There are numerous advantages to registering your company in Australia. Australia’s robust and steady economy, with 26 years of uninterrupted positive growth. The corporate culture in Australia is well-regulated, and the political climate is stable.
Australia’s official language is English, and the country is among the world’s top five free economies. Its markets are responsive, and it welcomes international investors and firms with open arms. Learn how to register a company in Australia and position your firm for long-term economic success.
What To Do Before Registering A Business?
Before you may successfully register your firm with the appropriate authorities, you must first plan and complete specific prerequisites.
The following items are included in this stage:
1. Choosing A Business Name
You must check the availability of your selected company name to confirm that it is not currently in use by another company.
The Australian Securities and Investment Commission (ASIC) check name availability website may be used to do a name search.
There are several rules to follow when it comes to naming a business.
- The company name can’t be the same as another company’s registered name.
- It can’t include terms like bank, trust, incorporated, or royal that can mislead people about your business.
- Offensive or illegally suggestive business names are likely to be rejected.
- Without the consent of a government minister, words like University, Chamber of Commerce, Building Society, and Trust cannot be used.
2. Choosing The Company’s Governance Structure
In Australia, a corporation can be controlled by one of the three options:
- Replaceable regulations
- Company constitution
- Combination of the two
A constitution is a legal document that spells out the rules that govern the company’s interaction with its directors and shareholders. The constitution enlists the operations as well. This document governs how meetings (both board and members’ meetings) are conducted and a variety of other procedural governance issues.
If a firm does not have a constitution, the replaceable rules can be used instead. The Corporations Act contains replaceable regulations that create the foundation for a company’s governance.
3. Choosing And Selecting Officials For The Firm
A corporation must nominate at least one public officer and one director, both of whom must be Australian citizens.
If the corporation wishes to hire a secretary, it must also be a resident of Australia. A minimum of two directors of a public corporation must normally live in Australia.
What Is The Procedure For Registering A Company In Australia?
Part 2A.2 of the Corporations Act, 2001 contains the prerequisites and method for establishing a business. Many of you might be looking for creating a proprietary company limited by shares. This is covered in Pt 1.5, para 3 of the Act’s Small Business Guide.
The procedure of forming a company must follow the Act’s s 117(2) rules. In addition, a standard form [Form 201] must also be filed, as required by Sch 2 of the Corporations Regulations (the Regulations). Companies with a share capital will be charged a cost of $426 (as of June 2012), which must be paid at the time the form is submitted.
The process to register a company in Australia can be hectic but also comes with many benefits. You can talk to a lawyer who can help you with the legal procedures. You need to ensure that the pre-registration requirements like the name of the company and others are in place.
Then you can fill out appropriate forms to register your business in one of the top economies like Australia.