or permits required.

You must obtain the necessary permits and licenses to run a business in Australia legally. Visit the Australian Business Licence and Information Service website to learn what rights you need to start and run your Australian business.

It can be time-consuming and frustrating to navigate the documents and requirements required to register your Australian business. We partner with industry experts like ABN Australia and Neo Advisory to streamline the process for our Members to start a business in Australia. This allows them to focus their attention on the things that matter most. For more information, you can contact our local team in your center.

In today’s world, agility and flexibility are crucial to success. We provide workspace solutions to enable our Members to maintain a presence anywhere in the world while working from home. In different parts of Australia, we have centers in commercial buildings with grade A, like Collins Square in Melbourne and 108 St Georges Terrace Perth. We have centers in Sydney at 1 Bligh and Australia Square.

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