Starting a business in Australia has become easier than ever. Economic growth and saturation of the market has allowed Australian Securities & Investments Commission (ASIC) to make the process easier for potential business owners. However, before incorporating your business and registering the name, you need to make sure that you are eligible to start, operate, and manage a business in Australia.
There are four business structures in Australia that you can choose from when starting your business, namely sole trader, partnership, company, and trust. Generally speaking, a person is automatically disqualified from starting and managing a business if the person:
- Is bankrupt
- Is convicted for offences under s206B of the Corporations Act
- Is convicted for offences under s32(1) of Business Names Registration Act
Once you have checked if you are eligible to start a business, the next step is to register the business name. Remember that managing a business while being disqualified to do so is a criminal offense. If you have any questions, contact a qualified criminal lawyer