Australia is the 6th biggest country in the world, with a range of topologies like rain forests, deserts, mountain ranges, and the urban regions. Australia has six large states, which are South Australia, Western Australia, New South Wales, Tasmania, Queensland, and Victoria.
The country ranks the 14th-largest economy in the world, making it a highly developed nation. Therefore, it is no wonder that numerous businesses are showing up regularly in the country. If you are planning to start a company and you already have a name for it, the next step to take is to register it.
Once you register a business in Australia, it allows industries to recognize your brand because it is included in the registry of legal company names. Even though you are still unsure of the type of legal form you prefer for your business, registering it means no one else can use your brand or company name.
What Is the Australian Company Number?
Upon registration, an upcoming business in Australia will receive a nine-digit number, called the Australian Company Number. If you have your ACN, you must display it on all your business documents.
It means your ACN must appear on all eligible negotiable instruments and ‘public documents. You can display it on your statements of account, invoice, official company notice, orders for goods and services, receipt, a written advertisement, cheques, bills of exchange, business letterheads, and all documents that come with ASIC. Your Australian Company Number must be visible, clear, and readable.
What Is the Australian Business Number?
If your business has an Australian Business Number, you may use this number as an alternative to your ACN and use the unique number on your documents. However, make sure that your ABN includes the nine digits of your ACN.
Also, you should use your Australian Business Number in the same places that you put your Australian Company Number.
You may use a common seal when you register a business in Australia, or when executing company documents. Know that your business doesn’t need to use a common seal.
But, if your company does have such stamps, it should include your business name, your ACN, and the term ‘Australian Company Number, as well as your ABN if you are using it instead of your ACN.
ASIC does not provide companies with common seals. In general, it is possible to execute documents and have contracts without having a seal.
Registering a Business Name
Keep in mind that registering your business name is not the same as reserving it. When you register a business in Australia, it is a permanent one. In some states, sole proprietorship and partnership do not need to register a company formally.
But, when you register your company, you are protecting its name against use from other companies. You will need to pay for a fee when registering your business, although the cost varies by location.
When you choose to register online, you can use your credit card for payment. Your business structure and location determine how you should register your company, but overall it is a straightforward process.
There are some cases where you do not need to register your company at all. For example, you are using your legal name when conducting business. However, when you register a business in Australia, you can get all the benefits it entails, such as tax benefits, legal benefits, and personal liability protection.