How Do You Register a Business in Australia?

Australia is a country with a strong and stable economy and is experiencing positive growth over the past 26 years. If you start a business in Australia, you will be able to enjoy a lot of benefits. The business culture in the country is not only well-regulated but also has a strong political environment. 

To register a business in Australia, you can use the ASIC Connect service. In this article, you will be learning about ASIC connect and how you can use it for registering your business:

What Is ASIC Connect?

ASIC Connect is the Australian government’s online service that you can use for registering and updating your registry details. In most cases, you will get a confirmation on the spot that your transaction is received or your registration is complete. If you want to register your business using ASIC Connect, here is what you need to do:

1. Enter your credentials and log into ASIC Connect. At the top of the page, you will find the ‘Licences and Registrations’ tab. Click on it. In case you don’t have an account on ASIC connect, you can easily register online.

2. Next, click on the drop-down box, select ‘Business’ name, and hit ‘go.’ Ensure that you read the information properly. Once you have ticked the boxes, click on “Get started”.

3. On the next page, you will have to enter the Australian Business Number (ABN) assigned to your business. You should have this number, and if you don’t, you have to apply for it in order to register your business in Australia. After selecting the relevant option, you can enter your ABN and click on ‘Next.’ Make sure that you don’t add any spaces while entering your ABN.

4. Enter your business’ name exactly as you want it to appear on the register. Remember that business names have to be case-sensitive. You also can register your business for one or three years. Once this registration period is over, you will have to renew it.

5. Next, you have to enter the details of the business name holder, which includes your date of birth followed by the address of the business. You have to very careful while entering these details.

6. After entering the details, you will have to confirm your eligibility. In order to hold a business name in Australia, you must not be disqualified or convicted of a criminal offence as provided in the Business Names Registration Act 2011.

7. You will have to review your application. Check the name of your business and make sure that it is correctly spelled. Once you have completed the declarations, you will be able to submit the application.

8. The last step of the process is making the payment. You can pay by BPAY, credit card, or request an invoice. You have to pay within ten days, or else your application will get cancelled. Once you have made the payment, you will see a confirmation on the screen. Your business name will be registered within two days.

So, when you register a business in Australia, if you don’t want to go through all the hassle by yourself or don’t want to make any mistakes, you can use a private service provider to register your company. Although it will cost you a little, partnering with them will ensure that there aren’t complications or delays during the registration process. Also, they will make sure that you are compliant with the local regulations.