You need to do your homework before you decide to register a company. There is quite a difference between various business structures compared to a company, namely financial, legal & record keeping obligations. It is most important to consult with legal or financial (or both) professionals before you lodge a company order if unsure of any aspects of the entity’s setup.
How to choose & register a company name
If you are not sure what name to give your new company when you register with ASIC, a name is not essential or compulsory. It can be the exclusive company number (ACN) automatically issued by ASIC upon registration. The ACN can be utilised as your company name if you wish, & subsequently can be changed at a future time if the relevant documentation is lodged with ASIC, the only catch being a fee involved to do this.
Once you come up with a name, to check whether it is available click here & do a search. If there is already a company registered with the name you want, you will need to choose a different one. If there is an identical business name registered & you are not the business name holder, the same applies & you will have to think up a new one. ASIC also has a restricted list of certain words they do not allow to be used in a company name, listed here
ACNs & who needs one
An Australian Company Number (ACN) is a nine digit number issued automatically by ASIC when you register a company. You will require an ACN if your business is a company & it MUST be shown on certain documents:
- Official company notices
- Documents lodged with ASIC
- Accounting documents
- Orders for goods & services
- Receipts -if manually issued
Visit this link of ASIC
Search here to check if your company’s name is available
To register a company, click here complete the easy to follow questions, pay the appropriate fee & you are done.
Your new company’s certificate & ACN are generally emailed to you within the hour.