Company registration in Australia - YB Case 2024
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Company registration in Australia


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Features of jurisdiction

The Commonwealth of Australia is the sixth largest continent in the world. It ranks second on the UN Human Development Index, behind only Norway, and fourth on the Heritage Foundation's Index of Economic Freedom. The jurisdiction has one of the highest per capita incomes in the world, slightly higher than the United States, the United Kingdom, Germany and France in terms of purchasing power parity.

  • In-demand business areas

    Businesses in demand in Australia include: agricultural industry, financial services, tourism, education, pharmaceuticals and medicine.

  • Possibility of remote registration

    Remote incorporation of a company in Australia is authorised and possible.

  • Corporate taxes

    All companies are subject to federal tax at a rate of 30 per cent, except 'small business' companies which are subject to a reduced tax rate of 26 per cent for the current 2020/21 year; 25 per cent from the 2021/22 year of income (27.5 per cent up to and including the 2019/20 year of income). The reduced tax rate only applies to companies with an annual turnover of less than A$50 million. For non-residents, the tax rate may be 0% where there is no local business activity.

  • Attitude towards foreign investors

    Australia is open to foreign investment, making it a sought-after country to establish a business among foreign entrepreneurs.

  • Banks

    WestPac (Австралия), National Australia Bank, Bank of Queensland, Commonwealth Bank of Australia, ANZ Bank.

  • Legal system

    Australia's legal system is based on a common law system, similar to the UK and Singapore.

The process of incorporating a company in Australia

Registering an Australian company takes from 1.5 weeks and includes the following steps:
Initial consultation
Meeting with YB Case representatives in the Australian office to clarify details and requirements of the client. Start the process of incorporation of the company in Australia (initial consultation is possible in a remote format).
Title reservation
The name of the future company must be unique and approved by the Australian regulator.
Applying for company registration in Australia
The applicant prepares the company's articles of association and memorandum for notarisation, completes the incorporation documents and submits to the ASIC regulator.
Regulatory authority review of an application to register a business in Australia
Once all the required documents have been received, the regulator ASIC reviews the application and decides whether to incorporate the company in Australia.
Obtaining a certificate of incorporation
Upon incorporation of a company in Australia, the founders receive a certificate of incorporation containing the company's registration number.

Primary prerequisites

  • Minimum paid-up capital of AUD 1
  • Minimum one shareholder (maximum 50)
  • Registered local address (company records must be kept at a registered office)
  • Number of directors is statutory, with a minimum number of resident directors also established
  • Filing of financial statements once a year
  • Annual shareholders' meeting (may be held remotely)
Incorporating a company in Australia

Incorporating a company in Australia

Incorporating a company in Australia

Company registration in Australia offers a chance to initiate the establishment of a business within an independent mainland region. Australia constitutes a union comprising of half a dozen states, a pair of primary mainland territories, and an additional array of seven outlying territories. Abundant opportunities for investing in Australia are enabled by the Companies Act.

When aiming to establish a new business in Australia, it's crucial to consider the following essential aspects that govern business operations within the Australian jurisdiction.

What is the attraction of setting up a company in Australia?

  1. Ranked as the world's 13th most significant economy, the Commonwealth of Australia boasts an elevated quality of life.
  2. Australia's impressive performance on the global stage is reflected in its 7th position ranking in the World Bank's Ease of Doing Business index.
  3. Due to its strategic geographical location, the state has long-standing trade, investment and cultural links with the fast-growing Asia-Pacific region.
  4. Establishing a business in Australia can be accomplished with notable speed.
  5. The nation's legal framework relies on the British common law system. While the states enjoy a degree of self-governance and distinct jurisdiction, overarching federal legislation enacted by the Parliament extends its reach across the entirety of Australia.
  6. The act of registering an Australian enterprise, business appellation, and trademark within a specific state or region will inevitably hold sway across the remaining states and territories uniformly.
  7. Thanks to the government's business-friendly strategies, financiers have the opportunity to secure benefits via the Australian Trade Commission (Austrade), an entity aiding global corporations in engaging in the exchange of commodities and services originating in Australia. The Commission identifies promising investment ventures and commercial partnerships desiring to establish a company within Australia's jurisdiction.
  8. Australia promotes free trade and has trade agreements with many countries including New Zealand, Thailand, Singapore and the United States.
  9. Foreign investors can open a company in Australia to deal with cryptocurrency.
  10. Australia supports world-class, globally significant research and development and is underpinned by strong infrastructure, generous investment in research and development, incentives for businesses whose primary area of focus is research, and robust intellectual property protection.
  11. It is authorized to incorporate a company in Australia without a visit.
  12. Tax incentives are available to entrepreneurs.
  13. It is possible to open an account for an Australian company in dollars and euros. The presence of a resident director in the company structure allows opening an account in an Australian bank without a visit. It is possible to appoint a temporary director when incorporating a company in Australia for a period not exceeding 1 year.

The most lucrative industries to incorporate a firm in Australia in 2021

  1. Iron ore mining.
  2. Industry and retail funds.
  3. Professional services.
  4. Health care services.
  5. Investments in financial assets.

Embarking on an Australian business venture: application documents for registration

In the circumstance that you opt for establishing a corporation within the Australian realm, you must take heed that this is only possible if you have a director who resides within the country. Selecting the business structure is an important step in starting a business in Australia. This includes assessing current and future needs, as well as understanding costs and current compliance obligations.

The subsequent permissible business structures accessible to entrepreneurs include:

  1. Private Incorporated Company (Pty. Ltd).
  2. Limited Liability Partnership (LLP).
  3. Commercial Trust Arrangements.
  4. Branch Establishment.
  5. Agent Representation Office.
Each of these business structures comes with specific merits and demerits, varying ranges of business operations, and prerequisites for business registration in Australia. The decision will primarily hinge on the intended business endeavor in the majority of instances.
The Australian Securities and Investments Commission (ASIC)
plays a pivotal role in overseeing business operations within Australia. Functioning in accordance with the provisions of the Companies Act, ASIC wields an extensive array of authorities and duties in its capacity as a regulatory body. Its jurisdiction extends significantly with far-reaching investigatory capabilities granted by the Securities and Investment Commissions Act, chiefly in matters pertaining to violations of the Corporations Act.

The phases involved in establishing a corporation in Australia

Selection and approval of the name

Before you can register a firm in Australia remotely or with a personal visit, you must get the Registrar's approval of its proposed name. There is a special application form for this purpose. Please note that you must choose a name that is not identical to the name of an existing organization.

Collect and forward to the Registrar a set of required documents, which include, but are not limited to:

  • Memorandum and Articles of Association.
  • Certificate of good standing.
  • Details about directors and their quantity.
  • Data regarding directors and their count.
  • Approval of the directors. In instances where directors are designated by the Articles of Association of a company or identified in a prospectus, a written accord to assume directorial responsibilities and a written commitment to embrace and financially cover qualifying shares, if applicable, are mandatory upon the inception of an Australian company.
  • Statutory declaration. A formal statement by any of the authorised persons of the firm (such as a solicitor or chartered accountant) that all the requirements of the Incorporation Act have been duly complied with.
  • Particulars concerning the officially registered address within that jurisdiction.
  • Verification of the settlement of the stipulated fees.

Initiate the establishment of an Australian bank account and deposit authorised capital.

Enroll the business directly within Australia and acquire a certificate of incorporation firsthand.

The Registrar will check the papers presented for the purpose of registration.Should the documentation be in proper arrangement, a Registration Number shall be allocated to the firm.

Furthermore, it's essential to initiate the process of obtaining a Tax File Number (TFN) and Australian Business Number (ABN), as well as securing any requisite specialized licenses within Australia.

Essential paperwork needed for the establishment of a company in Australia.

  • Incorporation Certificate.
  • Operating Agreement (a document that outlines financial and functional decisions).
  • A detailed business plan.
  • Insurance policy.
  • A non-disclosure agreement.
  • A business licence.
  • Contract documents.
When enrolling as a sole trader in Australia, it's essential to retain all corporate records for a minimum duration of 5 years. If the annual turnover of the business exceeds 75 thousand AUD, it is necessary to register for payment of goods and services tax.

What does the abbreviation "PTY LTD" means?

If the prospect of establishing a proprietary limited company in Australia intrigues you, it's important to recognize that the basic prerequisites for incorporating such a legal entity encompass:

  • 1 director who maintains residency within Australia;
  • 1 shareholder (not exceeding 50 in number);
  • a tangible location within this particular jurisdiction;
  • an administrator (required to possess Australian residency);
  • no obligatory initial capital investment;
  • the enterprise is obligated to formulate annual financial statements.

Pty Ltd make up the vast majority of businesses registered here, around 99 per cent, and are the preferred type for SME registration in Australia, setting up an Australian trading company.

Establish a trading trust within Australia

Within this particular legal realm, the option of employing unit trusts as an alternative to a trading entity is viable. To execute this approach, trustees are obligated to officially enroll the trust within Australia through the Registrar of Companies and the pertinent tax authority, facilitating the acquisition of an Australian business number.

The primary necessity for establishing a trading trust within Australia involves designating a resident individual as a trustee. Typically, this kind of enterprise is arranged in a manner that ensures tax transparency organisation exempt from corporation tax, provided that all income is passed on to the beneficiaries.

Establishing a Limited Liability Partnership in Australia

LLP registration in Australia is between general and limited partners where 1 of the general partners must be a resident of the Commonwealth of Australia.

If you are interested in forming a partnership in Australia, you will be interested to know that this structure is transparent for tax purposes. Income earned by an LLP is taxed at the personal income level of each partner rather than at the corporate level. However, partnerships are subject to GST tax.

What is the procedure for establishing an Australian extension or representative branch?

For the establishment of a foreign company subsidiary establishment in Australia, the necessary steps encompass:

  • designate a resident agent for the purpose of receiving communication on behalf of the global entity;
  • enroll an official establishment within the jurisdiction.

Once you have established a branch in Australia, you will be required to file financial statements with FSIC once a year.

An overseas firm that harbors no intention of conducting commerce in the Commonwealth might establish a representative office in Australia for marketing and market research purposes.

An extra attainable legal configuration for businesses entails the institution of an Australian unreserved incorporated association, which is not recorded on a securities market. For the establishment of a UIC in Australia, you'll be necessitated to designate 3 directors (wherein two must maintain residency) and perform evaluations of the fiscal declarations. Such an entity can be a commendable resolution if you aspire to initiate an IPO endeavor in Australia on the securities market.

Enlistment as an exclusive operator in Australia is likewise sanctioned. This constitutes a category of establishment wherein the enterprise is possessed and conducted by an individual solely, who bears accountability for the company's liabilities and deficits.

Commence inscription on the Australian Equities Bourse

Australia harbors a contemporaneous and effervescent equities marketplace that expedites ingress into the Asia-Pacific realm. The principal equities bazaar within the land is the Australian Securities Market (ASX). Both native and overseas corporations are granted the opportunity to pursue approbation for induction onto the Australian Equities Exchange.

To attaining a placement on the ASX, enterprises are obligated to satisfy the delineated standards elucidated in the Listing Regulations of the Securities Marketplace. These standards envelop responsibilities associated with divulgence and notification.

Taxation system

A pivotal aspect of engaging in commerce in Australia involves comprehending the intricate interplay between state/territory levies and their impact on commercial arrangements and structures. Prior to establishing an enterprise in Australia, take cognizance of its federal state nature wherein the tax framework encompasses both federal and state-level taxes. The government taxes the worldwide income of Australian resident entities for tax purposes and non-resident income derived from Australian sources.

Individuals wishing to set up a commercial firm in Australia should be aware that zero reporting can be filed if there is no local activity.

Major Federal Levies:

  1. Corporate – 30% (except for companies with revenues of less than AUD 25 million, which are taxed at 27.5%).
  2. Capital gains – is included in taxable income.
  3. GST – 10%. As mentioned above, registration for GST is mandatory if annual income is more than AUD 75k.

Major state taxes:

  • stamp duty (which includes transfer duty, 'rich land' or 'landlord' duty, motor vehicle registration duty, insurance duty and mortgage duty);
  • land tax;
  • payroll tax.

Support in registering a business in Australia

When you establish a corporation, you are crafting a legally recognized entity that bears certain legal responsibilities. In your capacity as an executive, it is imperative that you possess comprehensive knowledge of all the requisites stipulated by legal regulations.

YB Case isis a firm specializing in facilitating the establishment of businesses within the Australian incorporation framework. Our offerings encompass an extensive array of services, including guidance regarding safeguarding intellectual property rights within the Australian context. Administering a company's activities can present a formidable challenge if one lacks familiarity with the protocols, guidelines, and processes associated with establishing a business. However, a group of seasoned experts can provide invaluable support in navigating the legal and corporate procedures requisite for commencing a business venture in Australia.


Which specific documents are requisite for the registration of a company in Australia?

To accomplish this, a compilation of documents will be essential, encompassing:

  • An application package for initiating the incorporation of a legal entity within Australia (Form 201).
  • Memorandum of Incorporation coupled with Articles of Incorporation.
  • A formally registered appellation.
  • Details regarding the shareholders and directors.
  • Particulars concerning the registered headquarters of the enterprise.

Can a non-resident institute a venture in Australia?

Verily, a foreigner holds the competence to institute an Australian conglomerate, notwithstanding, it is crucial to cogitate that the statute compels the addition of at minimum one overseer who maintains residency.

Timing and expenses

As a rule, the process of establishing a company in this jurisdiction takes a few days, provided that all the necessary information is provided. You can find out the cost of incorporation and other nuances of starting a business at a consultation from YB Case.
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