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How Can You Set Up an Australia Based Company

Are you planning to register a new company in Australia? Then, you should know how to structure your business well. Every business structure has different obligations and rights, and you should know about them before you decide on a business structure. For instance, the main business structure types include companies, sole proprietorships, and more. However, this blog focuses on the business structure of the company. It is a separate legal entity and does not coincide with the individuals running it. To set up a company in Australia, register it with the Australian Securities and Investment Commission (ASIC). You can register online, but some circumstances require a paper form. Let’s discuss the essential steps of setting up a company. 

How to set up a company? 

Query about the Australia registration process

As mentioned above, you can register for the process online or with assistance from an accountant or lawyer who is well-versed in the company setup process. After you submit the online registration application, the ASIC will process and accept the application. If ASIC has no objection, the registration happens within 20 minutes. You must complete the registration form using a physical form in a few circumstances. These can include: 

  • The price per share is more than two decimals. 
  • A shareholder or director suppresses their address to use an alternative one. 
  • You will need a form the lawyer or assistant can help you with. The fee for registering with the company is usually $576.  

Choose the name of the Australia based company

australia-based-company

To set up your company, you need a business name. You can choose any as long as it is available to use. On the application, add the name, but ensure it is not identical or similar to any existing company or registered name. With the help of the ASIC register, you can check the existing name to ensure it is the same as yours. Also, check IP Australia’s trademark search to ensure your chosen name is not registered as a trademark already. If this happens, there may be infringement issues.

Choose the rules for your company

Before starting your company, you should know the rules that you will apply for governing your company. You can have a constitution, a corporation act, or a combination of both for this. The constitution is a document containing the rules that will govern your business. It determines how certain decisions will happen and what to do in other circumstances. Also, it will list the rules your shareholders and the company’s director should follow as they operate the company.   

Choose the directors and shareholders

Now, it is time to decide on your company’s directors and shareholders. Directors control your company and are involved in its day-to-day operations. When launching a private company in Australia, one director should reside in Australia and be over 18 years old.  

Know the share structure

After knowing the shareholders, you should decide the number of shares they will get and what class they should own. The class of shares is important because it determines their restrictions and rights.  

Choose the territory or state to register your company

You can set up your company in a territory or state in Australia. But you can only register in one territory or state. That doesn’t affect the ability of the company to work in multiple territories or states. However, it will govern what and how much government aid your company will receive. 

Choose your place of registered office

You should nominate a principal place for your business to run and a registered office. If you are renting office space, you should also get the occupier’s consent. ASIC uses all these addresses to contact the company if necessary. Therefore, registering and updating your address is essential. 

Conclusion on Starting an Australia Based Company

To conclude, to set up a company, you need to plan and understand the various components required for the registration process. It is advisable to work with a lawyer or professional to learn how the procedure works and your role as a shareholder or director. If you do not work with a professional, you can fill in the wrong details, which can cost you more later. 

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