How to start a business in Australia

Starting a business could be exciting but daunting at the same time. You need to consider certain things more than just thinking about what you want to put up. Aside from the business idea that you have, you need to create a proper business strategy to be able to make your business successful.

Here are the key points to remember in starting your business in Australia

Visa

Australia has become the best environment startups in Asia-Pacific region, ranked 1 and 7th globally in the 2017 Global Entrepreneurship Index. So whatever business you are planning to establish, you need to acquire a visa.

Business Structure

Once you have acquired your Visa, you can now choose what business structure you want. The most common business structures in Australia are the sole trader, company, partnership, or trust.

Before you decide on what business structure you want, you may also need to consult a professional on which one your business suits the best. You can hire a lawyer, a business consultant or an accountant for this.

There are also resources available online that can help you understand the benefits and limitations of each business structure set by Australia’s Department of Industry, Innovation, and Science (DIIS) for your reference.

Keep it Legal

Once you have chosen your business structure, you may now need to get an Australian Business Number (ABN) and be registered. There are two (2) ways to get your ABN.

  1. Apply directly with the ASIC. you need to fill out Form 201- Application for Registration as an Australian Company along with the fees (either by cash or cheque) in order to be processed.
  2. Hire a Private Service provider (PSP) to manage your application. There are a number of PSP’s in Australia that uses software that accesses directly to ASIC’s system makes your application run smoothly.

Branding

Pick a brand that would easily stick to people’s mind but before that, you will need to ensure that your brand is available for registration in Australia. You can easily check on your brand name’s availability on the Australian Securities and Investments Commission website.

After you assured that your brand name is available. you’ll then get a help of a trademark attorney to help you with the official filing.