While new start-ups are exciting, the registrations needed rarely are. But don't let the paperwork get in your way; NAB Startup can guide you through these requirements and make it as easy as possible for you to launch your new business.
Starting a business in Australia – not as complicated as you think
So you want to be your own boss and you have some start-up business ideas, but you’re procrastinating because you’re worried about all the red tape?
NAB understands this. We know that all an entrepreneur wants to do is pursue new business opportunities. That’s why we’ve worked with EasyCompanies, opens in new window, a service that takes the hassle out of the administration side of starting up a new company.
Our aim is to help you through the annoying admin side of a start-up, so you can get your business off the ground and focus on your dream.
What does we mean? Well, for starters there's ABN registration, opens in new window. And if you want to register a company with the http://www.asic.gov.au, opens in new window (ASIC) – a more complicated process – we can do that for you, too. Then there’s domain registration for your business (like yourgreatidea.com) and associated email accounts. We can help make sure the key building blocks of registering your business are covered.
How to start up
New start-ups come from all walks of life but they're all inspired by a great idea or a passion. NAB doesn’t like to see good ideas go to waste, so we’ve developed a solution to make sure your great ideas get to market. That’s why we’ve teamed up with EasyCompanies, a company that knows just what official documentation and registration you need. We can then submit the documents for you whilst updating you along the way with your progress.
Here are some of the main administration tasks we’ll help you with so you can launch your business.
We can help you choose the business structure that best suits your needs. This could be one of the following:
- Sole trader – an individual operating as the sole person legally responsible for all aspects of the business. Like other structures, as a sole trader you can employ people to help you run your business.
- Company – a legal entity separate from its shareholders.
- Partnership – an association of people or entities running a business together, but not as a company.
If you are eager to register as a company, we can also register your Australian Company Number, opens in new window (ACN) for you.
Obtaining an ABN
The next thing we’ll do is get you set up with an Australian Business Number, opens in new window (ABN). This is what identifies your business. With your ABN, you can:
- confirm your business identity to others when ordering and invoicing
- avoid Pay as You Go (PAYG) tax on payments you receive
- claim Goods and Services Tax (GST) credits
- claim energy grants credits
- obtain an Australian domain name.
Register your business name
This is the name under which your business operates. Once you’ve thought of it, we’ll help you register it with ASIC, and we’ll help you check that your name isn’t clashing with anyone else’s.
Register for business taxes
We can help you get registered for the business taxes that apply to you. Once you’ve got your ABN, you can then register for business taxes, opens in new window.
In most cases, businesses will have to pay GST, and we’ll help you get registered for that.
Get a business loan
If you need financial assistance to help make your goal a reality, we have a range of business loans, overdrafts, equipment and trade finance options.
Find the right solution for you on our loans and finance page.
Get your idea to market
So, if you’ve got a great idea for a business but you’re finding the admin side of things daunting, don’t give up on your idea. EasyCompanies can help you through the process and explain what you need and why as you go along.
They’ll help you obtain any official documentation and registration forms you need, and assist you complete them.
Other business moments
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Services such as registering a company or registering an ABN are provided by EasyCompanies Pty Ltd ABN 16 165 152 741. The link to EasyCompanies is provided for your convenience. While NAB’s logo may appear on the EasyCompanies website, EasyCompanies is not affiliated with NAB. NAB is not responsible for and does not control the content of this site. NAB does not support or guarantee the services of EasyCompanies. So any information you choose to provide on the site is not protected by NAB or under NAB’s control. Using the EasyCompanies site is solely at your risk. NAB will not be liable for any loss or damage resulting from your use of any aspect of the EasyCompanies site (including your provision of information to, purchase or goods or services through, or use of functionality or information on, the EasyCompanies website).
The information contained in this article is correct as of July 2018 and is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, NAB recommends that you consider whether it is appropriate for your circumstances. NAB recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.