To start a new company or business in Australia is a good decision. It is a vast country, which is the sixth-largest continent globally. The several states in the country can offer different facilities and opportunities for companies to grow. To register a company in Australia is quite simple and easy, and it just takes a few days to own a company.
There will be a team of authorities who can help you in the registration process of a company. An applicant needs to hire an expert company that helps make your company registration fast and easily. To get the company registration, an applicant should have a TFN (Tax File Number), ACN (Australian Company Number), and ABN (Australian Business Number). It is considered the most suitable country for people who want to start a company or business.
A company should get registered with ASIC (Australian Securities and Investments Commission); this ensures that the company can manage its business anywhere in the country without having any separate registration in every state. The registration process of a company can be done online.
Some people might be left with confusion while starting a company or business. Here are the six easy steps to help you start a new company in Australia.
Will You Start a Company on Your Own or Use a Service Provider?
You can finish the registration process of a company on your own by using ASIC Form 201, which you can find on the ASIC website, and you should pay the fee required for company registration. If it is not possible to register independently, you can opt for a service provider with software that can handle ASIC directly and make the ASIC payments.
Choose a Business or Company Name:
When you choose a company or business name, you have to follow the guidelines below:
- You have to pick a name for your company. If you don’t like to use the business name, you can mark the ACN (Australian Company Number) as your business name.
- The name of your business should define the legal status of the company.
- You can select a particular name for your company only when the name is available. You need to search and fix the title before you register a company in Australia. When choosing a company name, there are some rules and limitations on particular phrases and words.
Keep a set of Rules for Your Company:
Before you plan to start a new company, you have to fix a set of rules that should be applied to rule the company. The rules might include:
- The company does not need its constitution or written constitution or a combination of the two.
Select Directors and Shareholders:
It is beneficial if you have clarity about who will be the directors and shareholders of the company. The director of the company should handle or control the whole company. A minimum of one director should be present in the company who should be an Australian resident and 18 years of age.
Select Your Share Structure:
Once you have finalised the shareholders of your company in Australia, you need to decide what mode of shares they’ll receive and what number of shares they will own. The method of shares that the company distributes can control the restrictions and rights. The usual ones are the ordinary shares, and the others are defined as ‘A class shares’ or ‘B class shares.’
Final Step:
You need to select a particular state to register your company, and once the registration process is completed, you will get a registration certificate. Once you are done with all the required steps, it is time for registration, and that should be done online.
Conclusion:
Do follow all the steps mentioned above to start a new company. It is imperative to complete the registration process for your company in Australia for all the people.
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