Once you are ready to make your business idea a reality, know your upfront costs, have defined your product, services and prices you are ready for our business consultancy meeting to identify which business set up structure you need. This can be overwhelming & exciting. Our goal is to ensure you reach your vision. The fist step is choosing your business name. Complete a google search to see if any similar business names come up. Check that the social media handles are available – Instagram, Twitter, Facebook, Pinterest, Snapchat, check that the business name/company name is available with ASIC (if in Australia).
In our first business consultancy meeting our office will discuss the type of entity structure suits you best. Don’t just default to a company setup (Pty Ltd). Explore other options such as sole trader, trust, partnership. Think about the following when deciding on the best structure; Asset protection is often overlooked and one of the most important factors. A company set up (Pty Ltd) May be the best for asset protection making the set up cost insignificant. Take the time to Consider tax implications of all the entity structures. At this first meeting we will organise the following;
- Buying a business and due diligence
- Company Type structuring advice
- (ABN)Australian Business Number & (TFN) Tax File Registration
- When earning income is over $74,999 you will require GST registration.
- PAYG tax registration
- Business name Registration
- Loans & Lending
Complete a google search to see if any similar business names come up • check that the social media handles are available – Instagram, Twitter, Facebook, Pinterest, Snapchat • check that the business name/company name is available with ASIC (if in Australia).
– GOVERNMENT GRANTS There are various government grants provided to small business. From innovative research and development to hiring of staff your business may be eligible.
Resources
Link insert ( setting up a business in Australia) Click Starting a Business Checklist | XERO AU https://www.xero.com/au/guides/starting-a-business-checklist/
Link ASIC ( Which company is right for your) – https://asic.gov.au/for-business/registering-a-company/steps-to-register-a-company/
