If you’re an international businessperson looking to set up an office in Australia, then read more on how to register your company in Australia as a non-resident
Registering a company in Australia is quite simple. You just need to register your company with the Australian Securities and Investments Commission (ASIC). However, it can be a bureaucratic process sometimes. Here are some helpful tips for getting your company up and running quickly.
There are several advantages to doing so, including reduced corporate tax rate, simplified incorporation processes, and streamlined taxes. On the negative side, however, being incorporated as a foreign company will likely add delay to the initial stages of launching your business and increase the tax burden in the long term. To get started, you need to know how to register a company in Australia. Keep reading to discover how!
What Does Registration of a Company in Australia Mean?
Registered companies in Australia are required to have a company registry. The company registry is where the details of the company are recorded. This includes the names and addresses of all the company’s shareholders and the nature of the company itself. A company may be registered with ASIC as an incorporated company or a limited company.
INCORPORATE A COMPANY IN AUSTRALIA
There are many advantages to being incorporated as a foreign company in Australia, including reduced corporate tax rate, simplified incorporation processes, and streamlined taxes. On the negative side, however, being incorporated as a foreign company will likely add delay to the initial stages of launching your business and increase the tax burden in the long term. To get started, you need to know how to register a company in Australia. Keep reading to discover how!
How Can a Non-resident Register a Company in Australia?
To incorporate as a foreign company in Australia, you will need to apply to the Australian Securities and Investments Commission (ASIC). This will include information about the company, including its Registered Agent, date of formation, and the nature of the business. The application for incorporation as a foreign company in Australia will usually require additional information, including financial statements and a management report. Once the application for incorporation as a foreign company in Australia is approved, the incorporation process can begin.
To avoid any complications in the future, it is highly recommended that you seek legal advice before commencing the registration process. To register a company in Australia, you will need to follow the steps outlined below.
Pick a Company Name
Before registering a company name in Australia , you must first choose an appropriate name.
There are several sources available to assist you in choosing a name, including the Australian Business Register (ABR) and the Australian Chamber of Commerce and Industry (ACCI). You must consult both sources to make your decision, so it is crucial to do so before you make your choice To register a company in Australia, you will need to follow the steps outlined below. – Experts at Vakilsearch
Vakilsearch provides a business setup calculator that can help you determine how much investment you will need to start your venture, hire employees, and keep the business running.
Register Your Company in Australia with ASIC
- To start a business in Australia, you must register with the Australian Securities and Investments Commission (ASIC). Once you’ve registered your company with ASIC, you can start trading under your name
- To register a company with ASIC, you must provide some basic information about your company. This includes your company’s name, registered office address, and contact information for the company secretary
- ASIC will also require a copy of the company’s memorandum and articles of association (AOA) certifying that it is a legal business and that its corporate governance arrangements are adequate
- You’ll need to show that your firm is legitimate and has the proper corporate governance arrangements in place
- To operate a business in Australia, you must first apply for an Australian Business Number (ABN)
- The ABN is a nine-digit number that defines your business. To start a business in Australia, you must first register with the Australian Business Number. You must also submit your Tax File Number (TFN)
- You may apply for a TFN online or at an Australian post office. If you have already completed TFN registration, you must keep up to date with any changes to the system
- To establish an Australian bank account, you must first acquire some essential documents. Here’s all you need to know about opening a local bank account in Australia. You may obtain a local bank account in Australia if you meet the following requirements
- You must show your identity (such as a driver’s license or passport) and address (such as a lease agreement or rental contract) on the application
- You must have a tax file number. You may also be asked to sign a security agreement with the bank
- Depending on the bank, you may have to provide a variety of supporting documents, such as letters of reference or proof of business experience
- Contact the bank to inquire about opening an account. The company registration process usually takes 3-5 months
- After the company registration is complete, the company will need to be maintained
- This includes filing annual and financial reports with the ASIC and paying any corporation or entity taxes that the company was required to pay
- The company will also need to keep a bank account to record its income and expenses.
What are the Eligibility Requirements for setting up a Company in Australia?
The eligibility requirements for setting up a company in Australia are relatively simple. You must be at least 18 years of age and a resident of Australia. You also need to be a citizen or permanent resident of Australia. You do not need to have a legal representative to complete the incorporation process.
Although a non-resident can start a business in Australia, they cannot do so on their own. At least one Australian resident must sit on the board of any public company, two of the minimum three Australian residents must sit on the board of any public company. Thus, a non-resident cannot establish a company on their own; however, they can do so in partnership with an Australian resident.
How Vakilsearch can help in setting up a company in Australia
Experts at Vakilsearch can provide full support for incorporating your company in Australia. All of your documentation needs can be fulfilled in just four business days by Vakilsearch. If you are not pleased with our efforts, we will work on your modifications for two additional days to get them right. All at the lowest price, both online and offline.
FAQs
Can a foreign company operate in Australia?
Yes, foreign companies can operate in Australia, subject to compliance with Australian business laws and regulations. Typically, this involves registration with the Australian Securities and Investments Commission (ASIC) and adherence to local business norms.
Can an Indian register a company in Australia?
Yes, an Indian individual can register a company in Australia. The process involves fulfilling regulatory requirements, including obtaining an Australian Business Number (ABN) and adhering to legal guidelines, making it feasible for international entrepreneurs to establish businesses in Australia.
How long does it take to register a foreign company in Australia?
The time to register a foreign company in Australia can vary. Generally, the process takes several weeks, involving documentation submission, legal reviews, and regulatory approvals. Factors like accuracy of submission and responsiveness to queries can influence the registration timeline.
Can one person own a company in Australia?
Yes, one person can own a company in Australia. This structure is known as a sole proprietorship or sole trader. It offers simplicity in management and decision-making, making it a viable option for entrepreneurs who wish to independently own and operate a business in Australia.
Does an Australian company need an Australian resident director?
Yes, an Australian company is required to have at least one Australian resident director. This individual must reside in Australia and ensure compliance with local laws. Exceptions may apply, and companies should navigate these requirements to appoint directors who meet the residency criteria.
How much does it cost to register a company in Australia?
The cost of registering a company in Australia varies. It includes fees for services such as name reservation, registration, and obtaining necessary licenses. Professional assistance, if sought, adds to the overall cost. As of (current date), registration costs can range from a few hundred to a few thousand Australian dollars, depending on factors like business structure and complexity.
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