The past decade has proven how profitable online businesses can be. With faster Internet connection, a lucrative niche, and the right approach, one can find commercial success online. And if you consider the remoteness of Australia’s landscape and the distances between population centres in this vast continent, opting for an online business instead of a traditional brick and mortar establishment makes a lot of sense if you wish to get your business across to a wider audience.
Starting an online business in Australia is a little different compared to other countries around the world. There are specific steps and procedures that you need to take into account before you are allowed to do business in this country. There are rules and regulations would-be entrepreneurs need to abide by if they want to run their businesses without a hitch.
To obtain a certificate of incorporation and an Australian Company Number (ACN), you will need to fill out a form known as ASIC Form 201. ASIC stands for Australian Securities and Investment Commission, this is the entity responsible for disseminating and processing ASIC Form 201s. The fee for this transaction is around AUS$400.
The Australian Taxation Office (ATO) is responsible for releasing the Australian Business Number or ABN. You will need this if your annual turnover is expected to exceed AUS$75,000. You can obtain an ABN online for free, just check out the Australian Taxation Office website. Although obtaining an Australian Business Number is optional for businesses with an expected annual profit of less than 75,000, it is advisable to obtain one just in case your profit exceeds the initial projections.
With the power of the Internet, any small business can become global almost overnight. With the right attitude, the know how, and an effective marketing strategy, home-based businesses can be quite profitable.