A director identification number (DID) is a unique identifier that a director applies for once and keeps forever. The same DIN will be used for all current and future directorships of a registered company.
If you do not already have one you’ll need a director ID if you are a director of:
a company (Private or Public)
a registered foreign company
a registered Australian body, or
an Aboriginal and Torres Strait Islander corporation.
If you’re a sole trader trading in your name or a registered business name you won’t need a director ID.
You can apply for your director ID at Australian Business Registry Services (ABRS).
Directors appointed from 1 November 2021 must apply within 28 days.
Directors appointed on or before 31 October 2021 have until 30 November 2022 to apply.
From 5 April 2022, intending directors must apply before being appointed.
Director IDs will help the regulators create a more transparent and fair business environment for registered Australian companies and for all new company registrations. It will help improve data integrity by clearly identifying directors and cross directorships.
We in our capacity as ASIC agents or tax agents can not apply for your director ID. You yourself need to verify your identity using your MyGov ID. We can assist you with the appointment of a new director, removal of a director, change of address for directors or shareholders using link
Choosing a business name is not as easy as it sounds. You are not just choosing a name, it’s the first step towards creating an image and building a brand. It will have a significant impact on the success of your business. Just keep a few simple pointers in mind while choosing a name.
Some simple points to keep in mind while selecting your business name or company name:
Keep the name short and simple. Try to avoid using any special characters or unnecessary hyphens. The shorter it is the better it is
A simple name will consist of words that make sense and often give a clue as to what your business does. It should match your business and remind customers of the services that you are providing. It shouldn’t be vague or general in nature. Choose a name that is descriptive
Try and avoid clever words and abbreviations. The business name or the company name should be clear, easy to remember, and unique. Your clients should be able to relate to it. It should be pleasant sounding, which evokes positive emotions in people. It should also be flexible enough so that it can be easily used on various platforms. Whether it’s your company literature, signs, and boards, or social media platforms. Consistency is the key
Avoid complicated spellings and difficult pronunciation. Simple and straightforward never goes out of fashion. Trends change with the season, but your business name should be able to stand its ground regardless of time and trends
Don’t box yourself in when choosing a name. For example – do not choose a geographical location, product category or a particular color. When your business grows and expands in future, when you decide to include more products and provide various other services, your name should still be able to cover it all. Keep the future in the business in mind while choosing the name
Make sure you are not copying your competitors blindly when choosing the name, Your business name should be unique and original
Do not use your name as a business name. It means nothing to the customers and might create legal situations in the future in case you decide to sell your business. Your own name will not resonate with potential clients as it should
Use your family and friends’ opinions to see if the name is catchy enough. Sample a few different names with a few of your potential clients. Ask questions about the name to see if they are giving off the impression that you desire. It is always good to have a different point of view.
Do your research thoroughly to see if the name you are thinking of seriously has not been taken already. Check for trademarks and domain names. If you are planning to have an online presence then having a good domain name is extremely important. If after narrowing down the name, you find that it has already been taken, don’t give up on it easily. See if you are able to buy the name back. If buying it back is not possible, see if you can modify your name to match what you had in mind and create a new domain name
As the owner of the business, you will have to stick with this name for a long time. So make sure that you are also personally happy with the name and it means something to you. If you decide to change or modify the name at a later stage, it can have a negative impact on your business image. You can come across as unsure of what you are doing. Also, the costs involved to change it on various platforms can be heavy
A business name registration is only the first step towards establishing your business. There is no need to stress about it for a long period of time. Although the name is going to give your business a good first impression, it’s up to you to meet your client’s expectations, provide exceptional services and products and bring your business to a success
Now it’s time to take the next step. We offer free and real-time name availability tools to check business name availability, company name availability, and domain name availability.
Do you have an aptitude for business? Do you want to be your own boss? Do you have that one idea you think has great potential if given a chance?
If the answer to all these questions is a yes, then you are ready to take that leap of faith. Recent unprecedented times have made all of us reassess our lifestyle and work, Maybe you have had that desire to start something of your own all along and just didn’t have the time to do anything about it. It’s time to start now. It’s time to give your dreams some shape and take that plunge. We have gathered some tips on how to get your business off to a good start. A solid foundation is so critical for a new business to succeed.
The idea for your business can come to you in various ways. It could be a product that you want to sell or a service that you want to provide, the right amount of research needs to be done. Use the online tools available, do your market surveys and talk to people. It will help you figure out whether there is enough demand for your product/service. Follow other similar businesses and see what can be done differently to give your idea an edge. Your existing plans are great but do not shy away from making changes after the research. It helps the already existing great idea to become a better version of itself. Remember, in business change is the only constant. Use tools like ABS statistics to work out the market size, use google keyword tool to see how many people are searching for your product/service and what it can cost you to run Ads on google, and use Google Trends to see what’s trending as that may assist in some industries.
Have all the information about your business put together in one place and have a business plan ready. It would include a brief summary of what products and services you are offering, marketing and sales research data, your funding requirements and plans to acquire it etc. Talk to people around you who you trust. You might come across ideas to improve and areas of opportunities that you might have missed. A strong well-researched business plan will help you approach a bank or a private investor for funding with confidence.
Probably one of the most important questions to ask is, where is the money going to come from? You might have some money saved up and decide to self-fund the business. It sounds simple and fantastic, but often not possible and extremely hard, A lot of banks offer loans to small businesses, have your business plan ready. Your local government might have some programs and schemes to offer grants to start-ups. Check if there is anything on offer and check your eligibility. Make changes in your business plan if required to help get that eligibility. See if you have any like-minded peers, who have faith in you and are ready to invest in your idea. You can have your funding from one source or a few different sources. Once the funding is secured, you are off to a great start. If you need assistance we can get you in touch with non-bank lenders and investors reach out to us if you want to know more.
Choosing a name for your business is not as simple as it sounds. It’s tricky to choose a name that stands out from the crowd and is different. Your business name becomes your identity. Once you have something in your mind, check if the name is available or not for you to use you can check business name availability here and company name availability here. It might have been listed already. Have a backup name ready and follow the whole drill again. Ask for suggestions from friends and family. You will start building your brand with this name from day one. The company logo, your business cards, all the other literature of the company, social media campaigns, everything will start with the name.
If you have come this far, that means you are well on your way to making your dream a reality. It’s time to register your business with the local government and tax office. The process with ATO and ASIC is free but getting support or understanding the complex forms can be hard. Our simple online company registration form and business registration form make the process a lot easy to understand. Best you have the phone and chat support if you get stuck. We deal with the government offices for a reasonable all-inclusive fee (usually $70 on top of the government registration fee). With one less to worry about you will have time to concentrate on other important aspects of your business. We also me it super easy to update your company details like a change of address, change of director, etc
Visual Identity is more than just your company logo and how the homepage of your website looks, It expresses your business values which are often based on your personal values. Spend time choosing your color palette, font, pictures and photographs, tone of slogans, and catchphrase. Settle on something that is simple and inviting and can be used across all channels of communication. Keep it consistent. Our clients value the fact that we guide them through this process and save them a lot of time and money.
Accounting and managing your finances:
If you have a background in accounts and finance, it becomes a little easier to manage that side of the business. But if you are not a number person, it’s time to sort out your finances. Open up your business bank account in a bank you trust. Keep all your professional dealings through that account to keep it clean and avoid any confusion. Keep a budget for a reliable accountant and tax agent to help you with all the end-of-year tax management. Do not hesitate to spend money on these services as getting them wrong can cost a lot in the long run.
Your new business is your baby. You have nurtured this dream for a long time and finally have had the time and courage to start. You have given it your all, blood sweat, and tears. It’s time to share that story and build some relationships. If you do not have the budget to get some help from a PR agency, do it yourself. Tell the story of your humble start on your website. Use social media to your advantage. Get help from your local newspapers and magazines. People like to connect with real people with real stories to tell. Doing business is all about connecting and building those relationships. We assist all our clients and try and find them the right partners be it for SEO, google advertising, print advertising, or Social media advertising. If you have not registered a business name or a company with us but want us to assist just reach out to us on phone or email, contact details here.
Setting up your business is probably the most stressful thing that you have done in your life. It can take a toll on your mental and physical health. You will often find that you have no time to socialize and your personal life is suffering too. This leads to burnout and eventually, your business may suffer as well. If you find yourself in this never-ending cycle of stress and are struggling to cope, then it’s time to stop and look after yourself. The keyword is prioritizing, do not try to handle everything yourself. Ask for a helping hand. Spend time with your friends and family. Also, spend some time alone doing things that you like, The key is to create a healthy balance between your personal and professional life. Simple things like automated invoicing, marketing followups, linking your eCommerce store to your accounting store, outsourcing your bookkeeping, and offering a lot of self-serve services to your clients can assist.
The right mindset, hard work, and determination will take your business places. Use these tips and tricks to get yourself a good start.
Latest Australian Company Registration Statistics from ASIC show no sign of a slowdown in new company formation in Australia.
Australian entrepreneurs are looking to cash in on new business opportunities that our new world presents. We have seen a big increase in company registrations across all sectors but to list a few- construction, IT services, online retail and transportation.
A company structure seems to be the preference for a lot of new businesses and we recommend to get advice from an accountant to make sure it meets all your business goals. We at Company4me do not provide specific advice till specifically engaged to do so.
If you have a business idea and need support to get started send us an email, use the chat or pickup the phone. We are here to assist with our online company registration form.
You can start your company registration process using our online registration process. Click here to access our online company registration form and receive your ACN within 10 minutes.
Once the company registration process is completed the director(s) need to be aware of their duties. A director is responsible for keeping an eye on the affairs of the registered company. You need to make sure that the company is run in accordance with statutory obligations as per Corporations Act 2001. Even if the directors appoint a manager to run the operations the ultimate responsibility is with the director of the registered company.
Considering the company is registered in real-time as soon as your online application is submitted on https://company4me.com.au/Live1 the director needs to take on the responsibilities. You must keep yourself up to date with what the business is doing, check the financials, keep the ASIC details (Address, officeholder details, etc.) up to date and actively participate in director meetings.
As a director, you must be fully up-to-date on what your company is doing, including its financial position, question managers and staff about how the business is going, and take an active part in directors’ meetings.
Failure to comply can have civil and criminal legal consequences. A director of a registered Australian company should be fully aware of what is required by the law. Below we are sharing two resources to better understand the duties of a director:
It’s no secret that the business world across the globe has been hit hard by COVID-19. The outbreak of COVID-19 is primarily a public health issue, but it is also having a major impact on the economy and the financial system. Every day we see various indices (employment, GDP, production, etc.) hitting record low numbers. What I want to talk about in this article is the opportunity for businesses during these tough times. Businesses without a doubt need to adapt and adapt quickly or they will cease to exist. Not just existing businesses but new businesses have a great chance to take advantage of this change.
The article is about a 5-minute read and is a mashup of recent facts from various government agencies. The aim is to demonstrate that it’s actually a good time to start a company if you have been thinking about it and were sitting on the fence.
To quote Tony Robbins “In every crisis lies opportunity. People who are successful are not lucky; they are just prepared for opportunities that come there way. Anticipation is power”
Australian entrepreneurs are better placed than many around the world because of many factors. Let me list a few-
The government has spent AU$289 billion ($206 billion) in pandemic relief measures to save jobs and businesses. At 14.6% of GDP it is among the top 5 global spend
Interest rates at a historic low and expected to stay there for the foreseeable future
Unsecured loans guaranteed by the government for up to $250k for every dollar spent by you. To be increased to 1m from October 1, 2020, with some additional criteria. For details refer to the link
Clearly, the COVID-19 pandemic is a disaster. But let’s hope it offers a silver lining somewhere for manufacturing. Let’s hope it opens the politicians’ eyes to investing in the local Australian manufacturing to support jobs and the economy. No direct incentives for the manufacturing industry as of now but I will not be surprised if that changes soon. As noted by AMTIL the Australian Automotive industry was seeking AU$300m annual government support package– just 0.09% of the COVID-19 stimulus package. This funding would have directly assisted 120 Tier One manufacturer and suppliers to keep their factory doors open and to keep thousands of Australians employed. In return, each manufacturer would have invested $3 for every taxpayer dollar.
The business sentiments are positive. Look at the V-shaped recovery Australian Exchange Traded funds have shown reaching $63b just 3% behind the historic high of $66b
The number of new companies set up in June 2020 stands at 26804 which is the highest in the last 24 months
This is survival of the fittest time. Businesses that are left standing will reap the benefits after the pandemic is over. They will be bigger and stronger than ever before. So cut your expenses, hold on to your talent, utilize the government assistance available, and adapt.
Our team has helped many businesses save time and cost on not only starting a business but effectively managing it. On average we save our clients 30% on finance/IT/HR costs with the best in class service.
Registering a business name or registering your company is only the first step. The right guidance, in the beginning, can make or break your business. From accounting, legal, ERP integration, process improvements to web design, online marketing, and branding look no further. Reach out to us now and seize the opportunities these challenging times present.