Register your new business name.
**How to Check a Company in Australia: A Comprehensive Guide**
When doing business in Australia, it is crucial to verify the legitimacy of a company before engaging in any financial transactions. This ensures that you are dealing with a genuine and reputable business entity. In this article, we will explore the various methods to check a company in Australia, highlighting the importance of this step in maintaining a secure and successful business partnership.
### Understanding Regulatory Obligations
The Australian Transaction Reports and Analysis Centre (AUSTRAC) plays a vital role in mitigating money laundering and terrorism financing by overseeing the compliance of businesses with financial regulations. As a result, it is essential to familiarize yourself with the regulatory requirements your business must adhere to in Australia. This includes understanding the Know Your Customer (KYC), Know Your Business (KYB), and Ultimate Beneficial Ownership (UBO) practices that are fundamental in meeting these legal obligations.
### Collecting and Verifying Business Registration Information
To check a company in Australia, you need to access multiple pieces of information. This includes the company’s name, date of incorporation, registered capital, former names and changes, share currency, contact and address, status and legal forms, and activities and business scope. The Australian Securities and Investments Commission (ASIC) is the official source of this information, where all companies are required to be registered. Each company is assigned an Australian Company Number (ACN), which is a unique 9-digit number allocated to each company registered under the Corporations Act 2001.
### Checking Company Name Availability
Before registering a new company name, it is essential to check if the desired name is available. ASIC’s website offers a search tool that performs 14 automated tests to determine the status of your request. The status is color-coded, indicating whether the name is available for registration, requires a manual decision, or is already taken. If the name is available, you can reserve it for two months by submitting the 410 Application for reservation of a name and paying the fee of $59.
### Verifying Company Legitimacy
To ensure you are dealing with a genuine company, you can check if it is a member of a business association. For smaller businesses, online reviews can provide valuable insights. Additionally, always remember the principle of caveat emptor, or “let the buyer beware,” and be cautious when dealing with unfamiliar companies.
### Conclusion
Checking a company in Australia is a crucial step in maintaining a secure and successful business partnership. By understanding regulatory obligations, collecting and verifying business registration information, checking company name availability, and verifying company legitimacy, you can confidently engage in financial transactions with a genuine and reputable business entity.
### Register Your New Business Name in Australia
For a seamless registration process, consider using “register.biz.au,” which offers a comprehensive guide to registering your business name in Australia. You can visit their website at https://register.biz.au to learn more about the registration process and ensure your business name is unique and compliant before registering your new company.
