The Processes and Responsibilities of Registering a Company in Australia

When starting a business there are many decisions to make. Deciding the legal structure of your business is vital and it is common to choose a تأسيس شركة في دبي structure; as this provides a number of benefits including asset protection and greater access to finances. It is important to seek professional advice when making this important assessment. If you decide that a company structure is best for your business you will need to undertake the process of registering a company and you need to understand your responsibilities. The company registration process includes applying to the Australian Securities and Investments Commission (ASIC), the government body responsible for overseeing all companies registered in Australia.

You will need to register a name that is different from other business names already registered with ASIC; a number of online company registration service providers will help you check available names. The company registration occurs when ASIC accepts the business name submitted and issues a unique nine digit Australian Company Number (ACN) – the number which must appear on public documents and cheques used by the company.

An Australian registered company must have a registered office in Australia where communications and notices relating to the company can be sent, however your office does not need to be open to the public. ASIC must be notified of this address at the time of company registration, and at any time the location changes. If the company does not occupy the premises of the registered office, the occupier must indicate in writing at the time of registration that they have agreed that the registered office can be located there; it is also worth noting that a Post Office Box cannot be used.

A number of business service providers in Australia offer an online company registration service that links directly to ASIC. Some online company registration facilities will allow you to check the availability of a business name, fill out the necessary forms through an online ordering system, register for a domain name and receive an ACN for a low company registration fee.

Once the company registration is complete, company registers must be kept to record details of the business (including a register of shareholders and a register of charges). These company registers can be a bound or loose leaf book, or on a computer that allows documents to be printed out. The records must be kept at a place approved by ASIC. Your will also need to obtain a Tax File Number (TFN), which can be applied for through the Australian Tax Office (ATO).The TFN is unique number to be used on correspondence with the ATO relating to the company and when lodging a tax return.

Company registration establishes a separate legal entity to that of its owners, with the company having its own powers and responsibilities. The company can be a public company, which means that it can have an unlimited number of shareholders; or a proprietary company, which is restricted to 50 shareholders. Proprietary companies have greater restrictions compared to public companies, including the inability to buy or sell shares to the public. A proprietary company (often called a ‘private company’) is the most common structure used for small businesses and is identified with the words “Pty. Ltd.” included on the end of its name.

Leave a Reply

Your email address will not be published. Required fields are marked *