If you are looking to start a business in Australia, one of the first steps you will need to take is registering your business with the government. This process can seem daunting, but with the right guidance and understanding of the requirements, it can be a straightforward process.
Here is a step-by-step guide on how to register a business in Australia:
Step 1: Choose a business structure
The first step in registering your business is deciding on the appropriate business structure. There are several options available in Australia, including:
- Sole trader: a single individual who operates the business
- Partnership: two or more individuals who carry on the business together
- Company: a separate legal entity from the owners
- Trust: a legal relationship where one or more individuals hold assets for the benefit of others
Each business structure has its own benefits and drawbacks, so it’s important to do your research and choose the one that suits your needs.
Step 2: Choose a business name
Once you have chosen your business structure, you need to choose a name for your business. The name you choose must be unique and not already registered to another business in Australia. You can check the availability of your chosen business name on the Australian Securities and Investments Commission (ASIC) website.
Step 3: Register for an Australian Business Number (ABN)
An Australian Business Number (ABN) is a unique 11-digit number that identifies your business to the government and other businesses. You can register for an ABN online through the Australian Business Register website.
Step 4: Register for Goods and Services Tax (GST)
If your business has an annual turnover of $75,000 or more, you will need to register for Goods and Services Tax (GST). This tax is applied to most goods and services in Australia, and registering for GST allows you to claim back the tax you pay on business expenses. You can register for GST through the Australian Business Register website.
Step 5: Register for other taxes
Depending on your business type, you may also need to register for other taxes, such as Pay As You Go (PAYG) withholding or Fringe Benefits Tax (FBT). Check the Australian Taxation Office (ATO) website for more information on which taxes your business may need to register for.
Step 6: Register your business name
After you have chosen your business name and confirmed its availability, you will need to register it with the ASIC. You can register your business name online through the ASIC website.
Step 7: Apply for any necessary licenses and permits
Depending on your business type and location, you may need to apply for licenses and permits before you can begin trading. Examples of licenses and permits include food and liquor licenses, building and construction licenses, and permits for operating a home-based business. Check with your local government authority for more information on which licenses and permits your business may need.
Step 8: Set up a business bank account
Once your business is registered and you have all the necessary licenses and permits, it’s important to set up a separate bank account for your business. This will make it easier to manage your finances and track your business expenses.
Generis Global can help you with your business in Australia
Starting a business in Australia can be a complex process, and Generis Global is here to help. Our team of experts can guide you through the legal requirements and provide support at every step of your business journey in Australia. Contact us today to learn more about how we can help you.