It can be both exciting and worrisome to embark on the path of setting up a new business in Australia. At the end of the day, you will be the master of your destiny who will be thriving in something you are truly passionate about. However, there are a number of things that you need to get down before you can start your business. Every nation has different laws, regulations, and requirements governing the establishment of a new business. You need to fulfil a few legal requirements in Australia for initiating your startup. A few tips that can help make sure that your new business venture kicks off smoothly in Australia are listed below.
1. Pick a Business Type:
You must understand the type of business you are likely to start in Australia. The three main types of businesses are; an online business, an independent contractor, and a franchise. Every industry has different regulatory requirements and a set of legal obligations that must be fulfilled. As a startup, you should pick the business type that’s most appropriate for the industry you want to work in.
2. Select a Proper Business Model:
In Australia, every business falls under one of the following categories.
- Company
- Partnership
- Sole Trader
- Trust
Depending on your business type and size, you will have to choose a business model that that best fits your business needs. A sole trader business model is well suited for small scale startups. All the financial and legal liabilities of business will rest on the business owner. The partnership model is composed of two or more business owners and profit and loss are shared according to the partnership terms. The company model is the most suitable one if you have a larger investment. If your new business is modeled as a company, it is considered as a separate legal entity. Trust is a business model managed by a third party.
3. Apply for Tax, Registration, and Insurance:
You cannot start a business legally in Australia unless you have an Australian Business Number (ABN). ABN is a unique 12-digit number that is used to identify your business. Getting you ABN in Australia requires you to have your Tax File Number first (TFN). You can easily Apply TFN Online. Once you get your ABN, you can register your business name, use the unique identification number to send invoices and to order things like goods and services, and claim goods and services tax (GST). Moreover, as a startup in Australia, you will also need to have worker’s compensation insurance, third-party personal injury insurance, and public liability insurance to ensure the safety of your workers and employees.
4. Register the Domain Name of Your Business:
If you have a registered Australian business with a secured business name and ABN, you can register a domain name for your business. The domain name you choose should be related to your business and should be easy for your prospective customers to remember and recognise. However, before finalising a domain name for your business, you need to check whether someone else has already taken that name. Plenty of websites are there that can help you check it. After ensuring that your domain name isn’t taken, you can go to Domain Registration Ltd to find domain registrars.
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