Finding Similarities Between Companies and Life
How to Form a Company in Australia
Starting a company and choosing the right structure is not an easy task. In Australia, the process is not faced with obstructions. Below are the guidelines on how to form a company in Australia.
Ensure you choose the right company. There are numerous categories of companies such as charitable and special purpose companies. You should determine the company that suits your needs or if you have to use a different business structure.
Choose a company name. You cannot register a company with a name that belongs to an existing company or business. When registering a company, words that mislead consumers on the operations of a company as well as those that offensive and pointing to lawlessness will make the name to be disqualified. The names of companies should display the liabilities and statuses of their members. If you are not settled on registering your company, you can request a name to be preserved for a period not exceeding two months, after which you have to re-reserve the name again.
Decide on how your company will operate. In case you do not desire your company to be governed by a constitution, you can use replaceable rules. If you use replaceable rules, you will not need to make alterations with changes in the law. Secondly, a constitution can be written to govern a company. A proprietary company with one officeholder does not require either constitution or replaceable rules.
Each officeholder should know what is expected of them. In case you are an officeholder of a company, you need to comply with the requirements in the Corporations Act. Among these is carrying out your legal roles such as paying the needed fees, maintaining company records, and ensuring information about a company keeps updated. The ultimate responsibility of officeholders is to ensure that the company adhered to the Corporations Act.
Ensure you have the consent of officeholders, occupiers, and members. You need to have a written approval from the people that will serve as members, secretaries, and directors. Proprietary companies are needed to have a minimum of one secretary and director residing in Australia. For public companies, at least two directors should reside in Australia. If the offices you are using to register are not owned by the company, a written consent is needed to show consent of using its address.
Get your company registered. You can request for an ABN then use the Government Business Registration Service to register your company online. Secondly, you can register with a private service provider that offers online services with ASIC. It is possible to register your company with ASIC directly by completing their form then mail it to their offices.