Things that You Need to Know when Registering a Company in Australia
Australia is famously known for its booming economy. As of the latest statistical data conducted in the late quarters of 2020, there are about 2,422,404 active trading companies that give the Australian economy a boost. The majority of these companies are start-up enterprises. It is a testament that there are a lot of individuals who are going into business.
Gleaning information from the number of registered companies aforementioned, it can be noted that it is no longer surprising to know that inquiries on how to “register a company in Australia” constantly flood on the internet. To help you out with this, here are some of the few things that you should know before you decide to have your company registered.
Choosing a company name
Before going ahead in registering your company in Australia, it is important that you already have thought of a company name. Conceptualizing your company name is important since it is one of the first few things that people will see once you already have it registered. Think of a catchy and easy-to-remember name that people will easily retain in their minds. As a general rule of thumb, the public must be able to fully differentiate whether your company is a public or a proprietary company. Here are some of the most common proprietary abbreviations that you can include in your company’s name:
- Proprietary Limited
- Proprietary Ltd
- Proprietary Ltd
- Pty Limited
- Pty Limited
- Pty Ltd
- Ltd
Checking for the availability of the name
After you have already picked an ideal name for your company, you should also check for its availability. Cross-checking the availability of your name will save you the additional burden of having to revise it again. For these types of situations, you must have a backup name if your first desired company name is already taken.
Decide on state/territory of registration
You can register a company in Australia after deciding which state or territory you want it to be nominated. Even if your company has its full domain registration in Australia, you still need to specify which region or state you want it to be under once you submit your application.
Business address
Another important thing that you need to consider when planning to register your company in Australia is an office address or a principal place where you plan to base your primary business proceedings. Choosing a business address may entail several factors, so it is important that you look up for a place where all other central business transactions can be easily made.
Decide on share structure
The share structure is also an important component in deciding what type of business you would want to register. It may include indicating the number and class of shares of the company and detailing these shares’ paid and unpaid amounts. As legally mandated by the law, a company is required to issue at least one share to one shareholder.
If you are still planning to have your company registered, you must follow the above-mentioned points.
