Starting a new business in Australia can be an exhilarating feeling. You will get a sense of achievement after accomplishing all the steps necessary to register a company. But aside from ensuring that you went through all the procedures when registering your new business, you also need to know what comes before you can officially launch your company.
After securing your Australian Company Name (ACN), you must ensure that you have registered your Australian Business Number (ABN), accomplish your tax registrations, and set up a company business account.
Here are the detailed processes that will help you complete all the processes needed to register a company in Australia.
#1: File Your ABN
Once you obtain your Certificate of Registration from the Australian Securities and Investments Commission (ASIC), you can start the process of getting an ABN to complete the steps to register a company.
All Australian businesses are required to have an ABN to operate legally. It is not the same as the ACN, which companies consequently have after incorporation. You need to get an ABN before having any transactions because it is necessary to complete all the other registration processes.
You may apply for the ABN while enlisting your business with the ASIC. You may also ask a business registration service provider to assist you in ABN registration to simplify the task.
It would be best to keep a copy of the ABN of your new company and other registration forms in a company register folder. It can be both physical and electronic copies, so it would be easier for you to track your business’s legal documents.
#2: Register Your Tax File Number (TFN)
After acquiring your ABN, you can begin to register for a TFN for your new company. Since your business is now recognised as a separate legal entity, it requires its TFN that you will use for the end of a fiscal year tax return. It is also necessary for your annual Business Activity Statement (BAS) filings.
You may also apply for your TFN while applying for an ABN. If you cannot do it together, you may contact your tax agent or accountant to help you with the process.
#3: Open Your Business Bank Account
Since you went through all the steps required to register a company at the tax office, you can begin to open a company bank account. It will be the one that you will use for all your company’s financial transactions.
To open a business bank account, you need to secure the following:
- Authority to apply for a business bank account – Most reliable business registration packages will provide you with an easy to use a template for this type of transaction. It will require you to declare that your company decided to open a dedicated bank account for the business. If you operate your business with partners or a board of directors, you need to attach all their signatures in the document.
- Hundred points of ID – The 100 points of identification can be completed using several documents, including your driver’s license, passport, and Medicare card, among others.
You also need to prepare the copies of your Certificate of Registration, a Company Constitution if you have any, and details about the company’s directors, members, and secretary.
After securing all these documents, you can reach out to your bank manager to start the process of opening a bank account.
Besides these requirements, you also need to file for a Pay As You Go (PAYG) withholding if you hire employees for your company to help your staff meet their required tax obligations. You also need to register for a Goods and Services Tax (GST) if you think that the company will acquire more than $75,000 in a single fiscal year. Once all these documents are on hand, you can begin to legally operate in Australia right away.
Author Bio: Steffy Alen is a copywriter and content strategist. She helps businesses stop playing around with content marketing and start seeing the tangible ROI. She loves writing as much as she loves the cake.