How to Form a Company in Australia
Setting up a company and deciding on the right structure should not be taken easily. In Australia, the process of company formation is straightforward. Below are the guidelines on how to form a company in Australia.
Ensure you choose the right company. There are different types of companies including charitable companies, and special purpose companies. You should determine the company that suits your needs or if you have to use a different business structure.
Ensure you decide on the company name. Your company name cannot be registered if it is being used by another company or business. A name with words that misguide clients on the business of a company and those considered offensive or displays illegality cannot be registered. The names of companies should display the liabilities and statuses of their members. In case you are not ready to get your company registered, you can apply for its reservation for a maximum period of two months after which reservation ought to be done again.
Ensure you know how the company will be governed. You can get your company governed through replaceable rules if you do not want it to use a constitution. Using replaceable rules will exempt your company from keeping on being updated because of changes in the law. Secondly, your company can get governed through a written constitution. A constitution or replaceable rules will not be necessary in the case of a company with one officeholder like the proprietor company.
Understand your roles as an officeholder. In case you are an officeholder of a company, you need to comply with the requirements in the Corporations Act. Among these is carrying out your legal roles such as paying the needed fees, maintaining company records, and ensuring information about a company keeps updated. The ultimate duty of officeholders is making sure that a company complies with the Corporations Act.
Get the consent of members, occupiers, and officeholders. You ought to obtain a written permission from the individuals that will serve in the capacity of secretaries, directors, and members. A proprietary company should have one director and secretary residing in Australia. At least two directors are needed to be residents of Australia for any public company In case the offices you are registering with are not owned by the company, it is necessary r provide a written consent of using the address.
Get your company registered. You can apply for an ABN to register your company online through the Government Business Registration Service. Secondly, it is possible to get your company registered by a private service provider responsible with providing online services with ASIC. Also, you can directly register with ASIC by completing their form and sending it to their offices.