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Embarking on a new business venture is challenging, but even more so when doing it in a new country where you do not speak the language fluently. My Lingo looks to make that process easier by connecting you with a range of suppliers that can communicate fluently in your language of choice.

The path to being your own boss creates a laundry list of things to tick off before you even start and it is essential to be aware of Australia’s laws, regulations to get your business up and running. 

My Lingo simplifies this by removing the language barrier. Read on to understand how to set up a business in Australia and use our directory to find the relevant suppliers you need, in your language of choice.

open your new business by connecting with a range of suppliers

Choosing your business structure

The business structure you choose not only dictates your level of control over the business, but also the amount of tax you need to pay, regulatory obligations, personal liability and more. 

You’ll be able to choose between these four options:

Sole trader

One sole owner of the business who is responsible for all legal aspects

Company

A commercial business with a separate legal existence to its shareholders

Partnership

More than one person running a business, but not in the form of a company

Trust

A Trust is an entity in possession of income or any other assets for the benefit of a third party

Once you have decided this, you can decide if your business will operate online, as a franchise, or an independent contractor.

Applying for an Australian Business Number (ABN)

You are unable to start a business in Australia without an ABN legally. This is an 11-digit number, unique to the business that allows you to register your business name, identify your company to other entities, claim taxes and apply for grants.

Register your domain name

Every business needs a website, and you can search the My Lingo database for a range of providers to help you set one up. It’s only possible to get a .com.au address if you’re a registered Australian business once you’ve found a domain name, head to .au Domain Administration Ltd (.auDA) to secure and claim it as yours.

Register for the correct taxes

If you start a business in Australia, you must register for the correct taxes to avoid any costly legal implications. The taxes relevant to you are dependent on the type of business you start. The primary tax examples include:

  • Goods and Services Tax (GST) - Compulsory if your company has a turnover of AUD 75,000 or higher
  • Pay as You Go (PAYG) withholding tax - Required if you need to withhold an amount for tax purposes, such as wages
  • Fringe Benefits Tax (FBT) - For those who provide perks like a company car to employees

Ensuring the above essentials are sorted can be hard work, especially if English is not your first language. Starting a business is a challenging task that can be a lot easier if you build a network of peers and partners that speak your language to work with.

The My Lingo directory is available and continually upgrading, so bookmark us today. We wish you the very best of luck with your new business venture!