If you are considering starting up your own business in Australia, you will find that there are some things you need to know. One of them is how to set up a company. This article will provide you with some information to help you with this.
Restrictions on the use of alphabetical characters
Restrictions on using alphabetical characters are a fact of life for new entrants to the business world. So what are the best practices to adopt? If you are in the business, you are aware of the game’s rules or the ones you have chosen to play in. However, it’s also important to remember that a little common sense goes a long way. For example, a business name with a drab, boring or otherwise ephemeral name has a low chance of being picked as your customer’s top choice. Hence, a little research into name selection will go a long way in ensuring a smooth ride.
The best and most cost-effective way to achieve this is by registering your company name as an incorporated entity. While this might seem cumbersome, the plethora of free registries available in Australia makes it worth the effort.
Restrictions on the use of numbers in a company’s name
The new restrictions on using numbers in a company’s name in Australia will not solve your business name conundrum. They may increase it! If your business name is the same or similar to another company’s, you will be on the hook for an infringement claim. Plus, registering a business name does not provide trade mark rights. Using the ASIC Connect portal, you can find out if your name is available.
You can follow several rules and regulations in Company Set Up Australia to ensure your name is up to snuff. It will check for existing trademarks and allow you to check if the word or phrase you are looking for is already in use.
The new rules have a list of restricted characters and acronyms you can check. They are accompanied by a Regulatory Guide that describes the entire process. It includes the naming system and how to apply for a company name.
ASIC has a long list of words and acronyms that aren’t allowed in your company name. These include the oh-so-short ‘Pty’ and ‘Ltd’, as well as ‘Me’ and ‘Us’. While you’re on the subject, consider a geographical identifier – a state acronym or code.
Ensure compliance with the Competition and Consumer Act 2010 (CCA)
If you are setting up a business in Australia, you must ensure compliance with the Competition and Consumer Act 2010 (CCA). The CCA enforces the rights of consumers and companies and protects them from unfair trade practices. It is essential to know how the CCA affects your business and how you can avoid committing breaches.
Under the CCA, a company is liable for penalties for breaching competition and consumer laws. These penalties apply to both a company and its representatives. There are wide powers for the ACCC to request information from a company. ASIC can also issue public warning notices and disqualify an individual. In addition, the courts retain discretion to apply penalties.
To help you understand the CCA, you can contact the NPA or one of its legal advisers. However, if you have questions, you should consult your business’s senior management or a member of the legal department.
The CCA includes several prohibitions on misleading and unfair conduct. It has false or misleading representations, exclusive dealing, and concerted practices. Each contravention will attract a financial penalty.
In addition, the maximum penalties for certain violations have been increased. For instance, the criminal penalty for an individual’s violation of the Competition and Consumer Act has increased from AUS$500,000 to AUS$2.5 million.
The maximum civil penalties for a breach of the Competition and Consumer Act have also been increased. It applies to the most significant prohibitions on competition and consumer law.
Consider if your preferred company name is taken
Choosing a business name can be daunting. Luckily, the Australian Securities and Investments Commission (ASIC) is here to help. They have many tools and tricks to ensure your new venture is a roar. The ASIC website can also provide a list of recommended legal counsel. It is vital for startups.
A solid plan can help ensure that your new venture is on the right foot from the start. Having the right spiel can help prevent a few embarrassing missteps. Choosing a good name is necessary if you want to make your mark in Australia’s corporate landscape.
Of course, not all names are created equal. Getting the right legal name can be as easy as visiting their website and submitting your information. Fortunately, there are several free name-checker tools out there to choose from. Taking the time to learn the ropes and having a solid plan in place will go a long way in helping you get started on the right foot.
