Market Positioning: By choosing a name that is deliberately crafted and appeals to your company’s values, vision, and target audience you are in a position to strategically position yourself amongst the competition which enhances your market presence.
Increased Customer Appeal: Captivate potential customers and spark curiosity by using a vivid, engaging name that inspires engagement, boosts brand recognition levels, and urges them to spend money at your business.
Competitive Advantage: Being a unique name that represents innovation, credibility and a strong association helps stand out in the sea of competitors by crafting an identifiable personality that conveys all this and more.
Adjusting to changes in business evolution: Understand change as your business grows and develops. A name change is a sign of improvement so that to align your brand with the new direction, increased range and leading edge solutions you are about to offer meaning growth for your valuable customers.
Comply with the law and protect your intellectual property: A well-thought-out company name change will help safeguard your business from legal entanglements and trademark conflicts. By being proactive and navigating through the regulatory landscape, you reduce risks and strengthen your intellectual property rights, thereby laying a solid foundation for sustainable success in the future.
It is not a difficult task to set yourself up as a sole trader and it usually does not even cost you anything except in case you use third party. To become a sole trader you will need to take the first step, which is registering for an Australian Business Number (ABN) that is a unique 11 digit number issued to all entities registered in the Australian Business Register.
When you get an ABN, then you can use the ABN to start doing business or freelance jobs. A registered ABN however doesn’t prevent you from working as an employee (PAYG) or a contractor if you wish to do so or operate under a trading name. Being a sole trader registered with an ABN number you will only have to complete one tax return that is more or less like the PAYG employee. When you are comparing between the choice of registering as an ABN sole trader and setting up a company (ACN), it can be helpful to read How To Start A Business In 11 Steps (2024 Guide).
If you are an individual trader who earns more than $75,000 in self employment each year then it is compulsory for you to have both the ABN and also to be registered under GST . However, even if you earn less than $75,000 a year it is worthwhile to apply for an ABN as well.
Obtaining an ABN also simplifies the identification of your business making it less likely to be confused with other businesses having similar names. Furthermore, if you want to register your business name nationally, an ABN is required and it will guarantee that no one will come up with the same business name. Furthermore, if you do not have an ABN, any payment from other business that required to withhold 47% of the payment. But an ABN makes you free from this requirement.
To set up your Sole Trader ABN, you need to meet the following criteria: You are the sole owner of the business and therefore legally accountable for all facets of the business including liabilities. This will not prevent you from hiring other workers but you cannot employ or hire yourself as the employee.
The application is done online via the website of the Australian Business Register , which isn’t hard or long if you know all your data sput to answer questions provided. Below, we’ve compiled a handy list of items you’ll need. However, you may not possess or require all of this list as it might not apply to your business.
The date you expected to start use of your ABN to do business and it must not exceed more than 6 months from the day of application
For business contact information, it should include your physical address, postal address, email and phone number. Make sure that your email contains your name and does not start with such prefixes as ‘admin@’ or ‘hello@’.
FastLane Group provides specialized business setups, maintenance and accounting services for your company registration needs. Let us take the hassle of complex accounting off you while you soar on the entrepreneurial plane. Get in touch with us today for efficient and trustworthy company incorporation services coupled with the best business solutions. This is the beginning of your business growing with FastLane Group.
A business name is just a name or title being used under which an individual, or some other legal entity, carries on his or her trade. Apart from identifying you to your customers, it enables you differentiate yourself from your competitors and allows your customers to connect with you on an emotional level with regard to how they perceive both the business and brand. The name is often the most valuable asset for many businesses.
In case you decide to run your business as a sole trader, partnership or trust and not the form of a company then registering the name of your business should take place with Australian Securities and Investments Commission ASIC. You do not need to register your business name if this is your first and surname, or your partner’s.
In registering a business name, you are not getting any exclusive rights over the use of that name—only the trade mark can give you this kind of protection. Make sure that your name is the only one available to you both now and in future across Australia by registering it as a trade mark. We can register it if needed.
Generally, you should be registering a business name with us if you are engaged in any business or trade activity within Australia and your name is not that of the entity undertaking such operation.
If you would like to benefit from the above exemptions, no changes in the name of business holder are allowed. For instance, if your name is Adam Johnson and the name of your business is ‘Adam Johnson & Co’, you will have to register the business name “Adam Johnson & Co”.
Working Visa HKIf in doubt as to whether you are required to register a business name or if you are carrying on a business or trading within Australia then contact us for further assistance.
Sometimes it is very difficult to tell the difference between business names, trade marks, company names or domain names. Those who hold business names often tend to believe that the act of registering a business name is enough for protecting a brand or trading name – when in true sense, the existing laws for business names do not provide such form of protection.
Trade marks, or intellectual property in a name has not been altered by the new business names laws. Now, take note that just because you register your business name does not mean you own the name of your business. Registering one particular name does not prevent another person from registering a similar name nor provides you the exclusive right to use that name or part of it. Also, getting a business name registered will not stop somebody from registering the same name they have used as a trade mark. This is a vital point, and one that every business owner should remember. A legal obligation of registering a business name is entirely separate from steps that the business owners may take to protect any intellectual property rights in a name or a brand, such as trade mark registration.
The Australian Government Business Registration Service consolidates several business and tax registrations in one location making business start-ups that much easier. You may apply for an Australian Business Number (ABN) and register your business name on-line.
ASIC Connect – you already have an ABN and would like to apply for a business name directly with us by using our platform called ASIC Connect.
Private service provider – You might decide to register or renew the business name with a PSP. It may be your accountant, your lawyer, another business that performs online services with ASIC. They will normally charge a premium on their services over what the ASIC would charge.
The Australian Government’s Business Registration Service can be utilized to register a business name. A single point for many business and tax registrations is another thing BRS does making it even easier to start a business.
The Australian Government’s Business Registration Service can be utilized to register a business name. A single point for many business and tax registrations is another thing BRS does making it even easier to start a business.
Licences and registrations are located under the detailed tab at the top of the page. If you do not already have an ASIC Connect account, you can register online. If it’s your first time logging in, then you should say ‘No’, that you do not currently run an active business. You don’t need an ASIC key while registering.