Every company has been legally registered, and they have all undergone the necessary procedures to register the company. As a result, the Australian economy has been growing for the last 26 years and is predicted to grow further in the coming years. This is due to the country’s efficient and proper corporate culture, which is adequately regulated and assisted by the government.
Australia will be one of the top 10 free economies in the world in 2022. The markets here are reactive and welcome international investors to invest and partner with domestic businesses. With all these things, if you want to start a business, you need to register their company immediately. To register a company in Australia, you must complete some paperwork. There are some more steps to register your company in Australia, which will be explained in the rest of the article.
You must do various things before registering the company; after that, you will learn how to register it. So, read on to understand the prerequisites for registering the company and what to do afterwards.
What Are the Prerequisites for Registration?
Before registering the company, you need to do the following things:
Choose your business’s name.
Examine the availability of the names you chose and confirm that your’s is a unique name. No other business should have a similar name as yours. You can use the Australian Securities and Investment Commission’s (ASIC) website to check the availability of the chosen name.
Choose the governance structure of the company.
In the country, a business can be managed by one of the three groups:
- Company constitution
- Replaceable regulations
- Combination of the two
The constitution is a legit document that lists the rules and regulations for future shareholders and directors. It is the primary method in which the company works.
Select the official authorities for the company
A business must have a director and a public officer, who must be Australian citizens. Suppose the company is hiring a secretary; they must be Australian citizens too. Overall, a minimum of 2 public company directors must be living in the same country.
What Are the Steps to Register Your Company?
If you look at the Corporations Act, 2001, Part 2A.2 has the prerequisites and process for setting up a company. However, some of you might be planning to create a proprietary business limited by shares. Don’t worry; it is covered in Part 1.5, paragraph 3 of the Act’s Small Business Guide.
The steps of creating a business must strictly follow the Act’s s 117(2) rules. Further, a standard form [Form 201] should be filed, as the Schedule 2 of the Corporations, Regulations necessitates. Businesses with a share capital will have to pay $426 (as of June 2012), which must be paid when you submit the form.
The procedure to register a company in Australia could be pretty tiresome. However, it has many advantages. First, you can consult a lawyer to assist you with the legal process. You have to make sure that the pre-registration requirements, such as the company’s name and the rest of the things, are ready.
Afterwards, you can fill out the necessary forms to register your company in the flourishing Australian economy.
So, follow the rules and hire a lawyer or expert to guide you through the process.