One of the most fulfilling and memorable days of your career will be when you open a small business. But when you are planning a grand opening, make sure to remember that all small businesses will not be successful. There is a requirement of hard work, strategic planning, and dedication to start a small business in Australia. If these qualities are appropriately maintained, long-term prosperity will eventually rise. When creating a small business in Australia, ensure that you are eligible to do so, considering the best structures for your business.
Some people automatically get disqualified from operating businesses or managing companies in Australia. ASIC has the full power to ban or disqualify you from executing a business or a company if the owner has been involved in two or more failed companies for the last seven-year. Disqualification can also happen if the company cannot pay its debts and the liquidator has filed a report with the ASIC. Hence, when you plan to start a business in Australia, keep the essential things in mind. For the private company registration process in Australia, you need to follow specific steps. Here in this article, we will talk about the steps involved in company registration in Australia.
Private Company Registration Process- Company Registration Australia
There is a specific company registration process in Australia. They are mentioned below:
- Choose The Business Properly
For Australia’s private company registration process, the applicant needs to choose the appropriate business entity. Certain tax benefits are applicable for specific businesses that have limited liability. Registering a company is different from registering a business structure. Hence choosing the business structure is essential to go ahead with the registration process.
- Name of the Company
This step involves choosing the name of the business. There are many important factors before finalizing the name of the company. They are:
- The company’s name must be unique and not identical to any existing name. If the business structure is a sole proprietorship, the individual’s name can be used to register the business name in Australia.
- The private company’s name in Australia must be registered in an online register, which is commonly known as the “ National Register” as per ASIC.
- It is possible to use any alphanumerical characters in the company’s name.
- As per ASIC, to register a business name in Australia, a few terms have strict restrictions, such as Trust, Government, Incorporated, and Royal.
- The private company’s name in Australia must not mislead any organization or individual.
- ASIC has the complete liberty to refuse any name if it is offensive in nature.
- It is also essential to show the legal status of the entity on the business name.
- Reserve The Name Of The Company
Once the business’s name is chosen and ASIC approves it, the applicant must reserve its name. Form 410 is needed to utilize the registered business name.
- Trademark Registration
Conclusive research is needed for trademarks and other Intellectual Property Rights on the registered business name. This will help to know if there are any conflicting names, then such terms cannot be utilized.
- Constitution Of The Company
The articles of association are all the rules and regulations that will regulate the business during its establishment and existing condition. The Articles of Association will be applied to the company’s general meetings and any disputes any member could cause. The rules are collectively added in one document known as ‘Articles of Association.’ There are a few rules of The Corporation Act In Australia known as replaceable rules. A business can use these rules or opt for drafting its own. In the case of a sole proprietorship, there are a few mandatory rules to follow for business registration services in Australia.
- Related Compliances
According to the corporation’s Act, few compliances need to be carried out while registering a business in Australia. This includes keeping an updated register of details.
- Register The Company
The final step for the applicant is to register the business. Both online and offline methods can be used for registration. In the case of the offline registration process, there are a few details that the applicant needs to provide, such as the details of the exception, transaction reference number, and any other information.
- Post Registration
The company needs to display its name at the official registered business address. All the emails and documents must have information about the company.
The Bottom Line
It is vital to keep track of the mandatory steps for business registration in Australia. Any dispute in the registration procedure would be subjected to disqualification of the company.