A Guide to Start a Business in Australia

setting up an business entity in Australia

For setting up an exciting business venture in Australia, you need to get an insight into Australian details. It arises fear and excitement at the same time as you’ll finally become an entrepreneur and you can be a boss. The very thought gives you passion and power, doesn’t it?

You have to do deep research and follow some laws to get started with your business. You can choose to follow this guide below if you like:

Get approval from (FIRB) Australian Foreign Investment Review Board, first.

Plan a Structure

You can choose from below which Australia follows:

  • You can be a sole trader that means that you are liable for every legal asset and you have the power to hire people.
  • You can start a commercial company that has a different set of legality for stakeholders.
  • You can run a partnership business.
  • You can start a trust entity that can be possessed with some assets like income or property for inspiring a third party.

Select your Business Type

You have your structure planned, now, you can move to the business type whichever you like:

  • Build a franchise, maybe?
  • Or an online business?
  • Or you can choose the independent contractor type.
  • Visit business.gov.au for deciding a structure.

Avail an ABN

Do you need an ABN? You surely need to own an ABN (Australian Business Number). An eleven digit unique number that is only yours and will be an identifier for you when the government investigates your business.

  • You will be able to avail credits.
  • You can order products and services.
  • You can claim GST (Goods and Services tax).
  • You can register your business name, for sure.
Also Check:  Which is better, a Master's In Accounting or ACCA?

Get your Domain Name Registered

Moving to get the domain registered after selecting the business type and availing an ABN for your business.

  • Pick a killer domain name relating to your business.
  • Customers can easily find you.
  • Check if someone is already using it.
  • Get a trademark.
  • Visit .auDA (Domain Administration Ltd.) to see how much you have to pay for availing the domain name.
  • Register on (ASIC) Australian Securities and Investments Commission.

Get a Funding Source

Now moving to fund source after availing the desired domain name. Here are some key tactics to back up your business easily:

  • Avail cash flow.
  • Avail resources for growing initially.
  • Get a government grant according to your state.
  • Apply for a Small Business Development Fund.

Register for Taxes

Taxes are one of the certainties in life; as the saying goes by.  This is the last step that you need to follow then you can go around aspiring people with your boss skills!

  • Avoid legal difficulties.
  • Get to know GST for your business.
  • If you are withholding an amount due to tax purposes such as salary, get yourself registered for PAYG (Pay as You Go).
  • If you want to engage your employees more into your business such as offering them cars, you need to take a step for (FBT) Fringe Benefits Tax.
  • Don’t forget to get a license.

Leave a Comment