Case study
In the competitive realm of software development, the company wanted to be registered in Australia, backed by shareholders from Switzerland, embarked on a journey to expand its operations internationally. However, the complexities of establishing a foothold in Australia, compounded by recent legislative changes mandating the acquisition of Director Identification Numbers (DINs) for all directors, presented significant challenges. Seeking expert guidance, the company turned to Tetra Consultants to navigate the intricate landscape of international business setup seamlessly.
Tetra Consultants started to work on strategic actions tailored to address the company’s unique needs. Tetra Consultants designed a comprehensive strategy which started to aim at securing the company’s DINs within 8 weeks. This ensured compliance with recent legislative requirements while expediting the company’s establishment in the Australian market.
Subsequently, within just 1 week of receiving the DINs (Directors Identification Number), Tetra Consultants secured our client’s desired business name through registration with the Australian Securities and Investments Commission (ASIC). Concurrently, we facilitated the preparation and delivery of registration forms to our client for their signature via email.
After our client signed and returned the registration documents via email, Tetra Consultants promptly submitted the complete application package to ASIC for company registration as a proprietary company. Within three days, Tetra Consultants successfully obtained the Certificate of Incorporation, constitution, and company extract documents. Subsequently, we proceeded to submit comprehensive applications to the Australia Business Registry and Australia Tax Office for the registration of Tax File Number, Goods and Services Tax, and Australia Business Number. Within 4 weeks of document submission, Tetra Consultants received the aforementioned tax registration numbers which were then forwarded to the client.
Additionally, Tetra Consultants ensured compliance with the requirement for a local director by providing nominee director and shareholder services as part of our comprehensive service packages. This allowed us to proceed with the incorporation of the proprietary company smoothly and efficiently.
Further, utilizing our extensive network and expertise, Tetra Consultants approached multiple banks in Australia to initiate the process of corporate bank account opening for the newly registered Australian proprietary company. Following confirmation of interest from several banks, Tetra Consultants pre-filled in the necessary account opening forms for our client’s signature. Subsequently, we submitted the complete account opening package to our client’s preferred banks. While most Australian banks required physical presence for KYC completion, one bank accepted the application and requested notarized KYC documents from our client.
Upon receipt of the requested notarized KYC documents, Tetra Consultants promptly forwarded them to the bank. Within 4 weeks, the account opening process was successfully completed. Our client then proceeded to activate internet banking by contacting the Australian bank, which was efficiently accomplished during the call. With the corporate bank account now operational, our client gained the ability to sign contracts, issue invoices, receive funds, and pay suppliers seamlessly.
Furthermore, Tetra Consultants ensured timely, accurate, and comprehensive discharge of our client’s monthly, quarterly, and annual legal, accounting, audit, and tax obligations. This holistic approach, coupled with our streamlined timeline for company setup and bank account opening, facilitated the establishment of our client’s Australian presence within the prescribed timeframe of 13 weeks, which also includes obtaining the Directors Identification Number (DIN) in Australia. Thus, we completed the engagement within 9 weeks for this client within our final timeline of 13 weeks for company set up in Australia.
In this strategic solution, Tetra Consultants offered a comprehensive service package tailored to meet the diverse needs of the software company’s expansion into Australia. This package included crucial elements such as the seamless registration of the Australian company, provision of a registered address, appointment of a skilled Australian nominee director, handling of all government fees, legal drafting of necessary documents and facilitation of ABN (Australian Business Number) and TFN (Tax File Number) registration.
By availing themselves of these comprehensive services, the software company not only met regulatory standards but also laid a solid operational groundwork in a foreign territory, positioning themselves for sustained growth and expansion in the future.