Cost of registration
The cost of the second year
Tax on profits
Formation a company in Australia
In favor of the decision on registration of the company in Australia, there are a few good arguments, due to its investment attractiveness, quality of life, reliable asset protection.
So, you are a non-resident and plan to mark its presence in the Australian market. For a start, in the form of a symbolic representation of their existing company.
According to Australian law a representative office (Representative office) of a foreign company cannot conduct business in Australia, moreover, any activity for the promotion of goods or services is considered to be doing business.
In this case, it is proposed the opening of a branch (Australian branch) of a foreign company. Australian branch, as well as purely an Australian company must be registered with the Australian Securities and Investments Commission (ASIC), to receive Australian Registered Body Number (ARBN), to submit a financial report and pay the same taxes.
You also need a local agent. You can conduct any business activity (often – with a license), export-import operations, participate in tenders (municipal, state, federal), buy and sell assets, including share in existing Australian businesses.
Disadvantages of opening a branch in some cases were eligible under the state regulation of foreign investment (Foreign Acquisitions and Takeovers Act 1975 and the Foreign Investment Policy) and the need for an annual audit (regardless of turnover).
You can get around this annoying obstacle, establishing an Australian company.
Leaving aside such legal form as a
– sole trader,
– trust, and
– the association (corporation), designed, respectively, for small and family businesses, and non-profit activities, we turn to the companies.
According to the statute that regulates this process (The Corporations Act 2001), in Australia, the following forms of companies:
– with unlimited liability and equity (limited with share capital);
– the liability of shareholders, limited paid shares in the capital of the company (limited by shares);
– with limited liability under the guarantee (limited by guarantee).
The most common form is the company with the responsibility of shareholders, limited paid shares in the capital of the company, which, depending on the goals of the founders can be private (proprietary company) or open (public company). In the latter case, the company’s shares are listed on the Australian Stock Exchange (Australian Securities Exchange Limited).
A private company with the responsibility of shareholders, limited paid shares in the capital of the company (proprietary company limited by shares) is the most widespread legal form of business, suitable for almost any purpose (in particular, the company can purchase land and property in the secondary market, it can not make foreign Printable version, as well as the presence of companies with a turnover significantly reduces the hassle with the formalities for business immigration).
This company is in the title contains the words «Proprietary Limited» or «Pty Ltd» and can have up to 50 shareholders. It must have at least one director who is a resident of Australia. Companies are not required to (but preferably, more on that below) have a secretary.
Collect money to a charity (fundraising activities) prohibited this type of companies. The company must have a registered office address of the actual (postal address PO box not acceptable), where documents are stored. Exchange control is absent. Requirements for the authorized capital available.
The registration process is given a unique number of the company (ABN) for the Australian Tax Office (Australian Taxation Office).
At this point, you can register a domain name for the website of the company (the form [name of company] com.au) through the official provider ASIS (Australian to have such a website is allowed only for registered companies). It is important to note that the above documents issued by you in blank, you can not just put in the back burner and forget about them.
They are filling and regular maintenance is the norm in the country of the current corporate law. If you ignore the conduct of internal corporate documents, the company may find it has not started to work after registering.
It is for this and need the company secretary, whose responsibilities will include:
record keeping of registers of directors, shareholders, minutes of meetings;
Post an ASIC within 28 days of any changes (legal address, appointment and resignation of directors, distribution of shares, etc.);
Filing an annual report (Annual return) on the activities of the company;
conducting primary accounting (bookkeeping) and submission of the annual accounting reports in the Australian Taxation Office (usually by a licensed accountant (Chartered accountant).
Followed by tax registration in the Australian Taxation Office and obtaining a tax identification number (Tax File Number) and the opening of a bank account for the company.
At this point it is reasonable to discuss with your bank manager specific problems (the need to open or Merchant Account Payment Gateway, the upcoming release of letters of credit L / C or other financial instruments, and of course – receipt). For relationship with the bank for the future we have been successfully built, the visit should be prepared, and the “appearance” of the client and its business plans designed and filed properly.
The entire procedure usually takes seven days, then you become the owner of the company incorporated in one of the most prestigious jurisdictions without entering into any “black lists”. That has its downside. Company name, registered office, share capital and the names and addresses of directors and shareholders are available on request of third parties (the good news – as opposed to public company, the office of your company should not be accessible to the public).
Status nominee director is legitimacy in Australia, but his responsibility and risks are significantly higher than in offshore jurisdictions. Procedurally, his appointment and dismissal of the general power of attorney executed (General Power of Attorney), signed by the nominee director, and signed but not dated fall-back letter nominee director (Resignation as Director).
On whether the company will gain momentum once or leisurely responsible for promoting Australia to the market, it depends on whether it needs a real office or can be at first to restrict virtual.
In the latter case, there are only performed secretarial functions: extends the advertising information, is available on request minimal information about the company (products / services, details, contact information), the sorting and forwarding correspondence.
His duties also include conducting internal corporate documents, preparation and submission of the annual report of the company (Annual Return), preparation and submission of the “zero” of the financial report. If the business situation requires action, “rating” the office is reduced in favor of its reality – the transaction, customs operations, the purchase of real estate, etc.Value Added Tax (GST) is 10%, the tax on profits of companies – 30%.Reporting – quarterly value-added tax, yearly – for income tax.
How to register the company in Australia ?
If You are interested in starting the company in Australia or to open a bank account in Australia, then please contact us directly email@example.com, and our experts will help you to choose the best solution and the most suitable procedural path for you.