Starting a business – not as complicated as you think
So, you’ve got a great idea for a business, but you’re procrastinating getting it off the ground because you’re worried about all the red tape? NAB understands this. We know that all you want to do is kick-start your business dream. So we’ve worked with EasyCompanies to develop a solution to take the hassle out of the administration side of launching a business – NAB Startup.
What we’re aiming to do is help you through the annoying admin side of starting your business, so that you can get it off the ground and focus on your dream.
What do we mean? Well, for starters there is ABN registration. And if you want to register a company with 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. The key building blocks of registering your business are covered.
What you need to get started
Startups come from all walks of life, but they’ve all been 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 idea goes to market. That’s why we’ve teamed up with EasyCompanies, who know what official documentation and registration you need, and then submit the documents for you whilst updating you along the way of progress to date. .
Below are some of the main administration tasks we’ll help you with, so you can get your business off the ground.
What we’ll help you do here is choose a business structure, the one that best suits your needs. There are four main structures:
- 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, your ACN (Australian Company Number) can also be registered for you.
Australian Business Number (ABN)
The next thing we’ll do is get you set up with an Australian Business Number. This is what identifies your business. With your ABN it 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 the Australian Security & Investments Commission (ASIC), and we’ll help you check that your name isn’t clashing with anyone else’s.
Register for business taxes
What we’ll do here is 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. In most cases, businesses will have to pay GST, and we’ll help you get registered for that.
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. NAB Startup’s service, provided by EasyCompanies, will help you through the process, and explain what you need and why, as you go along.
We’ll get any official documentation and registration forms you need, and we’ll help you complete them. Basically, we want to see you take your idea to market and we don’t let the paperwork get in your way!