Compliance from Day One: 10 Common Mistakes New Businesses Make

When starting a new business, the excitement of bringing your ideas to life can often overshadow the legal and regulatory essentials.

Beyond ABN registration and business name registration, compliance tends not to be a priority.

After all, there’s a lot to think about: suppliers, customers, a website, hiring staff, finding a place to do business.

But none of these work without a solid foundation. Establishing strong governance and compliance from day one not only reduces stress later on but also makes growing your business easier.

In this blog, we’ll explore 10 common compliance mistakes new businesses make and how Registry Australia can help you avoid them.

Common compliance mistakes new business owners make

Skipping the business name check

Before you get attached to a business name, make sure it’s available.

A quick free check using our business name registration tool can prevent headaches when you try to register a business name that’s already taken.

Confusing business names and company registration

A company name is registered with ASIC (the Australian Securities and Investments Commission) and ends in “Pty Ltd” or “Limited”.

A business name is the name you use to do business. Business name registration is a legal requirement unless you’re trading under your own name.

If you run a company, you should also register a business name unless you plan to trade under the “Pty Ltd” company name.

You can even register multiple business names under one ABN if you aim to open several businesses.

ABN registration errors

Your ABN is essential for invoicing customers, tracking business income, paying tax and claiming deductions, and ensuring compliance with Australian tax regulations.

Mistakes during ABN registration are easy to make but a headache to undo.

Here at Registry Australia, we help business owners avoid delays and compliance issues caused by an overly complex ABN registration system.

Contact our local team to ask about ABN registration and renewal, or bundling business support services to make life easy.

Not registering for GST

You must register for GST if you anticipate that your turnover (gross income minus GST) will exceed the GST threshold:

$75,000 per year for companies and businesses (including sole traders)
$150,000 per year for non-profit organisations

Failure to register for GST can result in fines. You may also need to back-pay the 10% tax on sales made from the date you were required to register.

Incorrect details with ASIC

If you run a registered company, keeping your ASIC records up-to-date is crucial:

Company address
Contact details
Company director information
Registered business names related to the company

Incorrect information could mean missing your business name renewal notice or failing to meet annual reporting requirements.

This can lead to penalties and complications with your business’s legal status.

Partnering with Registry Australia is the easy way to keep your company details updated and accurate.

As an ASIC Registered Agent, we are up-to-date with governance and compliance requirements, and highly experienced in the complexities of dealing with ASIC.

Trading without trademarks

Trademark registration protects your brand for 10 years and covers all Australian states and territories.

You can register a trademark for anything related to your brand or company image, including:

Logo
Symbol
Product packaging
Slogan
Jingle
Company colours
Sound
Smell
Product name

Failing (or forgetting) to register a trademark exposes your brand to infringement risks.

Intentional or not, copycats hurt your position in the market and erode customer trust.

Leaving IP unprotected

Trademarks protect your brand and logo – but what about your unique creations?

Patents protect inventions and designs, from medical devices to toys, furniture, fabric patterns and pharmaceuticals. You need to register a patent to protect your rights.

Copyright is designed to protect original productions. It covers music, images, written work and artwork. Copyright is immediate and automatic, so if you’re in the business of creation, brush up on it.

Registering with the wrong web host

Cybercrime is on the rise and small businesses are disproportionately affected.

Choosing a reputable Australian web management company ensures your website is secure and customer data is protected from hackers.

Did you know over 60% of Australian SMEs never recover from a data breach? Read more here: What to Do After a Data Breach.

Forgetting about business name renewal

When you register a business name, you will be asked to choose a renewal period of one or three years.

Make a note of your renewal date before moving on to the next task.

Failing to renew your business name could result in de-registration. That’s complicated and costly to undo.

Better yet, partner with Registry for business name registration and get renewal included in the deal. We’ll send email and SMS notifications in advance so you never need to worry about missing a renewal.

Copying and pasting from another business

Always ensure legal and policy documents reflect your business’s unique needs.

Copying from another organisation without careful customisation will almost certainly lead to governance and compliance gaps.

This applies to internal records like data handling policies and hiring contracts as well as external documents like supplier contracts, NDAs, SLAs and partnership agreements.

Stay compliant from the start with Registry Australia’s hassle-free business services

Starting a small business is one of the most exciting things you can do. So it’s worth doing right.

We’re here to help you streamline governance compliance from the start. Our affordable business name registration services, ABN registration support and Australian web hosting ensure you’re well-organised and ready for success.

Get started today with our user-friendly business name portal, or contact our local team for personalised advice.

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