Register Company in Australia

• The Director Identification Number (DIN) is a unique identifier assigned to directors in Australia, remaining consistent throughout their directorial tenure across various companies in Australia, serving as a personal identification number for each director. The eligibility criteria for acquiring DIN involves:
  • The candidate must be at least 18 years old.
  • The applicant should not be disqualified from being a director under any Australian law.
  • The applicant must provide valid identity proof.

• Tetra Consultants specializes in expediting the acquisition of Director Identification Numbers (DINs) in Australia, typically completing the process within 6-8 weeks. Our systematic approach begins with initiating the online application through the official Australian Securities and Investments Commission (ASIC) website or the designated DIN application platform.
• Applicants are required to fill in personal details such as full name, date of birth, and address on the application form to ensure accuracy and prevent complications. Vital identity documents like passports or driver’s licenses must be uploaded, ensuring they are valid and clearly legible. Before submission, a thorough review of all provided details is conducted to guarantee precision.
• It is crucial to maintain up-to-date DIN information, and Tetra Consultants advises clients to promptly update any changes in personal details. Regularly monitoring for notifications or updates from authorities is recommended to ensure compliance with regulations.

• You are required to submit your business with the Business Registration Service to receive an Australian Business Number (ABN) or Australian Company Number (ACN), depending on your chosen business entity.

• You must then check for the availability of and reserve your preferred business name. This can either be done with the previous step or you must apply to the Australian Securities and Investments Commission (ASIC) to do the same.

• You must review the application and submit all the required documents including the Article of Incorporation.
• In this step, you must also pay the government fees.
• Once registration is completed, Tetra Consultants will collect all the incorporation documents including the Certificate of Registration, Memorandum and Articles of Association, and more.

• Tetra Consultants will register your business for tax with the Australian Taxation Office and receive a Business Tax File Number which is needed to conduct business in Australia.
• Our team will also obtain a business license for your business, depending on your business activity and location.
• We will also obtain insurance for your business, if required.

• Tetra Consultants will leverage our extensive banking network to open a corporate bank account for your business.

• After registration of your business is completed, Tetra Consultants will continue to ensure your business’s compliance with the government policies.
• We will assist you in making timely payments of tax and filing for annual tax returns.
• Moreover, in case of any changes in the company’s structure, we will inform the relevant authorities on your behalf.

• Tetra Consultants facilitates seamless corporate bank account opening in Australia. We ensure streamlining the process for clients. Leveraging our expertise ensures a swift and efficient experience. Clients can initiate the procedure online before physically arriving in the country. This pre-emptive approach allows foreigners to open an account saving time and hassle
• Understanding that document requirements vary, Tetra Consultants emphasizes checking specific bank prerequisites. With Tetra Consultants, clients enjoy a swift corporate bank account opening. This occurs within 4 weeks of incorporation. Tetra Consultants ensures a seamless transition, streamlining the banking process. We make it efficient and hassle-free.

What are the documents requirement to register company in Australia?

• There are various documents required to register company in Australia. Your engagement in a particular business activity may influence the requirement. Tetra Consultants can provide you with a specific list of documents for business. Below-mentioned list is the generalized list of documents.
  • Application Form
  • Written consent from each shareholder about the number of shares they agree to take
  • Company constitution
  • Officeholders’ consent
  • Consent to act as Public Officer
  • Directors minutes
  • Application for shares
  • Share certificates
  • Shareholder and member registers
  • Certificate of Incorporation from ASIC
  • Australian Company Number (ACN)
  • Electronic Australian Registration Certificate
  • Certificate of Good Standing/ Certificate of Registration
  • Company search report
  • Notarized copy of identifications documents including Passport, Proof of address and proof of income of all the individual shareholders and directors.

Accounting and tax obligations

Accounting obligations

Financial ReportingCompanies need to prepare financial statements that present a true and fair view about the financial position and performance. These should include:

• Statement of Financial Position (Balance Sheet)
• Income Statement (Profit and Loss Statement)
• Statement of Cash Flows
• Statement of Changes in Equity
• Notes to the Financial Statements

Compliance with Accounting Standards

• The firms are required to adhere to Australian Accounting Standards, which, in turn, are International Financial Reporting Standards. Any financial report will thus have uniformity and clarity.

Annual Financial Statements

• Large proprietary companies and all publicly listed companies must prepare and lodge annual financial statements with ASIC. Small companies may have reduced reporting requirements.

Audit Requirements

• For proprietary companies and public companies, financial statements have to be audited by a registered company auditor. Small proprietary companies do not have to get their accounts audited unless certain thresholds are met or there is a request by shareholders.

Tax obligations

Goods and Services Tax (GST)

• Any business turning over more than AUD 75,000 per annum must be registered for GST and charge the GST to clients. Businesses report and pay the GST by lodging a Business Activity Statement.

Corporate Income Tax

• Companies must, pay corporate income tax on such profit at 30% for large ones and 25% for base rate entities, which represent small businesses with less than AUD 50 million in turnover.

Documents required by corporate entity are: 

• Share sale agreement,
• Due diligence reports, and
• Notification to the Australian Securities and Investments Commission (ASIC)
• Latest filed directors’ report and accounts
• Details of the registered office address
• Principal place of business
• Company secretary details
• Appointed auditors details

Post-registration requirements to register company in Australia 

Display the company name  

• Companies must display their registered name during business operations or public engagement. This regulatory need ensures transparency and easy company identification. Adhering to this stipulation fulfills legal obligations. It maintains trust and clarity in business interactions. Companies must display their registered name for ongoing compliance in Australia.

Disclose the Australian Company Number (ACN) or Australian Business Name (ABN)

• Businesses must disclose their ACN or ABN on all official documents. This ensures visibility and regulatory compliance. This need mandates the inclusion of unique identification numbers on company paperwork. It reinforces transparency and facilitates proper record-keeping.

Maintain company records

• After registration in Australia, companies must uphold thorough record-keeping practices. Maintaining a comprehensive register of company members is essential. Keep copies of minutes from both general and directors’ meetings. The company must preserve relevant financial records. This ensures ongoing compliance with post-registration requirements.

Appoint key executives

• Companies must appoint at least one director and secretary. There is an option of the same person holding both roles. For private companies, at least one director and secretary must live in Australia. Public companies need at least two directors who live in Australia. Individuals hold key executive roles within the company, ensuring their effective management. These individuals must have a tangible connection to the Australian business landscape. This contributes to effective governance and regulatory compliance.

Obtain written consent 

• Companies using a rented registered office address must need to have written consent from the owner. This applies, for instance, when utilizing an accountant’s office for the registered address. Submission to the Australian Securities and Investments Commission (ASIC) is unnecessary. However, it is crucial to maintain these written permissions in the company’s records. This ensures compliance with regulatory standards. It emphasizes transparency in the utilization of external addresses for official purposes. The requirement underscores the importance of obtaining explicit permission. It emphasizes retaining documented consent within the company’s records for audits.

Types of business license in Australia

Occupational license

• These licenses play a pivotal role in regulating various professions and businesses. It ensures adherence to specific standards and qualifications. Administered by state or federal governments, these licenses are imperative for legal practice. Examples of licensed professions span diverse sectors. It includes medicine, law, electrical work, plumbing, and hairstyling.
• There are two primary categories of occupational licenses:
• State and territory governments issue state-based licenses. These licenses are industry-specific and pertain to professions. Each state may have its own set of regulations and licensing requirements.
• The Australian government governs federal licenses. These licenses apply to industries with operations extending beyond state borders. Professions like aviation, maritime, and telecommunications fall under this category. This license requires federal approval for legal practice.
• These licenses serve as a mechanism. It ensures competency, professionalism, and adherence to regulations. This contributes to the integrity and safety of various sectors within the country.

Retail shop license

• The license is contingent upon factors, with requirements varying across states and territories. Administered locally, these licenses ensure regulatory compliance and safeguard business interests and employees. The Australian Business License and Information Service (ABLIS) tool is a valuable resource. It determines the requisite local, state, and federal licenses. Accessing ABLIS facilitates the precise identification of licenses and permits. This ensures adherence to regulations and enables lawful business operations.

Trade license 

• Trade licenses are crucial for regulatory compliance and public safety. State and territory levels administer them. The requisites depend on business type, activities, and location. To secure a trade license, businesses must identify their specific requirements. The Australian Business License and Information Service (ABLIS) facilitates this process.
• Businesses and individuals must undergo the necessary training. They need to have the required qualifications. They also need to submit applications to the relevant government agency or authority. The process may vary by jurisdiction. Maintaining compliance involves meeting ongoing requisites, such as professional development or refresher courses. Trade licenses signify a commitment to regulatory standards. They also enhance public safety and consumer confidence. Authorities, local councils, and federal agencies oversee the licensing processes. This ensures businesses adhere to regulations. It fosters a secure and trustworthy business environment.

Industry-specific licenses

• Businesses in specific industries must obtain industry-specific licenses. State and territory governments administer these licenses. Construction trades require licenses to ensure compliance with safety and regulatory standards. Real estate agents also need licenses for adherence to industry standards. Additionally, businesses in transport, logistics, and those impacting the environment need licenses. These licenses are necessary for legal operation and adherence to relevant regulations. To acquire these licenses, businesses must undergo training. They also need to obtain qualifications and apply through the relevant government authority. Maintaining compliance involves meeting ongoing requirements. These requirements include professional development and refresher courses. This affirms the commitment to legal and industry standards.

Why choose to register company in Australia?

Before you set up an Australian company, it is important to understand the business landscape of the jurisdiction. This is to ensure that your newly established entity will be able to safely and legally conduct business, while striving towards your long-term business goals. 

Political

• According to Transparency International, Australia Corruption Perceptions Index was ranked 12 out of 180 countries in 2019.
• Australia is a member of multiple global organizations such as the World Trade Organization, OECD, G-20 and Commonwealth of Nations.

Economical

• According to the Global Competitiveness Report published by the World Economic Forum, Australia was awarded a score of 78.75%. This means the country is the 16th most competitive nation in the world. 
• According to the IMF’s World Economic Outlook Database, Australia is the 14th largest economy in the world. It is also the 11th highest in terms of GDP per capita.
• The economy has been growing steadily for the past twenty years and boasts a low unemployment rate, low public debt and low inflation rate. 

Social

• Australia boasts a literacy rate of 99%. By setting up business in Australia, you will have access to a capable and highly-skilled labour force. 

Technological

• The local government is open to technological innovations such as FinTech and cryptocurrencies. For example, the government introduces the Australian Financial Services (AFS) licence for businesses to conduct financial services business. 
• In 2017, cryptocurrencies are declared as legal in Australia and will be treated as property. Consequently, cryptocurrency will be subject to capital gains tax. 

Legal

• The official language in Australia is English. As such, there is minimal business inconvenience that can occur due to miscommunication. Your corporate documents will be in English and all local banks offer internet banking in English. 
• According to the latest annual ratings given by the World Bank, Australia is globally ranked 14th in terms of ease of doing business, due to the straightforward business set up process. 
• Australia has implemented fair trading laws, competition laws and consumer laws to ensure fairness for both businesses and consumers. This is to ensure a level playing field and that no industry is subject to monopolies. 

Environmental

• According to the Environment Performance Index, Australia is globally ranked 21st. This shows that the local government has imposed adequate measures to ensure the country enjoys high economic growth, while maintaining minimal pollution.
• One of the major challenges faced by Australia is the issue of natural climate change. This results in growing concerns over water insecurity and widespread infectious diseases.

Timeline to register company in Australia

• At Tetra Consultants, we expedite Australian company registrations, typically completing the process within 1 week. Additionally, our experts offer DIN acquisition services at the starting of the engagement which will take 8 weeks. Upon receiving necessary due diligence documents from directors and shareholders, we conduct a search for your preferred company name in the Australian Company Registry. Our streamlined online process 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 registration, you will receive legal documents including a certificate of formation, memorandum & articles of association, and a register of directors and shareholders within four weeks.
• Within 4 weeks of company formation, we facilitate you with Australian corporate bank account opening services with a reputable local or international bank, providing account opening forms and arranging necessary KYC verifications through online video conferencing.
• With Tetra Consultants, you can anticipate commencing operations and issuing invoices through your Australian company within 13 weeks.

Find out more!

Contact us to find out more about how to set up a company in Australia. Our team of experts will revert within the next 24 hours.

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