Dec 1, 2022
Do I Need to Register A Company?
If you’re wondering, ‘do I need to register my company’ in Australia, the answer is yes. Here’s why and 5 easy steps to register your company today.
Starting your own business is one of Australia’s most popular dreams. In fact, almost 90,000 new businesses are started each year in Australia. But when it comes to starting a business, there can be a few hurdles to jump through. First, how will you structure your business? And second, if you decide on a company structure, do you need to register your company?
What is a Company Structure?
One of the first tasks you’ll need to undertake when starting your new business is determining how it will be structured. Will you run it as a sole trader? Or do you have a partner, which makes a partnership more viable? Or do you want to structure it as a company?
There are pros and cons to each of these, but a company structure is often chosen because it offers a lot of advantages and protections to you as an individual. When you set up your business as a company you create a legal entity that’s separate from you. This means that it will have separate financials, separate record keeping responsibilities and even separate legal requirements. And the advantage is that you lower the risk that your personal assets may be on the hook for your business obligations.
Do I Need to Register A Company?
Once you’ve decided on using a company for your business structure, you will need to register it with the Australian Securities and Investment Commission (ASIC). While some entities (such as sole traders operating their business under their own name) may not need to register, all businesses organised as a company structure must do so.
Once you register your company you’ll be given a unique 9-digit number known as an ACN (Australian Company Number) which you will use to identify yourself to regulators, your clients, your suppliers and the community at large.
Read more: What is the difference between an ABN and ACN?
5 Easy Steps to Register Your Company
Registering your company can be a time consuming process (with lots of paperwork!), but we’re here to help. Here are five easy steps to register your company today.
Step 1: Choose a business name
Step 2: Check to see if your business name is available
Step 3: Compile your information. You will need:
- Company name
- At least one director who must be located within Australia
- At least one shareholder (individual, trustee or company)
- Personal details for the directors and shareholders
- A physical Australian address (can be your home address)
Step 4: Complete the online company registration form (approximately 10 minutes to complete and you can save and resume at any time)
Step 5: Receive your ACN and other documents within two to three minutes!
Let’s Get Started
Registering your new company is that easy. At Easy Companies we can take all the stress and headache out of taking the next step on your business journey. Registering a company is easy and quick to fill out, and our expert team is ready to help you get started! Get in touch today.
All information provided on this webpage is general information about our products and services. Nothing on this webpage is intended to be professional advice of any kind and should not be relied on as such. You should obtain specific financial, legal or other professional advice before relying on the content of this webpage. By not seeking such advice, you accept the risk that the information on this webpage may not meet the specific needs of your business. Our liability is limited to the maximum extent permitted by applicable law in accordance with our website terms and conditions.
