Indian businessmen have always been very entrepreneurial and in recent decades the economic and technological developments have facilitated a lot of Indians to trade internationally. One of the newest and most popular destinations for Indian entrepreneurs has now become Australia.
In this insight, we discuss the requirements and procedures to Register an Australian Company for Indian Businessmen.
Steps for Australia Company Formation
1. Choose a name for your Australia Company
2. Company operation rules/ mode
3. Appoint officer for your Australia Company
4. Australia Company Formation
5. Steps after Company Incorporation
A company structure is considered a separate and distinct person under the law and allows you to carry out business in Australia and abroad. Following the completion of the Company formation in Australia, your company will enjoy privileges like being taxed at corporate tax rates or limited liability.
The steps above are explained in more detail below.
Choosing a Company Name
We suggest you make a list of at least 3 desirable names for your company. It is important to have a list of alternatives because the names to be used in your Australia Company Formation application should not be identical to any other registered business name. There are tools to check names against the ASIC national register of existing business names and we can assist with that. A company name cannot be registered if it already exists in the register irrespective of the fact that it might be in a different state or territory.
Before May 2012, it was possible for multiple businesses with the same name to exist as long as they were registered in different states and territories. This is no longer possible under ASIC’s national register. You won’t be able to register a company name if an identical name already exists.
Once you provide with a list of your desirable names we will check that:-
– It does contain only allowed characters
– It does not contain restricted terms such as “bank”, “trust” “Royal” etc.
– It will not be considered offensive or suggest an illegal activity
– It does not match an existing name in the ASIC national register
It is also advisable to check your Australia Company chosen name against the IP Australia Website to make sure that it does not contain similar names.
Once the above are complete we will proceed with the application to reserve your chosen Australia Company name.
Company Operation Rules/ Mode
Now it’s time to decide how the company will operate i.e. the set of rules under which it will be governed. There are three choices:-
– Replaceable rules
– Its own constitution, or
– A combination of both
These are basic rules of running your Australia Company, set out in the law, and if you choose to adopt these rules you do not need to design and adopt a written constitution.
Using replaceable rules means your company does not need a written constitution. This means you don’t have the expense of keeping it updated as the law changes.
Its own constitution:
Instead of the replaceable rules the company can design and adopt a written constitution however, this needs to be kept updated with law changes.
Appointing Officers for Your Australia Company
The officers to be appointed are responsible in the eyes of the law for meeting the legal obligations of the company. This responsibility may not be escaped so it is important that each officer (Director, Company Secretary, Member) gives written consent of the appointment.
Consent must also be obtained from the owner of the registered office address of your company.
Australia Company Formation
The Australia Company formation process is completed with finally registering your Australia Company. This can be done via BRS – the Australian Government’s Business Registration office. This service offers both business and tax registrations.
Our experienced business experts are available to assist you to make the above process smooth and hustle free.
Steps after Company Incorporation
After your Australia Company is incorporated you are ready to commence business, but you need to ensure that:-
– All company documents display the registered name of the company and it’s ACN/ABN
– You have a bank account through which you will make your transactions
Opening a bank business bank account nowadays has become a lengthy process but our expert are here to assist you go through this process smoothly and successfully.
The process from engagement to company incorporation takes around 2 weeks whereas the process for bank account opening takes around 4 weeks.