- SUPPORT FOR BUSINESS
A company is an entity with its own legal obligations, if you’ve decided that a company structure is right for your business, you’ll need to register it as a company with its own ACN and ABN numbers.
A Pty Ltd company with its own ACN number is a separate legal entity from you as an individual and has at least one shareholder (owner) and one director (who runs the business). Income and losses belong to the company and companies can employ staff.
What’s the difference between a Company and a Business Name?
A registered business name is a name you’re allowed to trade under, while a company name is the name of a separate legal entity registered with ASIC that trades under its own name. When you trade under a business name, you, the person, is still legally the entity doing the trading.
In comparison, if you’ve registered a company and company name, that company is now the legal entity doing the trading instead of you.
A company has different legal, financial and record keeping responsibilities compared to other business structures, so it’s important you know what’s involved.
When registering a company, you have the option to choose a name for the company, although this is not compulsory. You can use one of the following:
Company directors are required by law to apply for a director identification number (Director ID).
Once your company is registered, we will then send you a link to Australian Business Registry Services (ABRS) as they are responsible for delivering the director ID number.
A director ID is a unique identifier number that a director will apply for once and keep forever – which will help prevent the use of false or fraudulent director identities and help safeguard you as an individual and the company from fraudulent activities.
All directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation will need a director ID.
The fee to register a company is $969 and includes the following official ASIC documentation once your Australian company is registered, you’ll receive the following official ASIC documents and features:
