Starting your own business in Australia can be fulfilling and challenging at the same time. It provides you with a chance to achieve your ultimate goals in life and career as you struggle to grow your business from infancy to success.
The problem is, a lot of prospective business owners are not familiar with the steps and processes in setting up a business, particularly in Australia. They are clueless on how to set it up and keep it running efficiently.
For this reason, we’ve created a checklist to guide you in starting your own business in Australia so you don’t have to deal with the hassle.
Step 1: Create your Preferred Business Structure
You should realize that businesses can be subdivided into different structures. Do you prefer to operate as a sole trader, company, or partnership? Decide which structure you would like to follow before anything else.
All of these structures have their advantages and responsibilities. If you have your accountant, it’s best to ask which one is fit with your current economic status and capacity.
Step 2: Funding Source for Your Business
Funding is the lifeblood of a business. You can get your funds from different resources like banks, savings, or loans. Before deciding, consult your lawyer or accountant first since they will be able to discuss with you the pros and cons of all the possible options for the source of funds.
Step 3: Have Your Chosen Business Name Registered
Remember to have your business name registered first before purchasing other marketing materials for your business like business cards, websites, and others. You need to ensure that your business name is approved by the Australian Securities and Investments Commission (ASIC).
Check first if it is still available or someone else has registered their business under the same name. You can proceed with this process through the ASIC Connect portal.
Step 4: Copyright Protection Option
Do you want your name and logo to be protected? As a business owner, it is a good idea to acquire copyright protection for your business. This is to ensure that your business’ identify solely under your authority. For more information about the patent and copyright protection, you can visit IP Australia.
Step 5: ABN Application
ABN stands for Australian Business Number. If you project your business is going to earn over $75,000 or more, then you need to apply for ABN as mandated by the Australian government.
You can apply by visiting the Australian Business Register website. If your business is under a partnership, company, or trust, your business needs the Tax File Number that can be acquired from the Australian Tax office.
Step 6: Business Responsibilities
As a business owner, it is given that you will hire your prospective employees. The salaries of your employees have a taxable amount that should be withheld from their pay. It should be remitted to the Tax office by your account or anyone in charge of the tax responsibilities.
Make sure that your business will have all the necessary permits and licenses to operate. You also need to check from ATO’s fuel scheme if your business is qualified for fuel tax credits.
Step 7: Australian Business Account
When you have this, you don’t need to waste time and effort in ensuring all your permits and licenses for the business. It is a collaboration from your local to national agency unit for all business owners.
Step 8: Accounting System
Last but not least is the accounting system. A proper accounting system can save you from tax liabilities and other business-related problems. Be sure to set it up appropriately right from the start.
Setting up a business in Australia is a fast and straightforward process, especially if you know the rules and policies imposed by the government. The next step is to boost your business online by creating a profile in high authority Australian Business directories. Don’t have time to do this? No worries! Online Officer can do this for you. Be listed and see yourself as one of the successful entrepreneurs in Australia!