Australia’s economy has been stable for the past 25 years, and therefore, people living in the country are confident about setting up a business here. Not only do residents think that Australia is excellent for company growth and economic stability, but even foreigners look for potential companies to invest their money in.
If you register for a company in New Zealand, you are guaranteed to get 100% foreign ownership. Even so, before you jump into the idea of setting up a company in New Zealand and Australia, you must understand the process to register a company. To get started, the first thing that is important to note is that both these countries have English as their native language. Also, they are amongst the top countries in the world to have a free economy and stability. This is the biggest reason why foreign investors take a significant amount of interest in registering a firm here.
The Step by Step Procedure to Register a Firm in Australia
Step 1: Get Your Australian Company Number
The first and most crucial step to register a firm is to attain ACN or Australian Company Number. You should get your ACN before you get your ABN or Australian Business Name. You can seek help from online platforms that extend their services to help you get an ACN And ABN for your firm.
Step 2: Register a Company Name by Using ASIC
ASIC or Australian Securities and Investment Commission is a legislative body that controls and governs Australia’s financial services, company registration, regulations, and corporate and commercial markets. If you want to set up a business in Australia, you will have to go through a third party platform to register your firm with ASIC. You can apply directly as well, but that is going to consume a lot of your precious time.
The Steps to Register a Business Name and Number With ASIC
- Create an account to log in to the ASIC network and find the license and registration tab.
- For getting your Australian Business name, you need your Australian Business Number first. Enter the business number without any space to find a name.
- If you have a prospect name in mind, enter the characters carefully as they are highly case sensitive.
- Next, you need to enter the registration period and the details of the business holder.
- Check the eligibility criteria and confirm them. Once it is done, suggest the proposed business address.
- Finally, review the application before submitting it because you won’t be allowed to make any changes once submitted.
- Submit the application and make a secured payment to complete the process.
Depend on a Private Firm to Register Your Application
If you have no time to look into the process of registering your firm, you can always hire private firms that do this job every single day for hundreds of other firms. At least, you will have the assurance that they would submit your application successfully without any errors or delays.
But, when looking for a private firm to give them the responsibility of registering your company, make sure you check the details and license of the firm to ensure that you aren’t making the wrong choice.
The reviews and rating of a firm will be able to help you understand better which firm can be trusted or not. So, do your research thoroughly before getting to a decision. Set your budget and find out about the service charges of all potential firms to get an idea of the standard charges.