A Comprehensive Approach to Australia Company Registration – What You Should Know
Australia is one of the richest countries in the world. It has a market economy and a high GDP per capita. Moreover, the poverty rate in Australia is negligible. The main contribution to the economy is made by export trade. So, it is pretty clear that Australia company registration has a lot of benefits.
Australia was the only country, with such an advanced economy, to survive the recession without harm. Due to the recession in other countries with which it conducts business, Australia, too, faced a dip in economic growth. But it bounced back almost immediately. Since then, Australia has been showing steady growth in the economic area.
Australia also has a great number of well-educated working class people, ready to contribute to the growing economy. The country has a great business relationship with many other countries. Major countries that deal with Australia are Japan, the United States of America, China, South Korea, and New Zealand.
All these factors make Australia a very attractive prospective country to register a company. In fact, an Australia Company Registration is on the agenda for many investors.
Benefits Of An Australia Company Registration
Apart from a stable and advanced economy and a great work atmosphere, you can also avail of other benefits, if you want to get an Australia Company Registration:
- You do not end up losing your assets in case of liabilities, that is, limited liability
- Lower tax rates for companies than for individuals
- Co-owners or partners are liable only for the number of shares they own
- Low registration costs
What Are the Various Structures of Companies in Australia?
Australia has four types of company structures. You need to decide which structure you will adopt before proceeding with Australia Company Registration:
- Sole trader – A single person operating a business. You are responsible for all aspects of your business. You can employ people to help you run your business.
- Company – A legal entity having shareholders. You have different tax slabs, personal liabilities, and legal obligations while employing people from a sole trader.
- Partnership – Two or more people or corporations operating a business together. This cannot be classified as a company.
- Trust – A legal entity that has or receives property (real estate or any other material) or funds and uses them for the benefit of others.
As your business grows, you can switch from one structure to the other easily. Australian law has made switching structures very convenient for investors.
Steps for Australia Company Registration
Choose a company name
The company name should be unique. You can check with the Australian Securities and Investment Commission (ASIC) to see if your name is unique. You cannot use the words “trust”, “Royal”, “Incorporated” or “bank” in your company name
Choose how your company will be governed
Your company can be governed in the following ways:
- Replaceable rules
- Its own constitution
- A combination of both
Get letters of acceptance from the Directors, Secretary, and Officers of the company
Secure documents from all the authorities within your company.
Register Your Company
You can register your company in three ways:
- Australian Government Business Registration Service – You can use the Australian Government’s Business Registration Service (BRS) to register your company. BRS brings together many business and tax registrations so that your process is simplified.
- Private Service Provider (PSP) – A PSP will take care of your company registration process. They can be your accountant, legal advisor or a legal firm who offer online registration services with ASIC. You will then have to pay their fees along with the fees ASIC charges.
- ASIC – You can directly register your company with ASIC by filing Form 201 and mailing it to Australian Securities and Investments Commission, PO Box 4000 Gippsland Mail Centre VIC 3841. Further, you must fill the form clearly and completely and send your fees along with it when posting the application.
Seek Help from Professionals
If you are contemplating about registering a company in Australia, then we are here to help. Hiring a legal firm/Private Service Provider facilitates your process and makes Australia Company Registration very easy.
We will help you through the process in case you wish for an Australia Company Registration. For more information and guidance to company incorporation, contact 3E Accounting for more details. We will help you with all aspects of registration.
You can also contact us to request a no-obligation quotation or get more information about the Australia Company Registration.