A company is a group that has its legal duties and commitment. You’ll have to register a company if you’re confident that a company structure is appropriate for your business. A company is a variety of business structures. You build a legal group separate from you once you set up a company. A company has different financial, legal, and record-keeping authorities compared to other business structures, thus it’s vital you know what’s in it. Registration of a company in Australia involves setting up a company as its legal entity. You can make use of other benefits such as limited liability or corporate tax rates.
Establishing a new business may be challenging for new investors as it needs a lot of preparation and needs to comply with regulations. When setting up a business, there are important things to think about. This includes the business structure and the objectives of the business.
Check these steps in registering a company
Step1: Is a company appropriate for you
- You must decide if a company is suitable for your needs or if you must use a different business structure. You can check Taxopia which will aid you to work out the business structure that will suit your needs and what you must consider in registration.
Step2: Selecting a company name
- There are some things you have to consider when picking a company name. A company’s name should not be identical to a current name. Once you aren’t ready yet to register a company like to make sure a name is available, you can apply to reserve it. You can also check existing names or trademarks, it is your duty to be aware of any similar trademarks or names that may impact your name.
Step3: How your company will operate
- You will need to decide how your company will be controlled before registering. Your company can be managed by:
- Own constitution
- Replaceable rules, or
- A combination of both
Step4: Know your obligations as an officeholder
- You have to follow the requirements in the Corporations Act if you’re an officeholder. This comprises meeting your legal obligations, which include:
- Keeping company details and records on the register
- Making sure company details are kept up to date
- Paying the proper annual review fees and lodgement fees as needed.
Step 5: Get consent from members, officeholders, and occupiers
- You should get written consent from people that will fill up these roles:
- Secretary (must be over 18)
- Director (must be over 18)
- Member (every company needs at least one member)
Step 6: Registering your company
- Using the Australian Government’s Business Registration Service (BRS), you can register your company. BRS merges several tax and business registrations in one place, making it easier to begin your business.