I want to open up a e-commerce website in Australia? To get a Pty Ltd identity, Do I need to apply at ASIC Connect as "Registering Company name" or "Registering Business Name"? Cost to apply for a company is 10 times higher than registering business in Australia. Please help as I tried to search a lot on ASIC website but didn't get any fruitful results.
Do I need ACN to get Pty Ltd Identity?
Lkalboy22 on 03/05/2013 - 10:24
Comments
Sorry but that doesn't answer my question?
It answered your topic question. However, ozzie13's response is much more considered.
To be a Pty Ltd, you must be a "registered company". ACN stands for Australian Company Number. Therefore you must register/incorporate your business (which uses an ABN) to become a company.
To operate a business you don't need to form a company (just register a business name and get an ABN). The down side to this is that you are personally liable (as you are still the legal entity behind the business name).
If you want to register a company then the costs are much higher both at commencement and during its life as it is a separate legal entity. You may be able to find a registration service for approx $500(such as http://www.incorporator.com.au or http://www.ecompanies.com.au - google search) who will do the work for you.
The ACN is assigned to a registered company. There is no other way to get one (you will also need an ABN for tax and GST purposes).
I would recommend getting legal/ accounting advice before proceeding.
Thanks Ozzie13. Now while registering for ABN as "Australian Private Company", it ask for ACN which I don't have at the moment :(
Per above, based on your questions - You need professional help and advice. Give your accountant or solicitor a call. Once you register for an ABN or make the decision to formerly commence "a business" there are many ongoing requirements to fulfill, make sure you go in - "eyes open".
You will get an ACN when you "incorporate" the new company - ie: when all details are lodged with ASIC and the fee is paid…and AISC accepts the registration.
Yes.