Prior to setting up a business in Australia, it is necessary for you to understand that there are a lot of means on how to properly plan and structure it. In addition, you also need to know that in setting up any business, you should undergo lots of processes. Each step in the process have distinct responsibilities and rights which you must be knowledgeable of prior to selecting your final business structure.
Known to be one kind of structure is basically a company. If plan to choose company as your business structure, then this article could help you set it up thoroughly. Below are some guidelines you could consider in setting up a company in Australia.
You could basically have your company registered through utilizing the ASIC Form 201. This particular form is accessible on the ASIC web page, and you should as well pay the appropriate ASIC fee. On the other hand, you could as well have your company registered through utilizing a service provider which owns a software that could immediately deal with ASIC. You could work with a service provider found on the internet industry or you could utilize hard copies of forms. But no matter which option you choose, you still have to pay the ASIC fee.
There are also some considerations which you might want to follow when it comes to selecting your company name. A company name is greatly necessary when you start a business. If you prefer not to establish a company name, then your company’s ACN could be utilized as your company name. In addition, your company name should as well represent your business’s legal stability. For instance, lots of business firms in Australia are proprietary limited firms. Moreover, you could only pick and establish a company name which is still accessible. This means that the names which are already used by other companies should not be available for use anymore. There are also some limits with regards to which phrases and words to be utilized.
Prior to setting up a company, you should thoroughly plan which regulations would be applicable to run your company. You should as well make a decision with regards to your trusted shareholders and the board of directors for your firm. The board of directors are usually the ones who take control of the firm. At least a single director who is permanently residing in Australia is required and every director should be 18 years old and above. Every director you appoint should have a consent letter that states he or she agrees to be part of the board of directors in your firm and be one of the shareholders as well.
Once you’ve decided who your shareholders are, then you proceed to the count of share they will own and what kind of shares. Your company could actually be registered within any locations or states as long as it is still a part of Australia. In addition, you should as well appoint a permanent business address and authorized office.