Starting A Business In Australia? Here’s What You Need To Know
“To build a successful business, you must start small and dream big.” - Aliko Dangote.
Commencing a business overseas is a thrilling experience. As an entrepreneur, you might be going through a rollercoaster of emotions. One second, you might be feeling a sense of accomplishment. While the other second, you might be a bit scared of what to come next.
Don’t worry! The feeling of stress is quite normal for someone starting a business in a new country. It is because you are not familiar with the rules and regulations of the country. Therefore, even if you have experience working in the industry, you need to start over by doing the research.
Researching a specific country requires a lot of time and resources. Thus, to help you out a little bit, we have compiled a list of things you need to know before commencing operations in Australia.
So, let’s get down to business!
Selecting The Structure Of Business
The very first thing that you need to do is to select your business structure. It will have a direct impact on the following things:
There are four business structures in Australia under which you can operate, i.e.
You need to select the structure before registering your business. Nonetheless, as your business starts to grow, you have the option to change the structure.
In addition to the business structure, you also need to decide the type of business ( eCommerce, franchise, or independent contractor). This is essential as every industry has its own regulatory requirements and legal obligations. So, you need to decide your business type to avoid any hassle later on.
Requirement Of Australian Business Number
After deciding the business structure and type, you need to apply for the ABN (Australian Business Number). It is an 11-digit number essential for legally operating a firm in the country. It also acts as a government identifier for business. After getting ABN, you are eligible for
Note: You have the option to register for ABN and business names separately. However, it would be best to apply for both at the same time to save time and resources.
Also, if you have created a company or brand logo, you must get it patented. It will help you protect yourself from any copyright infringement.
Registering Your Domain Name
The next thing that you need to do is to register your domain name. While selecting your domain name, make sure it is related to your business in some way. It makes it easier for your target audience to understand what you do.
Along with this, you need to ensure that nobody else has the same business or domain name. There are several websites that can help you with this. After that, you can visit auDA (.au Domain Administration) to search for the domain registrars and resellers. It’ll also help you understand the fee that you need to pay for registering your domain name.
Select A Bookkeeping Company
Once all the formalities are completed and you start operating, there will be a few challenges. One of those challenges is to keep your financial growth in check. As you might not be well versed with the accounting principle and systems of the country, starting weeks might be tough.
Fortunately, there is a way out for you to keep track of your growth. By hiring a bookkeeping company in australia, you’ll be able to manage your finances. Moreover, they can also help you understand the accounting rules and principles that are followed in Australia.
In addition to this, they can also help you understand the taxes and payroll rules. Not to forget, you can also get accounting software services that suit your business needs. Overall, it will help you stay on the path of progress.
Register For Collecting Taxes
To avoid any legal implications, you must register for correct taxes. As mentioned above, the taxes depend upon the type of business you commence. Nonetheless, there are some taxes that almost every business needs to pay.
If you have any more queries related to the taxes, you can ask your bookkeeping agency. They can fill you in with every crucial information.
In addition to all the things mentioned above, you need to learn about immigration laws. Every country has its own requirements for foreign residents. Therefore, you should know about the immigration rules and if there is any requirement for a specific document for work.
Also, set up your banking and financial matters in the current country. For example, FATCA (Foreign Account Tax Compliance Act) requires U.S. citizens working overseas to report financial assets held outside the U.S. In simple terms, if you are a U.S. citizen starting a company in Australia, you need to give a report of your finances to the IRS.
It is generally done to prevent tax evasions. In such a situation, you can also take the help of bookkeeping agencies to help you prepare reports. Otherwise, you might have to face any legal issues.
All in all, before you commence your operations, you must learn about the rules and regulations of your current country as well.
To Sum It All Up!
All these things will ensure that you embark on your business in Australia without any trouble. Moreover, if you outsource business planning services, you can stay stress-free. They will help you with the growth and development of your new establishment firm.
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