Forms of organization of company activities
In Australia, there are four main business structures to consider.
- You can register as an individual entrepreneur in Australia. This involves registering as the sole owner of the company, granting you full control and responsibility for the business. You can also hire employees.
- Initiating an Australian company means that you can establish a company with limited liability based on contributions, unlimited liability, or limited liability under warranty.
- Establish a partnership in Australia, possible with at least two participants (up to 20) working together for profit. You can create General Partnerships or Incorporated Limited Partnerships.
- It is preferable for small businesses to fund a trust in Australia. This structure is popular among small enterprises, and the establishment and management depend on the specific arrangements between trust participants.
Apply for an Australian Business Number (ABN) and register your business name
In accordance with current legislation, to register an Australian startup project and be able to legally carry out its activities in the country, you must obtain an ABN. This is a unique 11-digit number that acts as a government identifier for a company.
Once you receive this identification number, you will be able to:
- register a brand in Australia;
- enter into contracts with other organizations on issues such as ordering goods and services or sending invoices;
- receive loans and apply for various grants.
Register a domain name in Australia
You can only get a .com.au address if you:
- reserve the name of the company;
- set up a company in Australia; and
- get an ABN.
Funding for startups in Australia
While there aren't many government-level grants that can help you launch a startup in Australia, you do have the opportunity to take advantage of options available in individual states. For example, if you decide to start a business in Adelaide, you can apply for the Small Business Development Fund program.
By visiting your country's government website, you will find a complete list of types of grants that can partially fund your business.
Selecting a software stack
One of the important stages when launching an Australian startup is choosing software. This will largely depend on the type of business, however virtually every company should use:
- CRM for tracking significant customer information;
- accounting software;
- analytics tool to track business growth metrics.
Taxation of an investment project in Australia
Creating an investment project in Australia involves a thorough understanding of the country's tax system. Australia has a well-developed and complex tax framework, and it's crucial to comprehend its various components to make informed financial decisions for your investment project.
- 10% value-added tax for most goods and services in Australia.
- 30% corporate income tax.
- The CGT system applies when you sell certain assets, including real estate, shares, and business assets.
- The maximum duty rate is 5%.
- Australia's states and territories may levy their own taxes.