How to set up your business in 5 easy steps

Starting a new business is exciting, but dealing with excessive paperwork can cause headaches. Fortunately, we’ve created this guide to help you through these requirements, which will make it easier for you to launch your new business faster.

Starting a business in Australia

Do you want to be your own boss? Are you equipped with some start-up business ideas, but you’re worried about all the red tape?

We know that all entrepreneurs want to focus solely on their business. This is why we’ve worked with EasyCompanies, opens in new window, a service that takes the hassle out of the administrative side of setting up a new company.

Their aim is to help you through this aspect of starting a new business, so you can get it off the ground faster and focus on your dream.

What does this mean? To begin with, there's ABN registration, opens in new window. If you want to register a company with ASIC, opens in new window – a more complicated process – we can do this for you. There’s also domain registration for your business (like yourgreatidea.com) and associated email accounts. We can help make sure the key building blocks of registering your business are covered.

Let’s look at some of the main administrative tasks to get started with to launch your business faster.

1. Choose your business structure

Select the business structure that is most relevant to the needs of your business. This could be one of the following:

• Sole trader – select this option if you’re an individual operating as the sole person legally responsible for all aspects of the business. Like other structures, as a sole trader you can employ people to help you run the business.
• Company – a legal entity that is separate from its shareholders.
• Partnership – an association of people or entities running a business together, but not as a company.
• Trust – this is a structure where a trustee carries out the business on behalf of the trust’s members (or beneficiaries). A trustee can be a person or a company, and is responsible for everything in the trust, including income and losses.

If you’re eager to register as a company, you can register your Australian Company Number, opens in new window (ACN) online.

2. Obtaining an ABN

The next step is to set up an Australian Business Number, opens in new window (ABN). This is what identifies your business. With your ABN, you can:

• Confirm your business identity to others when ordering and invoicing.
• Avoid Pay as You Go (PAYG) tax on payments you receive.
• Claim Goods and Services Tax (GST) credits.
• Claim energy grants and credits.
• Obtain an Australian domain name.

3. Register your business name

This is the name under which your business operates. Once you’ve decided on the name, you can register it with ASIC, but make sure it hasn’t already been registered.

Importantly, registering your business name will help protect your business if you choose to use that name as a trademark.

4. Register for business taxes

Ensure you register for the business taxes that apply to you. Once you’ve got your ABN, you can then register for business taxes, opens in new window.

In most cases, businesses will have to pay GST, which will also require separate registration.

5. Understand your business finances

If you need financial assistance to make your business goals a reality, NAB has a range of business loans, overdrafts, equipment, and trade finance options.

Find the right solution for you on our business loans and finance page.