Find The Services Available For The Company Incorporation Services In Australia
Posted by Ali Tariq on May 30th, 2019
As we know, the Australian company structure is the most popular and systematic system which represents a company as a separate entity, this holds liabilities, with specific goals and rules to contribute to the society. While you are planning to set up a company, there are multiple ways through which you can go. Like, you can go with the incorporations procedures online, file the documents and go through the incorporation process by the officer, or hire a legal advisor or lawyer or the consultant who charge the fee and carry out the procedures from the start till end. In Australia, you can easily find out the best services providers that are committed to designing the structure as well as briefly take out the taxation and other matters until you got the ABN/ACN.
Types of companies available for the incorporation in Australia:
Here are two main types of companies which can be registered or incorporated in Australia:
The most common type of setting up a company is proprietary one which is end with the pty written at the end of the name of the company.
Classification of company incorporation Services
Companies are classified based on the structure, size, roles and liability as well; here are some classifications as following:
For proprietary company
Proprietary company is referred to the private company which holds at least one officer and written as pty at the end of the name of the company.
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The proprietary company can be limited by share, which means that the company’s liability is limited to its members and written as ‘Pty Ltd’
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Another one is the unlimited proprietary company which is not limited by the liability to its members. It normally has a share capital of its employees and ends up with only ‘Pty’ with the company name. As per the company act 2001, the pty company should have the following:
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It must have at least one member
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Must have one director
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The shareholder must not be more than 50
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Director should be the resident of Australia
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No need to hire an auditor
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Or the office is not required to be open for the public
For public companies
It refers to the public company, which is incorporated with the share capital and wrote only as ‘Pty’.
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A public company can be limited by shares means the company have limited liability on its members and shareholders, but it seems with the nominal amount of the liability.
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There is another type with the limited by guarantee, which means the company and its members are liable and responsible for the limited by guarantee. They only share from the members are fixed towards the company and with no share capital.
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There is another type of public company which is an unlimited public company with share capital. Members of the company of such kind have unlimited liability.
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As per the Australian company act, the companies that are associated with the resources mining or like that has no liability on the members or the shareholders. Members only have the share capital on the principal of mining or resources digging.
As per the company’s act 2001, a public company should have:
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At least one member who is the resident of Australia
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At least three directors who are the residents of Australia
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At least one secretory who must be the resident of Australia
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They must have the auditor, and the office must be open for the public as well.
Things must include in your incorporation services
As per the Australian company act 2001, setting up a company is a formal procedure which needs to be done with proper supervision or concern not to neglect any of the parts. The Australian securities and investment commission gets the overview and addresses the company incorporation services. While choosing the company, incorporation services must consider the following tasks should be done:
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You must elaborate and described the type of company in which the incorporation process will proceed further
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You must have a proper and well-structured governance system for the company
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You must mention and included the proper names and details of the former director or the company secretary
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Choose the name which truly represents your nature of the business
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Find out and mentioned the name, as well as the location and address for the company, registered office
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Make a clear structure related to the members and their share capital
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At the end should apply with the fee to Australian securities and get the certification
Must do things to do while setting up a company.
While setting up a company, some steps should be completed that are necessary as per the companies’ act 2001. Here are the following things to do:
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First of all, it is necessary to choose an appropriate name for the business which defines the business best
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The company must do the agreement with shareholders which defines the roles and their responsibilities as well as a rule in the operations
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Should maintain the minutes of the meeting which done with the shareholders, it includes the resolutions and agreements which was discussed during the meeting time
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Appoint the properly certified auditor, which is necessary within one month of incorporation; this appointment is only necessary in case of the public company.
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As per the companies act 2001, the company should maintain the records of the members, shareholders and maintain the book if required then in hard copy.
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Tax regulations are most important and need to be managed with proper consultancy and guidance. The company should fill for the tax registration and got the tax filing number.
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Internal governance and incorporation structure is the most important thing which cannot be neglected. It includes the directors or members meeting schedules, appointment or removal of directors, transfers of shares and responsibilities and roles or the members or directors.
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Ongoing operations should be monitored, maintained and well communicated for both in case of proprietary one or the public one as well.
