Australia

Australia

Being one of the biggest countries in the world, Australia has a high human development index and a stable economy. 70% of Australia’s GDP is generated in the service sector.

To register a company in Australia, you will need to submit the required documents to the relevantly authorised regulator and wait for 2 days.

ADVANTAGES OF AN AUSTRALIAN COMPANY:

  • Registering a company in Australia makes it possible to open an account with an Australian bank.
  • Australian law makes it possible to conduct transactions with cryptocurrencies. You can also establish a cryptocurrency company in Australia.
  • It is possible to open an account in USD, EUR and AUD.
  • Australia has an investor-friendly tax system.
  • There are 3 types of companies:
  • - A joint-stock company with limited liability of shareholders (limited by the number of shares);
  • A joint-stock company with un unlimited liability of shareholders (unlimited share capital);- a public company.
  • Opening a bank account in Australia requires one to be physically present.

DISADVANTAGES OF OPENING AN AUSTRALIAN COMPANY:

  • A high corporate tax rate - from 28,5% to 30% (depends on a company's turnover). Please note that using services of licensed tax agents increases optimization of taxation.
  • A local director is required.

TO START A BUSINESS IN AUSTRALIA, EACH BENEFICIARY MUST PROVIDE THE FOLLOWING DOCUMENTS:

  • A notarized copy of a passport and driver’s license.
  • A bank-issued certificate confirming the current address.
  • A copy of a utility bill.

REGISTERING A BUSINESS ORGANIZATION IN AUSTRALIA AS A CORPORATE CLIENT (LEGAL ENTITY) REQUIRES PROVIDING THE FOLLOWING DOCUMENTS:

  • a registration certificate;
  • a memorandum and articles of association;
  • a certificate of good standing;
  • documents containing a list of the current shareholders and directors (i.e. a register of shares and directors & registration certificate confirming registration in the country of residence).
IMPORTANT

By contacting YB Case, you get professional advice on opening an account with an Australian bank and conducting business activities in Australia.

HOW TO OPEN AN ACCOUNT WITH AN AUSTRALIAN BANK:

  • You select a bank(s) and fill out a questionnaire (ies);
  • We provide you with professional assistance in sending preliminary requests to the banks;
  • After your application is approved, you should decide which banking institution you will be working with;
  • You fill out an application;
  • We submit the completed application to the bank on your behalf;
  • We sign statements to the Company Director and Accountant, send them to the bank and notify you on the progress;
  • You provide us with the information about your company’s activities for the coming year. Some banks also require a certificate from the bank where you already have an account;
  • We provide you with assistance at all stages of opening an account with an Australian bank; we also help you prepare all the necessary documents.

Our experts can also provide assistance in registering an Australian company or advice on starting a cryptocurrency business in Australia.

Please note that you have two options of opening a company in Australia:

  • remotely opening a business in Australia
  • open an account with an Australian bank without physical presence.
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