The best way to conduct a business and earn profits in Australia is doing the industry as a company. A company is an independent existence separated from the individuals managing it. You will have to comply with the Company Registration Australia (ASIC) formalities before commencing the operations with the body.
In Australia, the Australian Securities and Investment Corporation holds the power to register a company. The organization operates throughout the country. The regulations also want you to write an Australian Business Number (ABN).
ASIC allows the applicants seeking to register their companies to do their formalities online. Usually, the entire process does not take more than 15 minutes to complete. You will have to submit the required documents and pay the fees online. ASIC will send you confirmation of the registration within two business days.
- Your Company Registration Australia procedure starts with choosing a company name. The name must reflect the company status, i.e., whether it is a company limited by shares or a one-director company.
- Confirm that the name you have chosen is not taken by others and is available. You will need special approval to insert certain words in the company name.
- It is essential to inform that you are setting the company all by you or like to use a service provider. In the former case, you can complete the company registration process by filling the ASIC Form 201. Service providers usually are legal firms working on behalf of their customers instead of some fees.
- You must have your company’s ruling and structure ready before applying for Company Registration Australia. These rules will govern the company affairs in the absence of a constitution. However, sole proprietary or one-director companies are exempted from the formality.
- You must decide who the primary shareholders and directors will be in the proposed entity. ASIC would like to know the controller of the future organization. Directors will be the citizens of Australia and above 18 years of age.
The primary directors and shareholders must put in their consent a separate note that they are ready to act as a director or become a shareholder.
Company directors will also apply separately for a director identification number without which they cannot work.
- ASIC puts a nine-digit number against each of the company registration applications. They call it the Australian Company Number (ACN). ASIC manages the number.
- ASIC will also require that you submit a share structure for your company. This document will elucidate the number of shares each shareholder owns and their classes. ASIC will understand each piece’s rights and liabilities by knowing the share class. Initial shareholders usually enjoy ‘A’ or ‘B’ class shares.
- Choose an appropriate address for your company. It will represent the registered office of the organization. The proposer must submit a consent note from the premise owner if the company does not own it.
- Submit all the documents online along with the requisite fees. ASIC will send the proof of registration within two working days.
- Do not forget to display the acceptance of registration (Proof) at a prominent place in the registered office.
These details help you understand the step-by-step procedure for registering your company in Australia. You can consult with experts who guide you to complete the process without any trouble.