The COVID-19 pandemic has taken the world by storm, quite literally. The new normal has taken a different turn, and life is never the same again. Businesses have suffered the most from the current situation. But that does not mean the end of life for trade and industry.
If you are one of the many who have breathed new life in a particular craft and sold it for profit, then congratulations! You have just found the formula to successful earning now and in the next few years. You now need to make it official and register a business under your name. There are several requirements necessary before you officially become a legitimate business.
Table of Contents
Business name
Have you chosen a business name already? Whether it sounds fancy or bizarre, it is one that you will operate under. It allows customers to identify your brand and differentiate you from competitors. So, deciding on one is the first step to take if you decide to push through with your product or service. When you register a company , it will also let you know if a different entity already laid claim to that name. If so, you cannot use it as your label. It would be wise to have a name or two on hand, just in case.
Business number
A business number is different from a tax file number. In certain countries such as Australia, an ABN (also known as an Australian Business Number) identifies your company. All companies need to have one because it is legally required and will make life easier for your firm. You may need it for business activities such as tax-related payments, ordering and invoicing with clients, claiming GST(goods and services tax) credits, energy grants, and getting a domain name. Registering is free, and as long as you have a solid business structure and proof of identity, it is easy to apply for one.
Tax registration
Everyone knows that all businesses need to pay taxes. Whether you are a company, a partnership, or a sole trader, you have to register and first get a tax file number. If you buy or sell goods or services, you need to register for GST. If you have people working for you, then you need to give them salaries. So, you may need to have a registry for pay as you go (or PAYG) withholding, fringe benefits tax (or FBT), and a payroll tax.
Licenses and permits
The state and local authorities have specific laws as well, and businesses are not exempt from that. There are certain permit and licensing requirements that you need to have, regardless if you are putting up a physical brick-and-mortar shop or an online store. These would give you permission to do an activity in the area and also protect your employees and the business itself. These prerequisites are essential to any company. Depending on your business type, activities, and location, there is no standard requirement. Since these would vary from industry to industry, you should research sufficiently to ensure that you have everything you need to keep your business running smoothly.
Get a domain name
Most businesses now understand the need for an online presence. Once you are done with the first four factors mentioned, you can now purchase a domain for your website. If you have another company with the same domain name, you can opt to look for and choose one that your customers can easily recognize and remember.
Registering a business tax seems like a daunting task for most people. But knowing what to do makes everything a lot easier. And in the end, your employees will thank you for it.
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