A new Sydney-based online platform wants to slash the red tape involved in building a startup so entrepreneurs can focus on developing their ideas.
To properly form a business, startups often have to register for an ABN, TFN, GST, PayG, and sometimes have to establish trust deeds, partnership agreements and company incorporations.
Startup World wants to provide a platform for all of these things to be done in the one place, quickly and cheaply.
Startup World director Katie McGovern says a lack of any service completing these applications in one place led her to create the platform.
“There seems to be a lot of companies out there offering just one smaller part of the startup process, like registering companies with ASIC, but that didn’t offer any of the other things a startup would need,” McGovern says.
“We decided to package it all up and offer the services together to make it easier for entrepreneurs.”
Taking care of the red tape
Going through all this red tape can be a very expensive experience, and McGovern says their service can complete this for a “fraction of the price”. The business offers packages for sole traders, partnerships, companies or trusts starting from $100.
Startup World has automated software that is directly linked to ASIC, and the whole process can take as little as 10 minutes to complete, with orders processed within three hours.
It’s all about guiding first-time entrepreneurs through the process so they can focus on the more important stuff, McGovern says.
“Some people off the street don’t necessarily have those basic commercial operational skills, and it’s a bit of a minefield at the moment for new business owners,” she says.
Although business has been slow since launching in late May, the founders hope a new promotion will help to boost sales. Startup World will be picking three startups to get all of their important business registrations, which can cost more than $400, for just one dollar.
“We’ll hand-hold people through the whole process and do it for the princely sum of a dollar,” McGovern says.
“We’re looking for creativity, a good story behind it, and a need for it.”