You should know that starting a company in Australia is difficult if you aren’t well-prepared or don’t have a concrete plan. With at least 2,816,678 registered companies in Australia, the competition is going to be tough for any start-up business. However, you can keep up with the other registered companies if you’re prepared with all the documents.
There are at least five essential prerequisites one must achieve before they register a company in Australia. Doing so will make the registering process faster, easier, and lets you operate your business as quickly as possible. It’s only a matter of time before you surprise your competitors that your company is acquiring a ton of customers in Australia.
Deciding the Company Name
Before registering a company in Australia, you may have already come up with a name for your company. It’s always best to create a company name that’s unique, original and fits perfectly with the products or services you’re providing. You should also keep in mind that your company name does not breach ASIC’s naming agreements. If you consider your company as a bank, royal, incorporated, or trust, you won’t have the rights to use these words in your company name without the government’s approval.
Deciding the Company’s Rules
After deciding what name you will use for the company in Australia, the next is to determine what the rules will be when business operations start. You need to take note on whether you want replaceable rules or a constitution. Replaceable rules mean that your company doesn’t have to map out a written constitution. Whereas for the latter, you can come up with a constitution of your own in line with the Corporations Act and let it remain in your company’s records.
Deciding the Members of the Company
You need to have reliable people from Australia that can keep your company afloat while it’s operating. A company isn’t complete without critical members, including a director, secretary, and shareholders. Make sure you talk and gain their consent of approval to see if they grasp their position’s obligations. Having these key officers is essential to adhere to the Corporations Act. They also maintain the company’s details and records on the register, constantly updating the company’s details, and regularly paying the required annual review and lodgement fees.
Deciding the Structure of Shares
Now that you have appointed shareholders, you should carefully determine how many shares each of them get and the class of shares issued to them. If you’re a proprietary limited company, you don’t have to disclose the shares to any of your investors. You can only provide shares to subsidiaries or members of the company.
Proposing the Business’ Primary Location
Every company in Australia should have a registered office and a principal place of business. Sometimes, the company’s registered office may be your accountant’s or lawyer’s office. So you should already have their written permission to use their office as the address. Usually, the principal place of business is where most of the company’s records and books are kept.
By following these five key steps, you can expect to start operating your company’s business in Australia at once. However, you may still find the registering process a bit difficult because of how complicated and lengthy it is.
