Registering a company in Australia is easy, quick and can be done fully online. These are the important steps to consider and take when setting up your business as a company in Australia.
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1. Get legal advise
This is one of the most important steps that is often overlooked by business startups. Before you go ahead and register a company, talk to your lawyer or accountant. Find out what is the best business structure for your business, find out what laws and regulations will apply to your activities and if there are any standards and licenses that you will need to aquire.
2. Register a company
If you have been advised that the company business structure fits your requirements, your next step would be to register a company. Company registration takes about 20 minutes and can be done fully online. During the company registration proccess you will be asked to provide
- Desired name for your new company
- Your name
- Place of birth
- Your contact details
- Director’s details (this can be you)
- Share structure of the company (e.g., 100 shares at $1 each).
Once completed, your online application will be send to ASIC for processing. Once approved, you’ll receive your company constitution, minutes of the first meeting, company cerificate and other details that come as a part of the new company setup.
3. Register ABN – Australian Business Number
Once you have your company name registered, you’ll need to register ABN. Every business in Australia needs an ABN. The Australian Business government website allows you to submit this registration also online, with instant approval.
4. Register TFN – Tax File Number
Each new company needs a new TFN. You can apply for TFN registration also online, at the same time when applying for an ABN. TFN verification is a longer process and the ATO – Australian Tax Office – will post your TFN details by snail mail.
5. Register for GST and PAYG – if required
Consult your accountant if you need to register for GST – Goods and Services Tax – and PAYG – Pay As You Go – if you intend to employ people and turnover a sizable amount each yeat.
6. That’s It!
Once you setup a new business, it will be a while before you can sit back and relax. It’s all hard work ahead, to make it work! Enjoy!
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The review "What you need to register a company" was last updated on 26/06/2009.