Common Features and Legal Documents You Need for Company Registration in Australia
Every moment you think to invest in Australia as an investor is a worthy effort. Company registration in Australia is simpler and faster than you can imagine. But how do you go about it?
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You must first get your proposed business name with the Australian Business Register (ABR). Once the name is complete, you’ll be required to fill in Form 410 to reserve the business name officially. For a faster process, it’s advisable that you use a nominee director and a shareholder from the beginning. The registration process can be done online through the Australian Securities and Investment Commission (ASIC). But before that, you must first complete Form 201 followed by the payment of the prescription fee. Upon payment completion, the Certificate of Registration, a public profile of your company and you will get a nine-digit Australian Company Number (ACN).
Now, if you decide to choose a Proprietary Company, you must inscribe the word “Proprietary” or “Pty” within your name. If it’s a Limited Liability Company, include the word “Ltd” unless otherwise.
Procedures to Follow
When it comes to company registration in Australia, you must first submit written approval from your proposed directors and the company secretary. The company secretary could be a person or a legal entity but must be a domicile of Australia.
The Australian Corporate Act stipulates that when you’re setting up a Proprietary Company (Pty Ltd), you must have a minimum of one shareholder who can be from any nationality and one director who must be an Australian resident. There is no minimum paid-up capital, but a share capital of AUD1 is adequate. On instances where non-Australians are allotted shares, it will need approval from the Foreign Investment Review Board.
Now, in case you’re a foreigner and have plans for company registration in Australia, you must get clearance from the Department of Immigration and Border Protection for an Investment visa.
The Corporate Act requires that every business be tax compliance. Once you have the ABN, the process of compliance begins where you can now apply online through an AUSkey login. The Tax File Number applies for tax obligations.
According to the Employment Act, every company has to register with the GST and the Workers Compensation Insurance.
In addition to this, company registration in Australia requires you to open a bank account. The good news is that the process of opening a bank account takes a record of fewer than five minutes. This will only be possible if you have all the relevant documents right in order.