Australia is one of the highly developed countries in the world. It always belongs to the list of nations with the largest economies and highest per capita income. The country also has a record for having the longest-running continuous Gross Domestic Product (GDP) growth among all the other developed countries as announced by the Australian Bureau of Statistics in 2017.
Because of this, plenty of Australians are encouraged to launch their businesses in the country. As of 2019, 35% of the country’s gross domestic profit belongs to small businesses in Australia. It also provides 44% of the country’s workforce. Since it has plenty of valuable contributions to the country’s economy, the government simplified the steps to register a business in Australia.
Business registration in Australia requires owners to undergo several steps to legalise their venture. One of which is registering the business name. Here is some information that you need to remember if you want to register your new business in the country.
What To Do Before Registering The Business Name?
There are several factors that you need to do before you register a business in Australia. First, you must visit the government’s dedicated Business community website to check out the Help Me Decide tool to help you determine the appropriate business structure for the endeavour that you want to form.
After finding out the right business structure, you can start applying for an Australian Business Number (ABN). Then you can proceed to register your business name legally.
When To Register Your Business Name?
Before you can begin trading a product or service for a profit in Australia, you need to register the business name through the Australian Government Business Registration Service website.
Any transactions done without the registration is considered illegal, except when you are operating as a sole trader, and you use your full name as your operating name. The government also allows you to operate without a business name registration if you are in a partnership and your operating name uses all the names of the partners involved, or if you are a registered Australian company and using your company’s name as your operating name.
How To Check If Your Business Name Is Still Available?
All business names must be unique. If you are unsure if other entities have already registered your desired business name, you can visit the ASIC Connect and use the Search Now button to check the availability of the business name.
If the search results turn Green, it means that you can proceed using your chosen business name. When the results give an Amber colour, it indicates that ASIC needs to assess the name that you plan to register before you can apply.
If the results turn Red, it indicates that the name is no longer available. When this happens, you must think of other names to use for your business. You must also avoid using undesirable business names or using restricted terms and expressions.
How To Trademark Your Business Name?
Even if you managed to register your business name, it would not grant you exclusive ownership of the name that you chose. It means that other people may also register a name similar to the one that you chose.
If you want to have an exclusive right to your business name, you must also register it as a legal trademark with IP Australia.
Registering a business in Australia allows you to trade any product or service legally all over the country. If you go through all the meticulous processes of registration, you will be able to ensure that you will reap all the benefits and protection that the government can provide to help your business grow.