Simple Steps To Starting Up A Business In Australia

Starting a company is almost everybody's dream come true

. There's nothing like the liberty and financial returns in running a business brings. Nevertheless, running a business is not for all. If you're planning to start one, here's a few factors that you need to consider:

1.Decide if a company is really the right business structure for you.

Know the advantages and disadvantages of operating as a sole proprietor, a partnership, and a limited liability company. A company has its own pros and cons different from the advantages and disadvantages that come with a proprietorship or partnership, thus it will be a great idea if you sit down and weigh them very carefully before making a final decision.

2. Come up with a business name.

Choose a business name that properly embodies your business' goals. You can name your business whatever you want as long as it does not sound offensive or connotes illegal activity. Your business name also need to be distinctive; meaning no other business in Australia must have the same exact or same-sounding name. To find out if an existing company is already using the name you like, you can visit the website: National Names Index, which lists all businesses registered in Australia.

3. Register your company.

There are a few ways to do this: one is to fill out a Form 201 (the form used for Application for registration as an Australian company) and mail it directly to the ASIC (Australian Securities and Investments Commission) office, and the other is to avail of company formation services offered by third-party organizations online.

Availing of such providers is the best best option for individuals who have yet no clue on how to register a company. Those services are run by individuals or organizations that have connections with the ASIC. It's a trouble-free way to have your company registered.

4. Ensure that you receive your Certificate of Registration.

Before you start your business into full operation, make sure that you have with you your Certificate of Registration from ASIC. And with this certificate should be your 8-digit ACN or your unique Australian Company Number. Keep your ACN secure because this is the number you use to gain access to important data online, like company details, records, lodge forms, and annual statements.

Back in the day that registering a company was a real stress to business owners, but now that the process has been made completely easy and hassle-free, there's no excuse of not having your business registered with the ASIC.

by: George Henderson

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