Incorporate a Company in Australia

A Complete Guide To Incorporate A Company in Australia

Investors look for a better working environment to start their businesses. If you decide to incorporate a company in Australia brace yourself to a rather relatively intricate registration process. When it comes to registration of a company the Australia Securities and Investment Commission (ASIC) is responsible for masterminding and regulating the incorporation process.

Now, if you’re a foreigner and planning to start an offshore company in Australia, you must begin by getting the appropriate visa. That means visiting the Department of Immigration and Border Protection. You’ll need to decide on the best visa that well suits you such as Business Innovation or Investment Visa.

With that in mind, to start a company in Australia, you have to decide on the type of company structure. Some of the common type of business entity include Limited Liability Partnership, Australian TradingTrust, Limited Liability Partnership, and Public Limited Company.

Remember that the type of company that you decide to form will affect the documents that you’ll require to submit.

Australian Company Registration Requirements

Therefore to incorporate a company in Australia, you’ll be required to have written consent from all proposed directors to play in that role and if obligatory, that of a company secretary.
The moment you’ve come up with a business name you must ensure that you reserve it and register it with ASIC. The business name must be unique and reverberate well with the nature of the business. If your company has more than one shareholders, you’ll require to have a shareholder agreement.

Now, to complete the registration process, you’ll be required to complete Form 201 alongside payment of a prescription fee. You can access that form through online, and the moment you’ve registered by ASIC, you’ll receive your Certificate of Registration at the registered office.

As you’re required to produce particular documents during registration, operating a company also requires specific documents. And therefore, you’ll be needed to submit a minute book of the directors and members proceedings. Again, if you plan to incorporate a company in Australia, you’ll also need to meet the tax obligations. This will mean that you register with the tax authority to receive an Australian Business Number and a Tax File number. Compliance of tax obligations goes even further depending on the kind of business to registering for Goods and Services tax as well as Pay As You Go.

For smooth operation of any business, having a bank account makes it even better. While you struggle to validate your documents ensure that you open a bank account for the easier transaction. Company incorporation process in Australia may take a record 5 minutes upon submission. This may only be possible if your application is devoid of any anomalies and doesn’t get marked for manual endorsement. Otherwise, incorporating a company typically takes an extra ten-to-fifty minutes upon submission at ASIC. Before you incorporate a company in Australia get acquitted with the legal requirements and follow the right procedure to avoid any set backs.

Before registering a company in Australia, understand and familiarize yourself with the country’s legal requirements and follow the correct procedures to avoid any setbacks. To learn more about setting up a company in Australia, please contact us and 3E Accounting will guide you through all the procedures of setting up a company.