Every year, the number of businesses that add up in Australia grows at a specific percentage rate. In 2019-20, there was a 2% increase in the number of active companies in the country. However, the numbers may differ because some companies have not obtained their Australian Business Number(ABN). Setting up a business is not as simple as it appears to be. You need to follow several steps and seek a business registration service to legally obtain your business registration number.
Before you register your business, you need to check and understand whether you are prepared for it at that particular time or not? So ask yourself if you are ready to get into the industry? Do you have enough funds to support it? What is the longevity of the business model that you are implementing? Is there a potential market for it? So on and so forth. There are many crucial decisions that you need to take before registering your company. Here is a step-by-step guide on how to set up your business in Australia.
Steps to Start a Business
Decide the Structure, Name, Location and Contract
The first and most crucial step for starting a business is understanding and making a structure for your business. It would help if you decided how many employees you want to employ, their salaries, your monthly budget to spend, how much tax you have to pay, and where you will set up your business.
Consider the price, surroundings, and accessibility of a location before you buy an office. Then, complete the legal formalities to rent the property on lease. Also, deciding a name for your business and registering it is one of the first few crucial tasks. The title should be unique, unused and protected with a trademark.
Planning Your Business
Before you set up your business, you need to generate a business plan on how you want to arrange things. It would be best to have a current business plan, a backup plan and a risk management plan ready. If anything goes wrong, you usually do not want to stay hanging in between.
Getting Essential Resources to Support Your Business
May it be any industry, a business needs support and must receive proper guidance and advice. For example, if you need help with legal formalities, you need the support of a corporate lawyer. Similarly, if you need guidance on planning the finances, you need a chartered accountant. So prepare a list of people you need to support your business and look for the best option you can find.
The most complex and challenging step to do for setting up a business is to complete its registration. To complete the process for obtaining the Australian Business Number requires identity documents, tax file number, bank statement of your business account and some other necessary documentation. Getting an ABN might take weeks or even months. But now, you can easily find an appropriate business registration service online, and many offer virtual services. The cost of registering a company in Australia is close to $500. It takes about 15 to 20 minutes to complete the company registration procedure. You will have to give a specific amount, and the company is responsible for conducting your registration process. If you can find a platform that can assist you in completing your business registration, you can rely on them and focus on growing your company.
Before you decide, quickly run through the company’s website and double-check its reviews to have assurance. You can also immediately start trading as soon as you obtain an Australian Business Number.