How to start a business in Australia: complete checklist
Australia is one of the best places in the world to start a business. We have a stable economy, a strong rule of law, a relatively straightforward regulatory environment, and a culture that genuinely respects entrepreneurship. Here is your complete step-by-step checklist.
Step 1: Validate your idea
Before spending a dollar on setup, confirm there is genuine demand. Who is your customer? What problem are you solving? Who else is solving it? Talk to at least ten potential customers, study competitors, and test your concept with a simple landing page before committing to a full build.
Step 2: Write a simple business plan
You do not need a 40-page document. A one-pager covering your value proposition, target customer, revenue model, and key milestones is enough. If you are seeking funding, you will need something more detailed, but for most founders keep it simple and revisit it regularly.
Step 3: Choose your business structure
Your structure affects tax, legal liability, and admin. The three main options are sole trader (simple and cheap, but no legal separation), company/Pty Ltd (limited liability and lower corporate tax rates), and discretionary trust (more complex, but valuable for income splitting and asset protection). Many businesses use a trust owning a trading company to get the best of both.
Step 4: Register your company or business name
Once your structure is decided, make it official. Registering a Pty Ltd means choosing a name, appointing directors, deciding on share structure, and registering with ASIC to receive your ACN. If you are trading under a name other than your legal or company name, register it as a business name through ASIC.
Step 5: Get your ABN
An ABN is essential for invoicing without tax being withheld, registering for GST, registering a business name, and dealing with the ATO. Applying is free through abr.gov.au or you can do it as part of your company or business name registration through eCompanies.
Step 6: Set up a business bank account
Keep business and personal finances completely separate from day one. Look for low fees, easy integration with accounting software like Xero or MYOB, and online access. You will need your ABN and proof of identity to open one.
Step 7: Sort your accounting and tax
Start using cloud accounting software (Xero or MYOB) immediately. If your turnover will exceed $75,000, register for GST and lodge BAS quarterly. Keep all records for at least five years as required by the ATO.
Step 8: Build your online presence
Register a .com.au domain that matches your business name, set up a professional email address, and build at least a basic website or landing page. Choose one or two social media platforms your customers actually use and manage them well.
Your launch checklist
• Validate your idea with real potential customers
• Choose and register your business structure
• Get your ABN
• Open a dedicated business bank account
• Set up accounting software and register for GST if needed
• Register your domain and set up a professional email address
• Build at least a basic website or landing page
• Review your insurance needs (public liability, professional indemnity)
eCompanies makes it easy to register your company, business name, ABN, trust, and domain, all in one place. Start your business the right way at ecompanies.com.au.
The content provided in this blog is intended solely for general information and awareness around our product offerings. It does not constitute personalised advice for any specific individual or organisation and should not be solely relied upon. All information within this blog post is generalised and does not consider the unique situations, circumstances, or requirements of any individual or organisation. Always seek professional advice and consider the suitability of the information to your specific goals and needs before taking any action based on the information presented.
