Setting up a company in Australia is straightforward and can be completed within one week. However in order to keep your Australia company in good standing, you are required to meet 3 compulsory legal requirements. In the event you are unable to meet these requirements, the company may be struck off by the Australian Securities & Investments Commission (ASIC).
Secure a local registered address
The Australian Securities & Investment Commission (ASIC) requires every business, whether it be a sole proprietorship, partnership, or private limited company to have a local registered office address before it can be duly registered.
The local registered address serves as an avenue for correspondence between you and the government authorities. All mails from the government will be sent to this address and for this purpose, ASIC requires the address to be operation and accessible during normal office hours.
Tetra Consultants can provide you a local registered address in your preferred states and cities. Most of our clients choose to set up their Australia businesses using a Sydney Central Business District address as it is the most populous city in Australia. Our service includes receiving and collecting all business correspondences on your behalf. Once engaged, your business can use the address on business cards, letterheads, company stamps and other corporate correspondences.
Additional services we provide include call forwarding and mail forwarding. For a minimum handling fee, we will courier the mails to your preferred address periodically.
Appoint a local resident director and public officer
The Australia Corporations Act 2001 requires all Australian businesses to appoint a local resident director and public officer. You are legally allowed to appoint the same individual for these two roles in your company.
Tetra Consultants can provide you a local nominee to be appointed as your resident director and public officer. To minimize risk for your business, our legal team will draft a nominee director agreement stating that our nominee has no authority or decision-making power in your company. After the agreement is signed by all parties, Tetra Consultants will immediately appoint our nominee as your company director. In addition, our nominee will be appointed as the public officer as well.
- Book-keeping and maintaining records
Your Australia business is required to keep proper records and accounts of business transactions. Your company must maintain proper records of its financial transactions and retain the source documents, accounting records and schedules, bank statements and any other records of transactions connected with your business.
- Appoint Auditors
Australian Securities & Investment Commission (ASIC) defines businesses into large and small proprietary companies.
Large proprietary companies are required to prepare and file audited financial report and audited director’s report annually. Your business is defined as large if:
- the consolidated revenue for the financial year of the company and any entities it controls is $50 million or more
- the value of the consolidated gross assets at the end of the financial year of the company and any entities it controls is $25 million or more, and
- the company and any entities it controls have 100 or more employees at the end of the financial year
Your business is defined as small if it does not meet at least two of the above requirements. Depending on the situation, small proprietary companies may also be required to file financial reports.
- Tax Filling
Tax returns cover the financial year from 1 July to 30 June. All Australian company are required to submit their tax returns before 31 October 2019.
- GST Registration and Submission
Your business is required to register for GST if you have a GST turnover higher than AU$75,000. The GST rate is 10% in Australia.
Before the end of your financial year, Tetra Consultants will timely and accurately complete your firm’s financial statements, corporate tax returns and managing auditors on your behalf and without the need for you to travel.