If you’re setting up a new firm in Australia, it is recommended to use a professional company registration service provider. They can guide and assist you in registering your business and help take care of your paperwork. The process of registering a company in Australia is complex and can be quite confusing if you have never done it before. The Australian government has strict regulations which must be adhered to when registering a business. Failure to comply with these regulations may result in fines or delays. That being said, read on to find out how to register a company in Australia:
Choose the type of business you want to register.
You can take help from an organisation that helps with registering new businesses for this procedure if these tasks seem overwhelming for you.
Organise documents required for registration.
You will need to provide a list of documents required for registration, which includes:
Look up your company’s name and fill out the company application form.
You can also check with the Australian Securities and Investments Commission (ASIC) that the name is not already registered or hire a company that specialises in such services.
The name of your company should not be offensive or misleading, nor be a registered trademark, nor use any restricted words or phrases such as “bank”, “insurance”, or “law”. The name must not be too long for a business category in Australia. For example, if you are registering your business as an accounting firm, then it is likely that your company name will have to include “accounting” somewhere in its title.
Register your company with ASIC.
To register a company in Australia with ASIC, you’ll need the following:
This can be anything from ‘John Smith’ or ‘Smith Painting Services’ to something more creative like ‘Awesome Popsicles Inc.’ If you want to include words that refer specifically to your industry, such as “Plumbing” or “Moving” in the company name, make sure that it’s not too generic. For example, if you’re opening up a plumbing company called “Smith Plumbing Company” and another local plumber has already registered this name, they have the right to stop you from using it. You’ll need to check with ASIC before registering any names that contain common words used by other companies in their industry and brand names and slogans that are likely to confuse consumers.
It costs $50AUD per application plus an additional fee of $1 per extra word after five words. This lengthy procedure can be simplified if one uses professional service.
Obtain an Australian Business Number (ABN).
The first step to registering your company in Australia is obtaining an Australian Business Number (ABN). The ABN is a unique identifier for your business; it’s something like a social security number in the United States. Like a social security number, you’ll need to register for an ABN or hire a company to get this done for you before starting to operate your business and pay taxes.
You will also need to register your ABN with the Australian Taxation Office. This can be done online or over the phone. Once registered, you will be assigned an “Entity ID” that acts as an identification tag when filing taxes and other financial reports with the ATO.
If you want to register a business name, do so with the Australian Securities and Investments Commission (ASIC). It’s free of charge and easy to do. You can also use a professional company registration service provider who will take care of everything for you, including registering your business name with ASIC. If you choose this option, ensure that any information provided by them is accurate and complete so as not to delay processing time or incur extra costs later on in setting up your company.
Make necessary tax registrations.
You will need to register for GST if you are a sole trader, company, partnership or individual making taxable supplies in Australia. The Australian Taxation Office (ATO) offers a range of information and services for small businesses, including taxable sales, income tax and superannuation calculators.
The ATO has also published a guide to goods and services tax (GST) that explains how it works in Australia.
Suppose you are setting up a new business in Australia. In that case, it is recommended to use a professional company registration service provider who can guide and assist you in registering your business and help take care of all the paperwork for you.