Eternity Law International News Company registration in Australia in 2023

Company registration in Australia in 2023

Published:
December 5, 2022

Company registration in Australia is a rather simple procedure. To form a new presence or expand an already existing business within this market, it is essential to meet the set of legit terms and conditions which we will consider below.

Given that it is Oceania’s largest country; it is a good place for business startups. Sydney, Melbourne, Perth, and Canberra are a few examples of metropolitan centers. Australia is able to conduct uninterrupted trade because of its free trade agreements with other nations. In addition, the country has DTAAs with other nations that safeguard investors from double taxation. Any monetary gains that have been accumulated there may be returned to the nation of origin, this is why foreign company registration in Australia is an attractive option for non-residents.

Overview of Available Buisness Structures

Generally, company registration in Australia for foreigners includes various options. The three most typical and basic are:

  • Registrering a foreign company;
  • Proprietary company (Pty);
  • Representative office (RO).

Foreign businesses should think about their options for breaking into the Australian market. Each has pros and cons as well as ramifications for laws, regulations, and taxes. Let’s find out more.

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Option 1: Pty Ltd

A Pty Ltd is a is a form of privately held company. At min. one executive of the firm must be a local citizen. The business is not permitted to conduct fundraising efforts that call for the submission of a prospectus (i.e., seeking to raise funds from the public). However, they are still able to raise cash via private equity deals. Establishing and incorporating a Pty firm is a simple, quick, and affordable solution.

Registration of a Pty

Four core footsteps are involved in forming a Pty Ltd:

  • Selecting a name and reserving it by filing Form 410;
  • Selecting the company’s type;
  • Designating a local director and an office worker;
  • Getting in contact with the BRS – the only place where local businesses can register and solve any issues regarding their approval.

Option 2: Registered foreign company

An overseas firm can get approved directly by the ASIC if it aims to carry out operations in Australian jurisdiction but does not want to set up a separate local entity to oversee its local operations. Such structure does not have a distinct legal personality from the parent firm. To implement the registration of a foreign company in Australia, there are three essential procedures.

  • Verifying that the name is accessible and reserving it;
  • Finishing Form 402 – applying for registering, and gathering the paperwork:
  • A declaration that the company is duly formed, issued by the home country’s regulatory agency;
  • A certified copy of the business’s charter;
  • A completed Form 418 – Memorandum of Appointment of Local Agent;
  • A document outlining specific directors’ authority;
  • Sending the application and necessary documentation to the ASIC.

Option 3: Representative office (RO)

Consider opening an office opened in a foreign market if your overseas undertaking intends to be present in Αustralian jurisdiction but does not want to carry out commercial operations there. However, the RO can only be utilized for non-profit endeavors, such as market research into the Australian market, customer acquisition, and product promotion. The office would be regarded as conducting commercial operations and a permanent Australian establishment if it signed contracts or made sales. A RO does not need to register with ASIC, but if the representative office employs people, it must get enrolled with the local Taxation Office (ATO).

Steps for incorporating a representative office

There are 3 phases involved in setting up a RO:

  • Name at min. one senior manager or officer who is a natural person and an Australian resident. This person will also have to serve as the parent company’s agent of representation.
  • Create an office;
  • Become an ATO member if there is staff.

Checklist for Company Formation

Prior to beginning the procedure of business formation, these below-mentioned points must be taken into account to know how to check company registration in Australia:

  1. Decisions about the company’s organization

The most frequently used type in Αustralian jurisdiction has historically been a cοmpany limited by shares. 

  1. Naming the company

New company registration in Australia necessitates that firms can select names for themselves or be referred to by their ACNs. The affixes indicating their legal forms must be added to the company names so that general individuals are aware of the organizational form and the scope of the members’ liabilities.

  1. Choosing the company’s addresses

The business must select both its registered (where all communications and notices are delivered) office and its principal place of addresses (the site where the firm conducts its operations).

  1. Selecting the Australian company’s office holders
  2. Selecting a share structure and selecting the shareowners.

How much does it cost to register a company in Australia? 

In general, the prices range from $440 to thousands of AUD, subject to the legal type chosen. The list of fees is available on the ASIC site. 

How do I register a company in Australia?

You have to check your eligibility to do so, then consider the entity form, arrange an office, nominate senior managers, and select share structures with stockholders if applicable.

Can foreigners register a company in Australia? 

A foreign citizen can start a company in Australia, however they cannot do it solely individually. At min. one senior manager must reside locally. Also, if you want to operate a business as a foreign citizen, you’ll need a work permit. 

What are the legal requirements of a company in Australia?

Reserving a name, applying for an ABN;
Subscribing for GST, for Pay-As-You-Go (PAYG) withholding;
Applying for a Tax File Number;
Checking the Personal Property Securities Register (PPSR).

If you plan to register a company in Australia and are interested in the conditions and cost of company registration in Australia, please reach out to our specialists for consultation.

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