Registering a Business without an ABN: Is it Possible?
Since you landed on this page, I’m assuming you have sound knowledge about ABN.
And for some reason, you don’t want to register your business with an ABN (Australian Business Name)
But that’s not the point here.
You want to just know if it can be done or not?
Deal close, right?
If you are looking for a magic answer, it’s going to disappoint you.
Because it’s not possible to register any typical business without an ABN.
It’s free to register for ABN & you don’t need to pay extra taxes to have it. And, it’s a matter of going through few paper works. ABN is one way to understand the owner running the business. It is the process that Australian Government implies to identify the business for GST & tax purposes. However, if your business goes to insolvency, you won’t be required to have costs for having an ABN.
If it was before 28th May 2012, you could have got away without registering to an Australian Business Name. However, things have changed and everything is done on the national level. Even the old business that ran without it has to eventually register for the name.
Unless you are working on a hobby, or a freelance service, you must have an ABN to run a business under a name.
Now, coming down to the core of everything.
How would you register your business name?
Understand the module of operation:
Define the operation module. Are you going to run the business alone? Or, do you have a partner? Are you going to register it under your name, or your partner’s name? If you are using your name, you don’t need to register a business name. However, if you are registering under a brand name, you need to register it. Every registration is monitored and circulated through ASIC (Australian Securities and Investments Commission). If you are running a business under a company, you have the option of having a unique number under ACN(Australian Company Number).
Registering the Business Name:
Before you start the registration process, make a list of 5 suitable names. Why? Because it’s most likely that your name has been taken already. Every registration work in Australia is done under ASIC. However, before you apply it you should have an ABN, or be in the process of having one. Once you have the ABN, you can apply it through ASIC online application. Once you register with ASIC, the data is saved nationally.
Duration & Cost:
If you have an ABN, filling up the application shouldn’t take more than 20 minutes. After you have paid the registration fee that is $34 for 1 year, you will get the confirmation notification within two business days. Also, we suggest you estimate your cost before applying for anything. Why? Because most businesses in Australia fail due to insufficient capital.
Securing and Renewing a Business Name:
Just having a business name doesn’t prohibit others from using the similar name that trades similar types of goods and services. You can opt for a registered trademark that ensures that your brand name isn’t manipulated. To renew your business name, ASIC will send a notification within 2 months of the expiry date.
So, what we know now is it’s merely impossible to register a name without the ABN. However, registering a business name isn’t as hard as it looks on paper. If you are having a hard time figuring it out, you can always consult an advisor for suggestions.