Preface: Streamlining the company registration process in Australia is a breeze when you partner with Fionza Consultants. Let our seasoned professionals handle the intricacies, allowing you to focus your time and resources on more critical aspects of your business.
Explore our comprehensive business registration service package, covering all essential elements for doing business in Australia:
- Company registration with the Australian Company Registry (ASIC)
- Professional Australia nominee director service
- Local company secretary and registered address
- Corporate bank account opening
- Australia Business Number (ABN) and Tax File Number (TFN)
- Tax registration and annual accounting services.
WHY CHOOSE TO REGISTER COMPANY IN AUSTRALIA?
When establishing a company in Australia, it’s crucial to comprehend the business environment to ensure your entity operates legally and securely, aligning with your long-term goals.
Political Landscape: Australia, ranked 12th in Transparency International’s Corruption Perceptions Index (2019), is actively engaged in global organizations like the World Trade Organization, OECD, G-20, and Commonwealth of Nations.
Economic Overview: Australia, rated 16th most competitive nation by the World Economic Forum, exhibits a score of 78.75%. As the 14th largest global economy and 11th in GDP per capita, it sustains steady growth with low unemployment, public debt, and inflation rates.
Social Factors: With a 99% literacy rate, Australia offers access to a highly skilled labor force, enhancing business prospects.
Technological Trends: Australia embraces technological advancements, evident in policies like the Australian Financial Services (AFS) license for FinTech and cryptocurrency businesses. Cryptocurrencies are legal and subject to capital gains tax since 2017.
Legal Framework: English being the official language minimizes communication challenges. Australia, ranking 14th globally for ease of doing business, maintains fair trading, competition, and consumer laws, fostering a level playing field and preventing monopolies.
Environmental Considerations: Ranked 21st in the Environmental Performance Index, Australia prioritizes sustainable growth while addressing challenges like natural climate change. Water insecurity and infectious diseases remain concerns.
By considering these facets, you can navigate the Australian business landscape strategically, setting up your company for success.
WHAT TYPES OF COMPANIES ARE THERE?
Fionza Consultants simplifies the Australian business setup process by understanding your unique business model, offering tailored recommendations, and ensuring compliance with local regulations. Explore various business structures available in Australia:
1. Proprietary Limited Company (Pty Ltd):
- Also known as Limited Liability Company (LLC).
- Ideal for foreign investors; a straightforward and independent legal entity.
- Limited liability for shareholders; no personal liability for company debts.
- Minimal requirements, including 1 shareholder, 1 local resident director, 1 local resident public officer, 1 company secretary, and a local Australian registered address.
- Annual company tax return and GST registration if turnover exceeds $75,000.
- Consists of 2 to 20 partners sharing profits and losses.
- Three types: General Partnership (GP), Limited Partnership (LP), and Incorporated Limited Partnership (ILP).
- Reporting requirements vary; annual Partnership Tax Return with ATO required.
- Partnerships offer flexibility but come with varying levels of liability.
- Involves a trustee and beneficiary; not a separate legal entity.
- Trustee is legally accountable for assets and operations.
- Beneficiaries pay personal income tax on Trust earnings.
- Privacy advantage; no need for registration with Companies Registrar.
- An extension of the parent company in Australia.
- Parent company assumes all liabilities.
- Registration with ABR and ATO required, along with a local registered agent/secretary.
- Annual submission of financial statements to ASIC.
5. Representative Office:
- Intended for foreign investors not conducting business in Australia.
- Permitted for non-commercial activities like market research and marketing.
- Ideal for exploring the market before establishing a presence.
- A popular choice for foreign investors seeking to promote their brand.
Fionza Consultants ensures a seamless setup process, providing essential documentation such as the Australian Company Number (ACN), Australian Business Number (ABN), and Tax File Number (TFN). Stay compliant with local regulations, initiate operations, and issue invoices within a short timeframe.
HOW TO REGISTER A COMPANY IN AUSTRALIA?
To successfully register your business in Australia, follow these streamlined steps
Step 1: Choose a Suitable Business Structure Explore diverse business structures in Australia such as Sole Proprietorship, Partnership, Limited Liability Company, Holding Company, Branch Office, and Representative Office. Our expert team at Fionza Consultants will analyze your business model, requirements, and objectives to recommend the most fitting structure.
Step 2: Register with the Australian Business Registration System (BRS) Submit your business details to the Business Registration Service to obtain either an Australian Business Number (ABN) or Australian Company Number (ACN), depending on your chosen entity.
Step 3: Reserve Your Preferred Business Name Check and reserve your desired business name, either during BRS registration or by applying to the Australian Securities and Investments Commission (ASIC).
Step 4: Register Your Business Review and submit all necessary documents, including the Articles of Incorporation, paying applicable government fees. Upon completion, Fionza Consultants will collect vital incorporation documents like the Certificate of Registration and Memorandum and Articles of Association.
Step 5: Meeting Post-Registration Requirements Fionza Consultants takes care of post-registration tasks:
- Registering your business for tax with the Australian Taxation Office, securing a Business Tax File Number.
- Obtaining a business license based on your business activity and location.
- Facilitating required insurance for your business.
Step 6: Open a Corporate Bank Account Leveraging our extensive banking network, Fionza Consultants ensures the seamless opening of a corporate bank account for your business.
Step 7: Staying Compliant Fionza Consultants continues to ensure your business compliance with government policies, facilitating:
- Timely tax payments and annual tax return filing.
- Handling notifications to relevant authorities in case of any changes in the company’s structure.
WHEN CAN I EXPECT TO START BUSINESS?
Experience swift Australian company registration with Fionza Consultants, completing the process in just 1 week. Upon receiving necessary due diligence documents from directors and shareholders, we initiate a thorough search for your preferred company name’s availability in the Australian Company Registry.
Benefit from a hassle-free online registration process that eliminates the need for travel to Australia. Once incorporation documents are prepared, our legal team submits the application to the Australian Business Register (ABR). Following ABR registration, you’ll receive essential legal documents, including the certificate of formation, memorandum & articles of association, and register of directors and shareholders. The certificate will detail vital information such as the company name, number, date of incorporation, and registered address.
Within 4 weeks of company formation, Fionza Consultants facilitates the opening of a corporate bank account with a reputable local or international bank. Our team provides account opening forms, and there’s no need for travel. In case of additional KYC verifications, Fionza Consultants arranges online video conferences for all parties involved.
Get your Australia-based company up and running within 5 weeks of engaging Fionza Consultants. For a detailed breakdown of our Australia business registration service steps, explore our comprehensive guide.