If you are thinking of setting up your new business in Australia or you have started one already then it is important that you protect yourself at every turn. If this is your first venture into the business community here then there is a lot that you need to know and many things that you need to be aware of. The hope is that your business will be a complete success and you will go on to expand not only in Australia but into other foreign markets as well. You also have to consider the prospect that things might not work out for the better and so you need to have protection in place at that time.
This is why new company registration in Australia is incredibly popular with new business enterprises because it makes sense to protect yourself from the very beginning when it comes to things like your company name, your brand and everything else that goes with starting a new business. Not registering your business can create a number of hurdles that you need to negotiate and so the following are some of the reasons why it pays to register your business as soon as possible.
- You can deal with the banks – There will come a point when your business is not cash rich and all of your money is tied up in stock and so you may have to reach out to a number of financial institutions for a business loan to get you through some difficult months. The unfortunate thing however is that many of these same banks and building societies are reluctant to do commerce with anyone whose business is not properly registered in the jurisdiction. When you register your business, you get things like your tax registration number and others and this gives these same lending institutions peace of mind.
- You can hire new people – If your business expands as you hope that it will then you’re going to want to take on more people to increase your profits and to expand your customer base. Hiring new people involves some complex issues like taking out the necessary taxes and government deductions that are mandated for all businesses here in Australia. You have to be a legitimate business enterprise because it just makes life easier for you when it comes to paying employees and actually the hiring and firing of them as well.
- You can enjoy government contracts – It really does depend on the business sphere that you operate in but if you are in construction for example then it is entirely possible for you to put in tenders for government contracts because you are already a registered business entity. If you do not register your business and get the relevant paperwork then you can’t bid for these lucrative government contracts.
It makes a lot of sense then to make sure that your business is registered as soon as possible because it will allow you to hit the ground running.
