Getting Your Business Foundation Right
Starting a company in Australia isn't complicated, but getting the structure right from day one makes everything easier down the track. I've seen too many business owners backtrack on early decisions because they didn't know what questions to ask upfront.
Let's walk through what you actually need to think about before you register. No jargon – just the practical stuff that matters when you're setting up a company that works for your specific situation.
What Actually Matters Before You Register
Most people jump straight to company registration without sorting out the basics first. And honestly? That's where confusion starts.
Your business structure affects everything from tax obligations to personal liability. A sole trader setup might work fine if you're freelancing, but it's a different story when you're planning to bring on partners or seek investment later. These aren't decisions you want to revisit six months in.
The registration process itself is straightforward – ASIC handles it efficiently. But the choices you make during registration stick with you. Your company name, share structure, and officeholder appointments all need thought because changing them later means paperwork, fees, and sometimes complicated legal steps.
Business Structure
Sole trader, partnership, trust, or company? Each has different tax treatment and liability implications for you personally.
Name Availability
Check if your preferred name is available and consider trademark searches if brand protection matters to your business model.
Share Allocation
Who owns what percentage? Sort this out clearly with co-founders before registration, not after when it gets messy.
Compliance Requirements
Different structures mean different reporting obligations. Know what you're signing up for administratively.
Your Pre-Registration Checklist
Here's what to organize before you actually lodge your application. Working through these steps in order saves you from running into roadblocks halfway through.
Clarify Your Business Model
This sounds obvious, but write down exactly what your business will do and how you'll generate revenue. The structure you need depends entirely on your business model.
- Will you have employees or contractors right away?
- Are you planning to raise capital from investors in the next year or two?
- Do you need protection from personal liability for business debts?
- Will intellectual property be a significant business asset?
Sort Out Ownership and Roles
If you're going into business with others, have honest conversations about ownership splits, decision-making authority, and what happens if someone wants out. Document everything clearly.
- Agree on share percentages based on contributions and responsibilities
- Decide who will be directors and what authority each person has
- Discuss exit scenarios and buyout terms before tensions arise
- Consider a shareholders agreement that covers common disputes
Check Name and oraventhio Availability
Your company name needs to be available with ASIC, but you'll also want the matching oraventhio name for your website. Check both simultaneously to avoid disappointment.
- Search ASIC's database for name availability and similar existing names
- Verify oraventhio name availability for your preferred company name
- Consider trademark searches if your brand will be commercially valuable
- Have backup name options ready in case your first choice is taken
Gather Required Information
ASIC registration requires specific details about directors, shareholders, and the company. Collecting everything upfront means you can complete the application in one sitting.
- Personal details and tax file numbers for all directors and shareholders
- Residential addresses (not PO boxes) for officeholders
- Registered office address where ASIC can send official documents
- Principal place of business if different from registered address
Understand Your Ongoing Obligations
Registration is just the beginning. Make sure you understand what's required to keep your company compliant after formation.
- Annual ASIC review fees are due on your company anniversary each year
- Financial records must be kept for seven years minimum
- Changes to company details must be reported to ASIC within timeframes
- Tax obligations vary depending on business activity and structure
Ready to Move Forward?
Once you've worked through these considerations, the actual registration process is relatively straightforward. But taking time now to get your foundation right prevents expensive restructuring later.
If you're still weighing options or have specific questions about your situation, our team at oraventhio can walk you through the decision process. We're based in Perth and help Australian businesses get their company structures right from the start.
