Overview of Australia Company Registration

Australia is an island nation where corporate bodies are more in trend than sole proprietorship or partnership firms. If you are thinking about establishing your business in Australia make sure to do Australia company registration over there. This nation is one of the best choices for starting any kind of business. This is because it has relations and trades with almost all the countries. Therefore, it is very beneficial to do Australia company registration over there. Australia company registration is very easy with the help of professionals. In just 7-15 days, a company can be formed there with the right legal advice.

What are the Benefits of Australia Company Registration? 

Some of the key benefits of Australia company registration are given or mentioned below: 

• Free Trade Agreements

Free Trade Agreements are also called (FTAs). This agreement lessens or removes barriers. It allows countries to freely trade with one another. Australia has signed free trade agreements with countries like New Zealand, Australia, United States, Australia etc. Therefore, if a company is formed in Australia it can trade freely with many countries. This will increase profits and goodwill of the company.

• Good Initiation with Investment Purpose

Forming a company in Australia, gives a chance to foreign countries to invest in it. Australia is one of the best countries to start business in. Australia has many accelerator programs. The startups have to contact these accelerators for help. In return, the accelerators, guide and arrange capital money for the startups. They also help them to grow and expand their business.

• Speedy Registration Process

Starting a company in Australia is not at all time consuming. It takes a maximum of one week to register a company. Also, companies with minimum capital are also free to register. 

• Easy and Educated Labour

Australia is one country where the workforce is educated.Hence, it saves a lot of time wasted on unnecessary training. As the laborers have knowledge, they work keeping in mind the profits and losses which can be caused to the company. 

Documents Required for Australia Company Registration 

List of documents required for the Australia company registration are given below: 

• Proposed company name must be provided in order to take name approval for the company. 
• Registered office address evidence must be provided. 
• Director Identification Numbers as well as Digital Signature Certificate. 
• Details of Directors and Secretaries like name, address related evidence etc. 
• Details of Shareholders like name, address related evidence etc
• Either adopt replaceable rules or draft a constitution outlining company rules.
• Consent to Act as Director/Secretary must be obtained. 
• Company Registration Form (Form 201) must be filled properly. 
• Registration Fee receipt 
• Type of company structure which you want to register in Australia must be provided because the process will be performed. 

Step by Step Process of Australia Company Registration 

Follow the steps given below in order to do Australia company registration: 

• Ensure the proposed name is available and complies with ASIC guidelines and reserve the name 
• Decide on the company structure (e.g., Pty Ltd, Ltd, partnerships).
• Obtain consent from each director and secretary.
• Collect their full names, dates of birth, residential addresses, and details of any previous directorships.
• Gather full names, addresses, and number of shares each will hold.
• Determine initial share distribution.
• Provide a physical address in Australia for official correspondence.
• Draft a constitution or adopt the replaceable rules provided by ASIC. This step is optional, not mandatory, hence one can skip it. 
• Fill out Form 201 which is an application form for the registration of a company in Australia.
• Include all required details such as company name, type, addresses, directors, secretaries, shareholders, and constitution (if applicable).
• Pay the registration fee as specified by ASIC.
• Submit Form 201 and any supporting documents online through the ASIC website or by mail.
• Once ASIC processes the application and documents, you will receive a Certificate of Registration.
• This certificate confirms your company’s legal existence.
• Register for an Australian Business Number (ABN) and Tax File Number (TFN) if required.
• Fulfill ongoing compliance requirements such as annual statements, tax returns, and changes in company details.

Types of Australia Company Registration Structures 

Mainly there are 3 types of business entities in Australia which are prevalent among the entrepreneurs. One can form any of the below given type of company in Australia in order to start his or her business over there: 

• Sole Proprietorship

Here, everything is in the hands of the owner. The profits as well as losses are the owners responsibility. He is the whole and sole of the company. He alone can take all decisions for the company. It is the duty of the owner to file income tax regularly. This can be done by using the Tax File Number (TFN). 

• Limited Liability Company 

Unlike, sole proprietorship, here the owner is not liable for everything personally. Only the daily activities are the duty of the directors. However, they are not liable for the loss. This means that the liability is limited. 

• Partnership Firm

Here, two or more people start a business. They are called partners. According to the Australian rules, this type of firm can have a maximum of 20 members.

Essentials of Australia Company Registration 

Some of the essential elements of Australia company registration are discussed below: 

• Governing Law

In order to register a company in Australia, you have to first understand the Corporations Act, 2001. This Act gives knowledge regarding the benefits as well as disadvantages of starting business in Australia. 

• Know About the Type of Companies in Australia 

Next important thing which must be done is choosing the type of your company.There are different kinds such as Public, Private, Partnership etc. Choosing a type is important because each type has different requirements. 

• Choose a Unique Name for the Company 

A company must obviously have a unique name. Therefore, first select the name and then register it. This can be done online. You must choose a name unused by others. The Australian Securities and Investment Commission (ASIC) lets you know if the name has already been used or not. Also, names must not mislead people and be offensive. Certain words cannot be used without government permission. They are Building society, Trust, University etc.

• Obtain ACN, ABN, GST, TFN

The next step is to acquire some important numbers. They are Australian Company Number (ACN), Australian Business Number (ABN) and Tax Filing Number (TFN). Registration of Goods and services tax (GST) is also important. However, this is optional and not mandatory. 

• Directors, Members and Shareholders 

When it comes to a company it is obvious that it will need directors and other key personnels. Therefore, appointment of directors is very essential. Therefore appointments of directors and other key personals must be done according to the Australian laws.

Company needs human beings to carry out its functions. There must be only one director and a Public officer. They must be residents of Australia. A non- resident cannot be made a Director.All the people working within the company have to be above 18 years of age.

Why Choose Whizseed for the Australia Company Registration? 

With the right legal help, the Australia company registration process can become easy and time- effective in Australia. You can trust Whizseed to do Australia company registration, because of the following characteristics:

• Expertise: Specializes in company registration with extensive experience.
• Tailored Service: Customized solutions for businesses of all sizes.
• Efficiency: Handles the entire registration process swiftly and accurately.
• Compliance: Ensures all filings meet ASIC requirements.
• Cost and Time Savings: Saves time and potentially reduces costs compared to DIY.
• Ongoing Support: Provides continuous assistance with compliance and changes.