Australian entrepreneurs are utilizing the internet to expand their businesses. A part of this is since Australia now has more households connected to broadband than any other country in the world. For those who plan on starting up or joining an online business, they must register their company through ASIC (Australian Securities and Investment Commission) which registers all Australian companies under one unified system.
Every company needs to register their business in the country they operate. In Australia, this is a fairly straightforward procedure. As of 2015, all Australian companies are required to make use of a registration service called ACN (Australian Company Number). This number shows that you have been registered for taxation and can hire employees or sell products/services without having any tax problems.
As a part of this, it’s important that you register your company with them or risk not being able to file any legal proceedings within Australia should the need arise while doing business online; an Australian customer who purchases from an unregistered company can file a chargeback on their credit card, which can lead to major legal implications against you as the merchant.
The following reasons demonstrate why registering your business online is one of the best ways to get through this process with minimal hassle:
1. Make Business Legal
Businesses that aren’t registered run the risk of being fined heavily if they don’t pay enough taxes on time or sell items without paying proper GST (Goods & Services Tax) on purchase from stores outside of Australia. To make business official, companies must be registered for proper taxation purposes.
This makes your business more legitimate in the eyes of customers and other businesses you come into contact with as well as authorities should something go wrong during or after transactions made by customers who purchase from you online – ASIC’s records are recognized throughout Australia and act as an authentication of your company’s legitimacy.
2. Start Making Money Right Away
Once you start your company, you can begin making transactions immediately because ACN (Australian Company Number) is an instant process that takes less than 24 hours to complete. This allows your company to start making money right away. Most businesses can barely wait even one day to get started with their operations, which makes this the perfect registration service for the job.
3. Save Time & Money With One-Stop-Shop
Since a vast majority of Australian companies use this kind of online registration service, there’s no need to waste time registering more than once while paying multiple processing fees or going through unnecessary additional paperwork just because some services don’t communicate with each other.
The cost is also very low compared to other methods of being registered under them, so it makes sense to take advantage of this opportunity; you not only save time and money but also ensure that you don’t tarnish your company’s name by illegally conducting business without their approval.
4. Make Use of Online Services & Support
One of the best things about registering a business using an online service is that they have a lot of support for their users, as well as step-by-step instructions and tutorials for any kind of software or program related to your company’s registration process.
An online platform eliminates many common mistakes so you can complete the task without having to worry about it taking longer than expected because minor errors were made. All in all, Australian companies need to register their businesses and doing it through ACN (Australian Company Number) is one of the simplest ways to do it since there are no additional fees involved and this is one of the only platforms that make use of instant processing time, which saves you a significant amount of money and time.
To learn more, check on company 123.