Company Incorporation in Australia - How to Set up a Business in Australia
There are many reasons for choosing to set up or expand your existing business in Australia. For a start the Australian foreign exchange market is the seventh largest in the world and Australia is one of the richest developed and most industrialized countries. Add to the fact that the Australian economy is one of the largest with a total wealth of 6.4 trillion dollars and you can see why so many entrepreneurs flock to Australia to set up business.
And if that weren’t incentive enough, the best news for business people is that they can benefit from the speedy company formation process in Australia. A company can be formed within a couple of days, and upon receipt of the documents, company registration can be arranged within 4-5 weeks.
The local legal processes and bureaucracy can make some aspects complicated, but due to our contacts with Australian accountants and business migration agencies, we are able to help our clients smooth the path to opening their business in Australia or developing joint ventures with Australian business partners.
What are the most common types of company in Australia?
Company incorporation in Australia can be set up as follows: a Proprietary Company is one that has its members restricted to 50 non–employee members. Proprietary companies are further divided into classifications or “Large” or “Small”.
Large Proprietary companies are those that satisfy any two of the following criteria:
- Where consolidated and operating revenue exceeds Aus $25 million
- Where consolidated and gross assets exceed a Aus $12.5 million
- Where the company and its controlled entities have 50 or more employees
- Share capital Aus $1.
Small Proprietary companies are therefore those that do not meet any two of the three criteria listed and are relieved of certain financial reporting requirements in their annual returns under the Corporations Law and are not required to hold annual general meetings.
Requirements for a Propriety company incorporation in Australia?
- Minimum number of members for a proprietary company is 1
- Maximum number of members for a proprietary company is 50 non employee members
- Company Secretary –Appointing a secretary is optional but if one is appointed he/she must be an Australian resident. Additional Secretaries need not be residents
- If a secretary is not appointed the Directors will be responsible for carrying out the duties and responsibilities of a secretary.
- Minimum numbers of directors – one must be an Australian resident
What about banking and accounts?
Whether you just need a straightforward tax return or audit, or accountancy services in conjunction with your company formation in Australia, we can help. We will ensure that all documentation is submitted to deadline, legislation is fully compliant, to save you the time and money of managing it yourself. Wherever possible we will provide a fully inclusive quote based upon your approximate invoices, turnover and activity so that you are able to work out an accurate budget.
In addition to these accountancy services, we also provide assistance with setting up a bank account which is a fairly quick process if you understand all the documentation required for the application. There is a wide representation of banks throughout Australia and setting up a bank account is one of the first things we advise once your business is set up. The accessibility of the process makes it easy to open a bank account while managing your other business requirements. The timescale for processing a bank account is generally 5-10 working days, but it does depend on the bank and the type of account. A visit to Australia is compulsory to open the bank account.
So, whether it is a speedy company formation in Australia or joint venture which opens your business to a new market, Euro Start Entreprises is happy to guide you through the process of Australian company incorporation. Please don’t hesitate to call us on 0033 (0)1 53 57 49 10 or email us directly from our contact page for further information or to discuss your business plans in Australia.