When considering business setup in Australia, there are several key requirements that need to be fulfilled. Firstly, understanding the legal structure suitable for your business is crucial. Whether opting for a sole trader, partnership, company, or trust setup, each structure has its own implications on taxes, liability, and compliance. Secondly, registering your business name and acquiring necessary licenses and permits are essential steps to operate legally in Australia. Additionally, businesses are required to apply for an Australian Business Number (ABN) and Tax File Number (TFN) to manage taxation obligations effectively. Complying with the Australian taxation system, which includes Goods and Services Tax (GST) registration if applicable, is fundamental for financial transparency. Moreover, adhering to workplace regulations, such as mandatory insurance coverage and fair employment practices, is vital to ensure a compliant and ethical business operation. Seeking professional advice and assistance throughout the setup process can streamline the procedure and mitigate potential risks, enabling a smooth transition into the Australian business landscape.