It is easy to start and carry out business in Australia. The name of your business is the first thing seen by your potential customers. It allows them to identify your business and differentiate it from the businesses of your competitors. The sheer number of searches on ABN Lookup tells you how important it is for you to obtain an ABN. To avoid confusion because of similar sounding business names and to identify your business easily in front of the authorities and your customers, it is prudent to apply for a unique 11 digit number called ABN for your business.
ABN makes it easier for you to file your taxes and get the necessary licenses for your business and also apply for state and federal government grants. To register your business name, you need to visit the website of Business Registration Service (BRS) of the Australian government. This service makes it easy for a business owner to not just get an ABN but also register for the purpose of taxation. You can also register for ABN by utilising the services of Australian Securities and Investments Commission (ASIC). In this article, we will talk about the steps you need to take to get this all important ABN for your business.
Register yourself on ASIC and then click on the tab titled Licenses and Registrations.
Choose the name of your business from a drop down menu that appears.
Provide your ABN (11 digit unique identification number) and click on Next.
Enter the name that you wish to keep for your business. Make sure you enter the spelling correctly and keep the name case sensitive. If you are not sure whether your proposed name is available, you can check for its availability under Check Name Availability.
Now choose the period of registration. You have the option of registering the business for one year or three years.
Provide the name and other relevant details such as date of birth etc., of the business owner.
Enter the address of the business.
Confirm that you are eligible to hold the name of the business. Individuals who have been convicted for any criminal offence or otherwise disqualified for doing a business are not eligible for a business name.
Review your application before submitting it. Many business owners make mistakes in the spelling of their intended business name or their personal details which may delay the application process.
Make payment for the ABN fee using your credit or debit card and then submit the application. If payment of fee is not made within 10 days of applying for ABN, the application gets cancelled and the process has to be started from scratch once again.
You will get a confirmation of your application once you have made the payment and submitted the application. Normally, it takes up to 48 hours to get your Australian Business Name after initiating the application process. You can display your business name along with the unique 11 digit ABN to proudly tell your customers about the legitimacy of your business in Australia.