Tips for Company Formation in Australia
Starting a company and choosing the right structure is not an easy task. In Australia, the process of company formation is straightforward. Below are the steps you should follow when forming a company in Australia.
You should decide on 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.
You should select the name of a company. 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. In case you do not desire your company to be governed by a constitution, you can use replaceable rules. If you use replaceable rules, you will not need to make alterations with changes in the law. Secondly, your company can get governed through a written constitution. A proprietary company that has one officeholder needs to have neither a constitution nor the replaceable rules.
Every officeholder should understand their roles. Being one of the officeholders of a company needs that you adhere to Corporations Act requirements. 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.
Ensure you have the consent of officeholders, occupiers, and members. You should have a written consent from the individuals who will be directors, secretaries, members. A proprietary company should have one director and secretary residing in Australia. For public companies, at least two directors should reside in Australia. 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 request for an ABN then use the Government Business Registration Service to register your company online. Secondly, you can request a private service provider who avails online services with ISIC to do your registration. Also, you can directly register with ASIC by completing their form and sending it to their offices.