Company Registration In Australia - An Overview
29 Nov 2009 | Category: uncategorized | Author: admin
Company registration in the Australian market is regulated by government policies, and in order to keep within the guidelines, you'll need to be aware of what has to be done.
According to ASIC (Australian Securities and Investments Commission), these are the steps they recommend to get you started:
Step 1: Decide on your business structure
You need to find out if a company structure best suits your business needs. The best way to do this is to check with a lawyer or other professional body that is related to this area.Step 2: Choose a company name
A company name must indicate its legal status. This includes an indication of whether it is a proprietory company or not, and whether it indicates liability of its members or not. These options are indicated with abbreviations like Pty and Ltd after the company name. Once again, speak to a professional to decide what is appropriate for your situation.Step 3: Determine if you will operate under replaceable rules or a constitution or a combination of both
You have to decide how the company will be internally managed before registering your company. This means whether you will follow the Replaceable rules in the Act, your own constitution, or a combination of each.
Step 4: Obtain consents - member(s), director(s) and secretary(secretaries)
The next step is to get written approval from those people who will be acting as director(s), company secretary, or member(s). Different types of companies have different requirements so far as number and type of people needed to fill these positions.
Step 5: Complete and lodge the application form
Once you have completed these steps, you are ready to lodge the application form. Normally, you would need to lodge Form 201 with ASIC, which is a manual process, but with new technology now available, you can perform the entire company registration process online at cleardocs.com
The beauty of this unique technology is that you get all the legal documents emailed to you in less than 20 minutes. There is no need to lodge anything by hand any more.Step 6 (optional): Get a commemorative record of registration
ASIC had an option to purchase a commemorative record of your company registration from their website.Step 7: Get to know your legal obligations
The last step involves knowing your correct legal obligations, insofar as having a registered company. This includes issues such as:
- Displaying your company name prominently at every place at which you carry on business that is open to the public. A public company must also display its name and the words "registered office" prominently at its registered office.
- The correct use of your ACN and ABN
- Knowing the correct legal obligations of the company officeholders.
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