Starting a business is one of the most exciting things in the world, and it doesn’t matter what you do and what industry you’re in – diving right into this exciting venture is something all entrepreneurs love. However, starting a business isn’t the easiest thing you’ll ever do, especially when it comes to following legal requirements that define this process. In certain places around the world, there’s nothing you can do about them except to follow them closely and do exactly what the authorities are telling you to. Australia is one of those places, so if you’re thinking about starting a new business here, there are certain legal requirements you’ll need to take into consideration, so here are some of the most important rules you’ll have to follow.
Pick the right business structure
In some places around the world, it doesn’t matter what sort of business you’re starting because the differences between different types of business structures are too small to make a difference. That’s not the situation in Australia, though, and this is a place where people take business structures very seriously. That’s why you can find several different types of business structures, and four of the most common include:
- Sole trader: This is perfect for people who are planning to run their business on their own, without involving anyone else in the matter. While this idea may sound simpler and easier at first, you need to remember that it’s also a more responsible way to go, because you’ll be the only person responsible for the liabilities of your future company.
- Partnership: Unlike being a sole trader, this is a situation where you’re starting a business with another person. Accumulating your mutual financial investment fund means you’ll be sharing the profit in the end as well, which makes things easier, but less lucrative in the long run. However, having someone by your side is always better than doing things all alone, which is why partnerships are so popular today.
- Company: Whether it’s big or small, a company is a legal entity with directors and shareholders, so if you’re thinking about making things even more serious, this might be your choice. Starting a company requires a ton of paperwork, so be ready for these things as well and find an accountant you can trust.
- Trust: This might be the most expensive option out there, but it’s still a popular one, especially with people who are interested in leaving someone behind and letting others enjoy their profit. Setting up a trust is a long and complex operation, so find someone who’ll help you do that. This is particularly important for trusts that deal with selling or buying properties, and if that’s something you might be interested in, make sure you find an experienced conveyancer from Essendon who will make your property-related transactions as smooth and seamless as possible.
Chose a business name and start branding your business
Once you’ve figured out the business structure of your future company, you’re already halfway there! Now you need to choose a new business name and register it so that nobody else can take it away from you. This process doesn’t take long in Australia and you can even do it online in just a couple of minutes. Once that’s over, you should start taking care of your domain name, website, and visual identity as well, because that’s the best way to work on your company’s brand image and position in the world of business.
Again, these things need to be carried out by professionals – even if you have some experience in these matters, don’t be afraid to leave them to experts because this isn’t something you want to do improperly because just one wrong move can have a huge impact on the future of your company.
Get proper licenses and permits
In the end, once all of these things are done, there’s just one more item on your list of priorities – getting all those necessary licenses and permits that will allow you to start your business and run it in the years to come. Australia is quite strict when it comes to these things, and you won’t be able to register your business unless you have all the right papers, so take this matter seriously.
Unfortunately, most business owners don’t know about licenses and permits, and they may need some professional help in that matter. But, on the other side, Australian authorities made sure that everything related to these matters is transparent and easy to find online, so don’t hesitate to start this process straight away.
Starting a business is one of the biggest steps in your life, so try to enjoy the entire process as much as you can, and come up with a business strategy that will make your venture as lucrative and successful as possible!