In Australia, several business entities can be registered. But here, we are going to discuss the registration of only two business entities; A Limited Liability Company (Private Proprietary Company) and a Public Limited Company (Unlisted Public Company).
To form a limited liability company in Australia, one shareholder and one director is required. There is no requirement of minimum paid-up capital for this purpose. For foreigners, it is obligatory to appoint one director who must be a resident of Australia.
The registration of a public limited company in Australia also needs the stated requirements. But, there are some differences too. In this case, at least 3 directors must be appointed. Amongst them, there have to be two resident directors. Also, the audit of financial statements is required.
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The ways to register a company in Australia
There are following three ways to register a company in Australia.
1. Engage a solicitor or an accountant
To register a company in Australia, getting services of a solicitor or an accountant can be a good idea. they can do all the company registration work by themselves or outsource the set-up work to a company formation agent.
2. Take this services of a company formation agent
For this purpose, the services of an Australian company formation agent can also be taken directly.
3. Do it yourself
You can also do all the company registration work yourself, but it is a hardworking task.
The steps to register a company in Australia
In Australia, Australia Securities and Investments Commission (ASIC) registers the companies. The registration fee is $479. The steps required for the registration of a company in Australia are as follows.
1. Choose an appropriate name
Choose a company name which is not identical to an existing name. It is not a difficult task. Use ‘check name availability search’ option of ASIC’s website for this purpose. To use the words like bank, royal and incorporated etc. , the approval of a government minister is required. Also check the existing trademarks.
2. Operation of the company
In Australia, a company can be governed by replaceable rules, company’s constitution and a combination of these two. So, decide how it will be governed.
3. The requirements of Corporation Act
The officeholder of a company has to fulfill the requirements of the Corporation Act.
4. The written consent of officeholders and others
The written consent of directors, secretaries and members is required for this purpose.
Get the registration of your company done with the help of private service providers (PSPs) or by yourself. PSPs have a software which has direct access to ASIC’s system. You can also do it yourself by completing Form 201-Application for registration as an Australian company and mailing it to ASIC’s mailing address. All fields of this form must be filled.
After it, the application will be processed and Australian Company Number (ACN) will be given by ASIC. It is a unique nine-digit number. ACN can also be used for applying the Australian Business Number (ABN). The company will be registered and the certificate of registration will be awarded.