Starting a business in Melbourne is one of the most exciting journeys an entrepreneur can take. With its thriving economy, multicultural talent pool, and supportive business environment, Melbourne is the perfect place to bring your ideas to life. But before you begin trading, you’ll need to make sure your business is structured correctly, has an Australian Business Number (ABN), and meets all compliance obligations.
At LCP Business Partners, we’ve helped countless Melbourne-based start-ups and small businesses turn their vision into reality. From choosing the right business structure to managing accounting and compliance, our expert team ensures every part of your set-up is handled seamlessly.
In this comprehensive guide, we’ll walk you through the essential steps for setting up a business in Melbourne — so you can start strong, stay compliant, and grow with confidence.
Understanding the Basics of Business Set-Up in Melbourne
Setting up a business goes far beyond registration — it’s about creating a stable foundation that supports long-term success.
When starting out, you’ll need to:
1. Decide on your business structure.
2. Apply for your ABN and other registrations.
3 Understand your tax obligations.
4. Put accounting and compliance systems in place.
Melbourne’s dynamic business landscape offers opportunities across technology, retail, construction, healthcare, and professional services. However, every industry has its own compliance requirements — so getting things right from the start will save you time, money, and stress later on.
Registering for an ABN (Australian Business Number)
An Australian Business Number (ABN) is a unique 11-digit number that identifies your business to the Australian Taxation Office (ATO), government agencies, and the public.
Why an ABN Is Essential
Having an ABN is vital because it:
1. Identifies your business to the ATO and clients.
2. Allows you to register for GST and claim tax credits.
3. Prevents other businesses from withholding tax from your payments.
4. Adds legitimacy to your business when invoicing and dealing with suppliers.
How to Register for an ABN
1.Choose your business structure — sole trader, partnership, company, or trust.
2. Apply online through the Australian Business Register (ABR).
3. Provide accurate details such as your business name, location, and contact information.
4. Receive your ABN instantly, provided your details meet eligibility requirements.
If you’re unsure about which category applies to you, our accountants for small business can guide you through the ABN registration process and ensure your details are correct from the outset.
Company Registration and ASIC Compliance
If you plan to operate as a company, you’ll need to register with the Australian Securities and Investments Commission (ASIC). This registration gives your business a separate legal identity and limits your personal liability.
What You’ll Need to Register
1. A unique company name.
2. Registered office and business address.
3. Details of company directors and shareholders.
4. An understanding of your obligations under the Corporations Act 2001.
Once registered, you’ll receive an Australian Company Number (ACN), which identifies your company for official and legal purposes.
Ongoing ASIC Obligations
1.Keep your company information up to date.
2. Pay annual review fees.
3. Lodge annual statements and financial reports.
Our team helps businesses maintain ASIC compliance, manage documents, and meet deadlines so that you can stay focused on growth.
Tax and Accounting Set-Up for New Businesses
Getting your accounting systems and tax registrations right from the beginning is key to maintaining compliance and avoiding costly mistakes.
Essential Tax Registrations
1.GST (Goods and Services Tax): Required once your annual turnover exceeds $75,000.
2. PAYG (Pay As You Go) Withholding: Necessary if you employ staff.
3. Fringe Benefits Tax (FBT): Applicable if you provide employees with benefits such as cars or accommodation.
Bookkeeping and Record-Keeping
Good bookkeeping practices are critical for tracking your business performance and preparing accurate tax returns.
Keep detailed records of:
1. Income and expenses.
2. Employee payroll and superannuation.
3. Invoices, receipts, and payments.
4. Business Activity Statements (BAS).
Our small business accounting services include setting up cloud-based accounting software, managing BAS lodgements, and handling all tax compliance efficiently — so you can focus on running your business.
Employment and Payroll Compliance
Hiring staff means additional responsibilities — and getting these right helps protect your business from fines or disputes.
Employer Obligations in Australia
1. Register for PAYG withholding and superannuation.
2. Provide payslips and keep records for at least seven years.
3. Ensure compliance with Fair Work Australia awards, minimum wages, and leave entitlements.
4. Maintain a safe working environment under WorkSafe Victoria regulations.
Our accountant for small business team can help you set up automated payroll systems that handle tax, super, and entitlements accurately — keeping your employees happy and your business compliant.
Business Compliance Beyond Registration
Once your business is operational, you must meet ongoing compliance obligations to avoid penalties and maintain credibility.
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ATO and Tax Compliance
1.Lodge BAS on time.
2. Pay income tax, GST, and superannuation contributions as required.
3. Maintain accurate and up-to-date financial records for at least five years.
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IndustryLicencesand Permits
Depending on your business type, you may need council permits, professional licences, or environmental clearances.
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Insurance Requirements
Consider securing appropriate business insurance, such as:
1.Public liability insurance.
2. Professional indemnity insurance.
3. Workers compensation insurance.
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Data and Privacy Obligations
If you handle customer data, ensure compliance with the Privacy Act 1988 and Australian Privacy Principles (APPs).
At LCP Business Partners, we can help you understand and maintain these compliance standards, keeping your business fully protected.
Business Advisory and Growth Support
Starting a business is just the beginning — sustaining growth requires strategic planning and financial management.
At LCP Business Partners, we offer business advisory services tailored to Melbourne entrepreneurs who want to take their operations to the next level.
Our Advisory Services Include:
1. Business and cash flow forecasting.
2. Budgeting and financial strategy.
3. Risk management and compliance reviews.
4. Long-term profitability and expansion planning.
We take a proactive, hands-on approach — becoming your trusted partners in success.
Why Choose LCP Business Partners
Our clients choose us because we’re more than accountants — we’re business advisors committed to your success.
Here’s what sets us apart:
- Decades of combined experience supporting Melbourne start-ups and SMEs.
- Complete services covering business structure set-up, ABN registration, and ongoing compliance.
- Transparent pricing and clear communication.
- A personalised, client-first approach.
When you work with our small company accountants, you gain a reliable partner who genuinely understands your business journey.
Conclusion
Setting up a business in Melbourne requires careful planning, compliance awareness, and a solid accounting foundation. From selecting your business structure and applying for your ABN, to meeting tax and regulatory obligations — every step matters.
At LCP Business Partners, we simplify this process, helping entrepreneurs and small businesses with business ABN Melbourne registration, accounting, and compliance from start to finish. Our goal is to make business set-up stress-free, so you can focus on achieving success.
Ready to start your business journey with confidence?
Get in touch with us through our Contact Us page and let LCP Business Partners help you set up your Melbourne business the right way.
FAQs
2. Can I operate as a sole trader without registering a company?
Yes. Many small business owners in Melbourne choose the sole trader structure as it’s simple and cost-effective.
3. How long does ABN registration take?
Most ABN applications are approved instantly if all details are correct, but some may take up to 14 days.
4. What’s the benefit of hiring a small business accountant?
A professional accountant helps manage compliance, tax, and business growth — saving time and reducing risk.
5. Why choose LCP Business Partners?
We provide complete assistance with business ABN Melbourne registration, accounting, and compliance — ensuring your business starts on the right foot.
