So you’ve done your feasibility studies, market research and business planning. Now it’s time to make your dream into reality.
Here are some ‘must-do’s’ that comply with Australian laws.
Step 1: Get an ABN (Australian Business Number)
An ABN is a unique 11 digit number that identifies your business to the government and community. To get an ABN you need to be carrying on an enterprise and have chosen your business structure.
It's a good idea to check the information you need before starting your ABN application. This helps avoid processing delays. To apply for an ABN go to the Australian Business Register website.
Step 2: Register your business name
As a general rule, you will need a business name if you trade under a name other than your own.You can check if your chosen name is still available.
To register the name go to the ASIC (Australian Securities & Investments Commission) website, which has a step by step guide. To guarantee exclusive use of your business name you may also want to register it as a trade mark.
Step 3: Register a name for your website (domain name)
It’s a good idea to choose a name that represents your business or brand and is easy to remember, spell and pronounce.Check if your preferred domain name is available here. Then choose one of the auDA accredited Registrars to register the name.
For more helpful information on registering a name for your website, visit the Digitalbusiness site.
Step 4: Organise registrations and licences for your business
Search the Australian Business Licence and Information Service (ABLIS) to find out what registrations, licences, approvals, codes of practice and standards from legislation apply to your business.
Every council has different regulations. Contact your local council to discuss planning laws, zoning requirements and other issues such as home business requirements.
Step 5: Organise taxes for your business
Do you need to register for GST? Does your business require a Tax File Number (TFN)? For an overview of all taxes that may apply go to the business.gov.au tax summary page.
Step 6: Organise insurance
Insurance is essential. Consult a broker.
This content was first published on business.tas.gov.au