You can avoid the stress of knowing where to start with these 3 useful pre-launch tips before starting your business in Australia.
In Australia, there are 4 main business types: (1) sole trader, (2) partnership, (3) trust and (4) company.
Each business structure has it’s pro’s and con’s.
Taxes, cost and ease of setup are usually big deciding factors.
While you can change your structure at a later stage, there can be lots of work involved, so it’s a good idea to pick the best structure for your business from the start.
Here’s a simple overview of each business type:
Feeling stuck deciding ?
A lawyer or accountant can also give you guidance about the best structure for your business situation.
When you choose your business name, it’s important that you choose a name that’s available AND also does not place you at risk of being sued by another business.
Even if you see that your business name is available on the Australian Securities and Investment Commission (ASIC) register or that your chosen domain is available, the name you choose cannot be similar to a competitor's so that it confuses or misleads customer's.
Also, ASIC has some rules about the business name that you pick; it cannot:
You can set up your company set up in minutes if you have the right information at your fingertips.
However, setting up an ABN can take longer, in some cases up to 28 days (for example, if you have a director that is overseas and needs to supply proof of identity documents).
If you are setting up a partnership or trust - you should also factor the time it will take for a lawyer to draft your agreement or deed.
Proof of identity
If you are a non-resident applying for an ABN, you will need to provide 2 proof of identity documents, one from the primary documents list and the other from the secondary documents list.
Here are the Australian Government's proof of identity requirements for non-residents.
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