Steps To Set Up Your New Business
So, are you thinking of setting up your own business in the market? Have you planned out all the details and are ready to make an impact by making your entrepreneurial debut in the field of your choice?
No matter which segment of the industry you plan to enter, there are some very important steps you need to follow if you want your business enterprise to be legal and not have to face any problems in the future.
So, what are these critical steps you need to follow on all accounts in order to setup a successful business in the land of opportunity, Australia? Here they are detailed below. Make sure you don’t miss out on any one of them.
Choose a Suitable Business Structure for Your Enterprise
The structure of a company is of great importance as it plays a significant role in the growth and survival of the company in the industry. Not every business plan or structure suits every kind of company. You need to investigate all options very carefully before you make a decision.
Each type of structure has some advantages and disadvantages linked to it, and certain industries require a certain kind of company structure. The structure of your company also depends on the number of owners and type of organization being set up.
Choose from amongst a partnership enterprise, a company, a sole trader and a trust.
Apply For an ABN Number
To carry on a business in Australia, you need to apply for an Australian Business Number. It is not a stringent requirement for every business, but you will be liable to apply for it if you wish to run an enterprise.
The ABN is a number assigned by the authorities which gives an identity to your business. The 11 digit code helps the government and the community identify your business from others in the industry.
Register the Business Name with the Trademark
It is one of the most important steps, as the registration of the business name and the company trademark ensures your enterprise protection in the industry. Anyone else found to be using your company name or trademark against your consent can be sentenced to serious legal consequences in court.
Moreover, a registered company name and trademark gives your enterprise an identity in the industry.
Register and Organize Tax Details
The amount of tax you will have to pay depends upon the type of business conducted by your company. It is very important that you make sure that you are making the right amount of tax payments for your business. Otherwise, if it is later found out by the authorities that you failed to meet the legal tax payment requirements, you can face a summons and a legal case in court, not to mention the damage to the goodwill of the company.
Register the Right Licenses for Business Operations
To conduct a business law in Australia and most other countries requires you to register for business licenses which grant you permission to engage in certain activities specific to your industry sector.
You need to have permits and licenses to conduct business operations across the boundaries of the country. If you fail to show the required permits and business licenses, you will most likely face a non compliance issue and might be issued a legal warning.
By taking care to follow these critical steps, you can be sure of setting up a legal enterprise in Australia without any worries.