How to Register your Business (2024 Update)

How to Register your Business

Registering your business has two aspects: registering an Australian Business Number (ABN) and registering a business name. This allows your business to be conducted Australia-wide rather than in each state and territory individually.

You do have the option of changing your company structure in the future if the nature of your business changes. However, getting it right from the beginning can save you a significant amount of money.

Table of Contents

What is the difference between an ACN, ABN and a business name?

An ACN, or Australian Company Number is the unique number you receive when you register your company. This will enable you to obtain your ABN.

An ABN is a 11 digit number that identifies your business to the government and the community. A business name is the name under which you conduct your business.

Do I need to register my business?

There are several reasons for why you need to register an ABN, which is free of charge, including:

  • Being able to register for GST or PAYD.
  • Avoid getting payments withheld (your business clients must withhold 49% of payments if you do not quote an ABN on your tax invoice).
  • Enhancing the legitimacy of your business by including an ABN on your tax invoices and/or website.
  • Being able to register a domain.
  • Being able to register a business name.
  • To be endorsed as a gift deductible recipient or income tax exempt charity (if eligible).
  • Claim potential GST credits.
  • Claim potential energy grants credits.

If you are conducting business in Australia, you are also required to register a business name unless:

  • You are operating under your own name as a sole trader;
  • You are in a partnership that is operating under the names of all the partners; or
  • You are already a registered company in Australia and your company name is your operating name.

To register a business name, you will need to have an ABN or be in the process of getting an ABN. Some key benefits to registering a well thought out business name include:

  • Differentiating your business from competitors.
  • Being identifiable.
  • Creating a marketable brand.

The business name must be unique as part of the application. Registration will then occur in a matter of days. Registering a business name does not however, offer the same protection as a trade mark. While business names must not be too similar to a pre-existing name, a trade mark gives exclusive rights to the use of that name. For example, one can trade mark an existing business name and exercise their right to exclusive use.

Start your ABN application in minutes!

Need an Australian Business Number to start a casual job? We've got you covered.

Lawpath can help

Lawpath has options to help you kickstart the registration process. Our company registration process is a comprehensive option. Alternatively, the links below may provide some assistance for whatever stage you are at:

Find the perfect lawyer to help your business today!

Get a fixed-fee quote from Australia's largest lawyer marketplace.

You may also like
Recent Articles

Get the latest news

By clicking on 'Sign up to our newsletter' you are agreeing to the Lawpath Terms & Conditions

Share:

Register for our free live webinar today!

Essential Strategic Planning for the New Financial Year

12:00pm AEDT
Thursday 11th July 2024

By clicking on 'Register for webinar' you are agreeing to the Lawpath Terms & Conditions

You may also like

The 2024 Federal Budget has unveiled a comprehensive package of measures designed to support small to medium enterprises (SMEs) in Australia, while also laying the groundwork for a "Future Made in Australia."
Default interest clauses can help protect lenders' interests, but sometimes they will not be enforceable. Find out more here.
Lying on your resume to get a job is never a good idea. In fact obtaining employment through fraud can actually land you in jail.

Thank you!

Your registration is confirmed. Keep an eye on your inbox for an email with details on how to watch the webinar.