If you are taking the time to read this article then obviously, business registration has come up somewhere along the line. Many Australian business owners are caught in a little bit of a quandary because there are not sure if registering their enterprise is the best idea for them. It’s difficult enough running a new business by yourself without having to get caught up in registering it with the appropriate authorities. The thing to remember, however, is that everything that you have worked hard for up until this point could be stolen right from under your nose because things like your business name are not registered.
This is why you are encouraged to carry out a registration of company because not only does it make life easier for you and your employees, but it just makes life easier for any other business that deals with you as well here in Australia. The other great selling point is that you can turn to a third-party provider to do the registration process for you so that you don’t have to deal with the bureaucracy and red tape. If you’re still a little unsure as to whether or not you want to register your particular business then the following are some of the benefits that will come your way if you do.
- You get essential protection – This is in regard to your liabilities because if you are a sole trader or you are part of a partnership then if your business runs into trouble further down the line and there are debtors chasing you through the courts then awards can be made against you and so you might have to sell your home or your personal car to pay any money owed. You want to separate your home from your business and so registering the business is your first port of call.
- You come across as more professional – Potential customers, suppliers and other businesses are somewhat reluctant to do business with someone who has only just entered the market and so the business might be in its infancy. There will be trust issues with regards to extending credit facilities but if you register your business with the appropriate government department then this excludes professionalism and people are drawn to such businesses.
- Essential brand protection – As was touched on before, you have worked hard up until this point and most likely created a brand that is synonymous with good value and people recognise it almost immediately. If you don’t register your business then you are running a tightrope when it comes to holding onto your brand and actually holding onto your business name. Everything will be legal and above board once the business is registered and so turn to your service provider to do the hard work for you.
It really does depend on the type of business that you’re running, and you can be assured that there are options open to you when registering your company. For instance, if you’re considering a singapore holding structure, this can provide advantages like streamlined asset management and tax efficiency. Your service provider can guide you through the process and handle the registration on your behalf.
