How to Company Incorporate in Australia – Get All the Details Here!
Before you proceed with the process of Company Incorporate in Australia, you must decide the type of company you want to incorporate:
1. Proprietary or Limited Liability Company
2. Public Company
4. Sole proprietorship
Out of these, Limited Liability Company is the most attractive option for investors precisely because of limited liabilities they have to incur in case of losses. As each shareholder has to contribute only a certain amount, the profits are also manifold to each shareholder.
Incorporating an LLC involves a slightly more complex procedure than incorporating other companies. There are many legal obligations your company has to fulfill.
The Australian Securities and Investment Commission
The Australian Securities and Investment Commission (ASIC) regulates all processes of company incorporation. Before you decide to Company Incorporate in Australia, you are required to have the following details ready with you:
1. Type of company you wish to incorporate
2. The management structure of the company
3. Consent of each of the directors and the company secretary
4. Name of your company
5. A local address for your company’s registered office
6. Location details from where you will carry out business
7. Share structure and shareholder details
The Procedure of Company Incorporate in Australia
1. Check availability of the company name you have selected with the Australian Business Register (ABR). If the name is available, fill and submit Firm 410 to reserve the name.
2. Declare details of at least one director and one shareholder to make the process of incorporation faster.
3. Submit Form 201 to ASIC to proceed with company incorporation.
4. Obtain a copy of the public profile of the company, a Certificate of Incorporation and a unique nine-digit Australian Company Number (ACN).
5. Register for tax with the Australian Tax Office and obtain the Australian Business Number (ABN) and Tax Filing Number.
6. Prepare a detailed business plan to open an account with a corporate bank. You will need to submit details of your directors, shareholders, and signatories, including their passport copies and proofs of addresses.
7. Register for GST, if your annual turnover is more than AU$75,000 and Worker Compensation Insurance with a local insurance agency. Worker insurance is required only if you are planning to recruit local employees.
8. You need to submit annual returns to ASIC on each of your company’s birthday. The local firm you employ for managing your legalities will do this for you for an added fee.
Documents Required for Company Incorporate in Australia
1. Director consent forms, signed by the assigned directors
2. Shareholder consent forms
3. Office agreement
4. Details of all the directors and shareholders, including name, marital details, occupational details, address, and passport copies of each. All these must be notarized
5. Address proof of all directors and shareholders, notarized
6. Signed corporate bank account opening forms
Power of Attorney Submission
If you do not wish to or cannot be present during Company Incorporate in Australia, you can submit a Power of Attorney to a legal agency located in Australia. They are authorized to work on your behalf. We would recommend that even if you are present in Australia during incorporation, a local legal firm could be very helpful during the entire process and you can get through without any hassles.
3E Accounting Services
We help you through the process in case you wish to Company Incorporate in Australia. For more information and guidance to Company Incorporate in Australia, contact 3E Accounting Indonesia. We will help you with all aspects of incorporation.
You can contact us by sending an email to request a no-obligation quotation or get more information about Company Incorporate in Australia.