When you plan to start your own business, the most important thing is to choose a name for your business. All companies need a name for documentation and registration purposes. Once you have decided on a name, the next step is to register the name. A business registration service provider helps you do it and gets it on the registry of business names. A business name is written in the state where the business is done. Even if you are unsure about the business procedures, the registration process can save the title, and no one else can use it.
Why should you register your business?
Once the name of your business is registered, it is recorded and recognised by the government. Each business has a different name, and no two companies can have the same name. You cannot include some words in a company name, and it is better to avoid those words. You can be sure that your business name is protected and stands apart from your competitors. By registering your business name, you create an identity for your brand and win the customers’ trust by running a legitimate business.
A business name is required to open a business bank account. All businesses need a bank account to make financial transactions and avail of loans. Sometimes investors may want to see your registration details. Before registering a name, you need to get a number for your business to pay taxes. Every registered company in Australia gets a unique 11 digit number, ABN number, which is a legal identification of the business.
When there is a change in the owner of the business, the name remains the same. Only registered companies can keep the name even after the owner is dead. Registering gives the business legal liability protection. In case of accidents, the victim is compensated through company assets, and they cannot claim anything from a single person.
The business registration service is needed for businesses, including sole trader, company, partnership, joint venture, and trust.
Criteria for business registration
All companies must have a minimum number of directors and shareholders.
At least two directors and one shareholder must be a resident of Australia.
All the directors and shareholders must be above 18 years of age.
FIRB approval is required if a non-Australian makes the company shares acquisition.
Benefits of registering a business
Registering your business gives it a good reputation as it is legitimate and helps avoid legal problems with the government. You can market your brand everywhere, and registration builds trust among employees, suppliers, and customers. Only a genuine business can convince customers to invest their money in its products and services.
Trademarking your business name
When you feel that you have chosen a business name that is very good and unique, you can trademark the name to ensure that no one else uses the same name. You should create a logo for your brand to make the trademark very secure, along with the name.
Once a company’s name is registered, it must be mentioned in the registered office address of the business. The unique ABN should also be mentioned in all correspondence. You must regularly hold shareholder meetings and board of director meetings and should file taxes every year.
For people new to the business world, business registration service providers help complete the registration procedure efficiently. Reserving and registering a name for your business is essential to do business in Australia.