A number of important factors should be taken care by the investor before planning company registration in Australia or to enter the Australian market. It is important for the owner to select among the new company, a foreign company or acquiring an existing company. A number of business structures are available and each has its own regulations. We at LegalRaasta will help you regarding company registration in Australia.
In case of Sole Proprietor, the owner has complete responsibility for all the business activities. He has unlimited liability. To be more clear, he is solely liable for all the debts and losses occurring from the business. Setting-up of Sole proprietorship is easy and cost-effective. As the sole trader, the owner is the controller and manager of the whole business. Fusion of the sole trader is simple and it is based on low-cost structure. In case of sole proprietorship, the trader will file tax returns using Tax File Number(TFN).
LLCs have a little bit of complex business structure. This type of companies have a
separate legal entity and enjoys the same rights as a normal one. It is easy to sue on its own name.
The directors and shareholders are not personally liable for any liability that arises in the
A company registration in Australia is done in the Australian Securities and Investments Commission (ASIC). Directors are responsible for the business operations and shareholders own the company. The company will file a tax return with the ATO annually.
In partnership, two or more people come together to carry a business. The maximum number
of partners in a partnership is 20. There are two types of partnerships – general and limited.
Formation of the partnership is quite easy and cost-effective and requires a separate Tax File
Number. The partnership is not a separate legal entity i.e. all the partners are personally liable
for debts of the business.
It requires the individual Tax File Number. The tax return is filed with the Australian Taxation Office (ATO) annually. If the turnover of a partnership is more than $75,000 than registration for GST is the must.
A trust is a legal bounding implied on a trustee, to hold property or assets for the
benefit of other beneficiaries. Trust deed will tell about the function and operation of the trust.
The trustee is expected to perform the administrative tasks annually. A trustee will be liable for
the operations of the trust.
A company can easily become a trustee of a trust, providing some asset protection.
Then you need to apply for PAN and TAN. PAN and TAN are received in 7 working days. Post this, you can submit the Incorporation certificate, MOA, AOA and PAN with a bank to open your bank account.
1.Before filing, the company registration in Australia, be sure about the confirm availability of the proposed name.
2. Select a unique company name to register the company.
3. The company can use the Australian Company Number (ACN) given to the company as their name.
4. ACN is the unique number given to a company by ASIC on any accumulating company.
5. A certificate of incorporation is issued by ASIC upon incorporation, which is an evidence that the company has been incorporated on and from the date of issue.
6. A proprietary company should have the word ‘Proprietary’ or the abbreviation ‘Pty’ in its name.
7. Complete the ASIC Application Form 201(Application for Registration as an Australian Company) in all respects. They require to submit it to the Australian Securities and Investments Commission (ASIC) for the registration of Proprietary (Pvt Ltd) company.
8. Each director and shareholder of the company must give their consent in writing to become the director and shareholder respectively.
9. At least one director and one secretary(if appointed) should be an Australia citizen.
10. Depending upon the business and location of the company, the company must comply with different taxation requirements.
For any further assistance in company registration in Australia, visit us LegalRaasta. We will be glad to help you.
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