Essential 2020 Tips for Setting up a business in Melbourne

This trip is quite exciting and full of learning. However, there are several factors that are important to consider in order for your boot to be as successful as possible.

The following are the 10 essential steps that you should take when starting your business.

1. Choose correctly the structure of your company in Melbourne

You should research each option carefully as there are advantages and disadvantages to each structure.

Here we give you a little snack so you understand the basics and accordingly, investigate according to what you have in mind . The four main business structures are:

Sole trader: Known in other countries as a trader or natural person.
Partnership: Association of people or entities doing business, but not as a company.
Trust: An entity that owns property or income for the benefit of others.
Company: Entity legally constituted by shareholders.

2. Apply for your TFN and ABN

First things first: What are TFN and ABN?

Well, the TFN ( Tax File Number, for its acronym in English ) is the unique number that represents your business within the Australian tax system .
With it, in addition to managing your business taxes, you will also access other government services. Read more about the Tax file number here.

On the other hand, the ABN ( Australian Business Number, by its initials in English ), is the 11-digit number that identifies your business before the Government and the community.
It is necessary to carry out commercial activities and does not replace the Tax File Number. Read info ABN.

Obtaining these two identification numbers is completely free. However, it is important to bear in mind that, according to the previously exposed structures, not all businesses need an ABN .

On the other hand, the Tax File Number is necessary for any type of invoice that you are going to generate since by means of this number you make the tax declaration.

3. Register your company name and your trademark

Your company name and brand serve different purposes, and they protect your business in different ways.

On the internet you can find several options to register your company, here are some options:

The trademark, on the other hand, must be registered on the Intellectual Property Australia 
With IPA the value depends on the category and what you want to include in the registry ( images, slogans, sounds ).

4. Register the domain of your business website

It is best to start with a name that represents your business or brand, that is easy to remember, pronounce and write, that is short and unique.

5. Find out about the taxes that apply to your business

Making sure you are registered for the correct taxes is an essential step in starting a business; The taxes you register depend on the type of business you are starting.

In that order of ideas, all the information you need about taxes in Australia (either for companies or individuals) can be found on the ATO.

If you have any questions regarding tax you may also like to directly contact or visit tax accountants for more practical deep info.

6. Organize the registrations and licenses for your business

Having the correct records, licenses and permits allows you to work without any fear of being closed for not complying with legal requirements.

Note: Operating permits vary depending on the type of company you are going to set up.

7. Register the ABA to manage your licenses and permits

The ABA (Australian Business Account) is an online service designed to help you set up, expand and manage your business.

Using the ABA, you will be able to create a free business account and use it to deal with all levels of Government, in all Australian states and territories.

8. Buy or rent a place or office for your business

Regardless of whether you sell products or offer a service, you are going to need a physical location to conduct your business.

Of course, you can also do it from your home, which would be the most economical option, however, you must bear in mind that certificates, requirements and licenses will also apply.

9. Insure your business

Having the right insurance will help protect your business, your customers, and of course, your income.
In this order of ideas, it is essential that you know and understand the operation of the different types of existing insurance, and which ones you need for your particular business.

10. Do a market and competition study

It is extremely key to know your industry, understand how products and services move in it and know how your competitors are acting.

If you are an entrepreneur and want to start your business creation process in Colombia, it is important that you take into account both the legal obligations to which you are subject, as well as the protocols to follow with the different public entities. Although the above sounds a bit complex, Contact Melbourne Accountants and get all information with step by step assistance so that your business or company meets all the requirements established by law.
Get the direct address of the Accounting firm in Melbourne.

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