In Australia, whose population is more than 25 million people, the majority of the residents live in its southern and eastern parts, as well as along its coastline. Australia belongs to Oceania and an island nation in the Southern hemisphere. It is considered the biggest country in the world without land borders. If you are a company owner in the country, is it already registered? Know that it is important to register a business in Australia so that the government and law will recognize it.
What does it mean to register your business?
The registration of a business name refers to the process of submitting the name of your business to your state so it will be included on their list of legal business name registry. It is an excellent idea to register your company name, as it covers two vital aspects:
- If you own your business as a sole proprietorship, it is one vital reason to register your business name because there is really no other way to register sole proprietorships.
- If you are still in the process of setting up a business, but you have a specific name for it, register it now. You may change your mind about the legal form you use for your business, but nobody else can use your business name once you have registered it.
Why should you register your business in Australia?
The business you are establishing now could become successful and well-known in your industry soon. But, if you neglect to register your business and another company takes your name, all the time, the money and hard work you spent will be wasted. Here are some compelling reasons to register your business today:
It gives you your identity and protects the same
There must be no two businesses that use the same name, according to the law. This is to avoid causing confusion to the people. Once your chosen name is available, you can proceed and complete the registration process. After the registration, you now have the legal right to create your letterheads, business cards, logo, etc., that you can use in your business dealings and marketing.
It makes your business look professional
The consumers today expect to do business with a serious and reliable company. If your business is registered, people will perceive you positively. Also, if you are registered, you can issue receipts to your customers for every product or service you give. The possible outcome of doing business registration is that you will grow and not stay small for long.
It offers protection from personal liability
If you register a business in Australia, you will have access to limited liability. Otherwise, you could lose both your personal and business property if you have no legal protection and someone holds your company accountable for heavy damages and sues you. The law may get your personal property such as house, money, car, and other valuables to pay for the damages or settle outstanding debts.
If you have a registered business, it becomes a separate entity, so only your business is held accountable for the damages incurred. Keep in mind that only limited liability businesses can provide you with this kind of legal protection, and not all business types.
If you register a business in Australia, it is beneficial for you in more ways than one. Your business becomes an asset and investment that you can pass down to the next generation in your family. This is because a registered business gives you continuity, enabling your company to exist for decades.