Steps to Starting a business in Australia

Starting a company is almost everyone's dream come true. There is nothing like the freedom and financial returns in running a business brings. However, running a company is not for all. If you're planning to start one, here's a few factors that you have to consider:

1.Determine if a company is indeed the suitable business structure for you.

Find out the advantages and disadvantages of operating as a sole proprietor, a partnership, and a limited liability company. A company possesses its own pros and cons different from the advantages and disadvantages along with a proprietorship or partnership, thus it would be a good idea if you sit down and weigh them very carefully before making your final decision.

2. Come up with a business name.

Decide on a business name that properly embodies your business' goals. You can name your business anything you like as long as it doesn't appear offensive or conveys illegal activity. Your business name also need to be distinctive; which means no other business in Australia should have the same exact or same-sounding name. To know whether an existing company is already using the name you like, you can go to the website: National Names Index, which lists all businesses registered in Australia.

3. Register your company.

There are a few ways to do this: the first 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 one is to get company registration services provided by third-party organizations on the internet.

Availing of such services is the perfect best option for individuals who have yet no clue on how to register a company. Such services are run by individuals or organizations that have ties with the ASIC. It is a hassle-free way to have your company registered.

4. Be sure that you receive your Certificate of Registration.

Before you'll start your business into full operation, be 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 as this is the number you use to gain access to important data online, such as company details, records, lodge forms, and annual statements.

It was once that registering a company was a real inconvenience to business owners, however right now that the process has been made completely easy and stress-free, there is no excuse of not having your business registered with the ASIC.