Now that you are sure of a business idea and you have enough money to invest, all you need to do is to register.
Knowing how to register your business will save you time and money.
Here are some steps to follow to make sure your business is legally set up.
Step 1: Choose your business structure
There are at least 4 business structures namely: sole trader, company, partnership and trust.
Choosing the structure of the business is an important step because it will dictate a lot of things that you need to do along the way including the your responsibilities and liabilities, type of tax, incentives and benefits you may be able to receive and the organization of your business.
You may know more about the different business structures you may click here (insert Business 101: Four Main Business Structures in Australia)
Step 2: Apply for an Australian Business Number (ABN)
Your Australian Business Number or ABN acts as your business’ ID for government and other businesses.
To apply for your ABN is simple and it will only take you 30 minutes. All you have to do is visit the Australian Business Register.
You only need to provide some details about you, your business and other related details. Your ABN will be visible on screen after registration and will be available for use right away.
Step 3: Check your business name
The name of your business is part of the image of your product and/or service. Therefore, it is important to make sure that your business name is unique.
Before you register your name, find out if it is available by visiting the Australian Securities and Investments Commission (ASIC) website and look for the Search business names register page.
Type in the business name you have in mind, if someone else is registered under that name, keep trying a different name.
Tip: Before looking up a business name, try thinking up of several names that would best suit your business and list them by order of preference. Good luck!
Step 4: Register your business name
Congratulations, you finally found an unregistered business name.
Make that name yours by registering it with ASIC Connect. You have to sign up, create an account and then apply for your name.
You should receive a confirmation saying that your business name has been registered within 15 to 20 minutes upon completion of your application.
Name registration costs $34 for a whole year and $79 for three years.
in addition to registration, you may want to consider fully protecting your business name especially if it is part of your branding by applying for a trademark.
Only a trademark can give you exclusive ownership to your business name including “letter, number, word, phrase, sound, smell, shape, logo, picture or aspect of packaging.”
Applying for trademark means that no one else in Australia can use your trademark commercially as it “gives you exclusive rights to commercially use, license or sell the trademark.”
Similar to application for a business name, you need to check for the availability of the trademark you want to use through the Australian Trade Marks Online Search System.
A trademark may be granted around 7 ½ months after your application. It will be published in the Australian Official Journal of Trade Marks. If no other person or business contests, then you have six months to pay for the registration fee.
Trademark fee varies depending on the class which your product belongs to. The average amount is around $120 for each class upon application and $300 upon registration.
The trademark is valid for a whole decade.from the date of application.
Step 5: Register your domain name
In this generation, the business name found on your brick and mortar store should be the same as your website and every social media venue you want to use.
The good news is, you can buy your business name with a .com or .com and your country letters (here its .com.au) or choose from a growing number of extensions like .net, .org, .edu, .tech, .online and many more.
For Australia, registration of a business domain name usually go with a .com.au or .net.au. To buy a domain visit .au Domain Registration Ltd.
All done. If you finished all these 5 steps then you are all set up to start and run your business.
Here’s to your business success!
Special thanks to Busines Setup for the main image.