Faster business registration set to become reality
Public testing of the new streamlined business registration service has commenced following the successful initial testing earlier this year.
Minister for Revenue and Financial Services Kelly O’Dwyer said the new business registration service, which allows businesses to apply for multiple business and tax registrations at the same time online, has reduced the average time taken to register for an ABN to less than 15 minutes, down from over an hour.
The service also supports businesses to meet their obligations and avoid applying for registrations that they don’t need.
“We are taking a phased approach to implementing a new business registration service,” Ms O’Dwyer said.
“By providing a simpler, clearer way to register a business, we hope to save people starting a business an estimated $40 million each year.”
The service is being developed collaboratively with the Department of Industry, Innovation and Science, the ATO, ASIC, and the Department of Treasury.
The government has been working with Service NSW to develop the one-stop shop service, with over 35,000 registrations submitted since BETA testing began in April 2017.
NSW Minister for Finance, Services and Property Victor Dominello said the partnership provided small businesses with a 21st century one-stop shop service – dramatically reducing the piles of duplicative paperwork.
“Service NSW’s Easy to Do Business program has made life significantly easier for people wishing to start a café, restaurant or small bar by reducing the time it takes to start a business from 18 months to just three months,” said Mr Dominello.
The service will be rolled out nationally after the testing, with more than $9 million allocated in the 2017-18 federal budget to replicate the project nationwide, according to Ms O’Dwyer.