Starting a Small Business in Australia (piece of cake!)

Hi everyone, in todays post we will be discussing "Starting a Small Business in Australia" which is like totally an easy-peasy thing!

so let's get to it, shall we?! (smiles).

How to Start a Small Business in Australia the Easy Way ?!

Down under in Australia, starting a business can be like a box of chocolates - you never know what you're gonna get! 

It can cost anywhere from $400 to a whopping amount of cashola depending on what kind of business you want to set up and how you structure it. 

So, it's important to know what you're getting yourself into before you start throwing shrimp on the barbie and dreaming of that sweet success.

Turning a great idea into a successful business is like trying to train a cat to do tricks – it requires a lot of effort and a huge sum of money. 

And just like with cats, understanding the initial costs of starting a business is crucial; otherwise, you risk being caught off guard by unexpected costs that damage your company before it even has a chance to flourish.

First Thing is ABN

So, let's talk about the costs of setting up a new company in Australia. The first thing you need is an ABN (Australian Business Number) and a business name. 

Think of the ABN as your business's social security number. It's required for both businesses and sole traders, and the best part is, getting one is completely free. 

That's right, it won't cost you a single dime. I guess the Australian government is feeling generous these days.

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Second Thing is Business Name!

The second thing you need is a business name. This is mandatory for both sole traders and companies. 

For a small fee of $35, you can register a business name for one year, or for $82, you can secure it for three years. That's a steal compared to what you'd pay for a designer cat collar (winks).

Corporate Incorporation Cost

If you're planning on registering a company, things can get a bit more expensive. The cost of forming a company in Australia starts at $479 and can increase to thousands of dollars depending on the business structure. 

It's like taking your cat to the vet – you never know how much it's going to cost until you get there.

If you're planning to start a business in Australia, here's what you need to do.

Before you can register your company, you need to choose a name that's not already in use by another company or registered to another operator. 

There are also some restrictions on certain phrases in company names that could give the impression that they are affiliated with other government entities. 

So, you can forget about calling your company "The Royal Bank of Australia," unless you're planning on getting a cease and desist letter from the Queen (non existing queen!).

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Choosing the Category of Enterprise

After you've chosen an available company name, you'll need to decide what kind of business you'll be establishing. 

You can select from various options like a proprietary company limited by shares (Pty Ltd), public company limited by shares, public company limited by guarantee, and more. 

It's like picking out a cat breed – there are so many options to choose from, and each one comes with its unique personality.

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Cost of Incorporating a Business

Once you've made all the decisions and completed the registration process, you'll have to pay ASIC (Australian Securities and Investments Commission) a yearly reporting fee. 

Which is as follow:

A private company with stock holdings: $506,

A company available for public investment with stock holdings: $506,

A public company restricted by legal obligations: $417

Yearly Account Obligations

Your annual reporting requirements will be determined by the type of business you run. 

Small businesses will not be required to file financial reports, but they will still be required to pay an annual review charge. 

Large Pty Ltd companies, on the other hand, will have to provide financial reports in addition to the yearly review fee. 

It's like having to take your cat to the vet for an annual check-up – it's a bit of a hassle, but it's necessary to keep your business (or your cat) healthy and thriving.

So, there you have it – everything you need to know about the costs of setting up a new company in Australia. 

Just remember, starting a business is like adopting a cat – it requires a lot of love, attention, and of course, money. 

But in the end, it's worth it because there's nothing more rewarding than seeing your furry friend (or your business) grow and thrive.

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That's it, over to you guys, if you would like to read more on business, marketing, sales etc please check out my website.

And if you have any questions, please leave them in comments down below!