Information about company formation:
Incorporating a company in Australia certainly has its advantages. The most well known characteristics are:
- Limited liabilities in that there’s a protection to the individual’s personal assets from potential creditors, a debt against the company is not automatically a debt against its shareholders or directors
- A separate Legal personality from you:
- The company is independent and separate from its shareholder, this distinct personality has important legal effects, it can enter into contracts, sue and be sued
- Flexibility in ownership:
- You can add shareholders, do an off market share transfer, issue stock options without having the terminate the company’s legal status
- It can have up to 50 shareholders (but not to exceed 50 and not to advertise to the public, raising funds is usually done through a prospectus)
- You can be the sole shareholder/director/public office and secretary
- You can sell shares and still hold 51% to retain control 3
- The company may continue to exist for the duration of its registration with ASIC, notwithstanding changes in the ownership of the company’s shares. The Bank of New South Wales now Westpac was registered back in 1817.
What services included in the cost of forming a company
At Haz Accountants our services include:
- Registering your company with ASIC ,that is generating a certificate of registration with an ACN (Australian Company Number), along with all the other registration documents,
- Apply for an ABN (Australian Business Number) with the ATO along with a TFN (Tax File Number)
- Advice onto wether you will need to be registered for GST, PAYG withholding tax, Fringe benefit tax , along with other general advice such as opening bank accounts, keeping your records, dealing with subcontractors/employees etc.
How long does it take?
- The company will be created with ASIC within 1 hour
- ABNs are usually issued within 28 days
- 3X preferred business names
- Physical Business location , postal address and registered office
- Type of business activities
- Whether the name chosen is already registered under a different related entity such as sole trader, partnership, trust etc.
- How many directors, shareholders will the entity have and who will be assuming the role of the company’s secretary and public officer
- Full legal name of directors/shareholders/secretary/public officer and other company’s personal
- Date of birth/Place of birth/TFN/ residential & postal address of company’s director/public officer/secretary
- Date of birth/TFN/residential & Postal address of the company’s shareholders
- The Estimated company’s sales/turnover during the first year of operation
What other entities are there to start trading:
- You can also trade as a sole trader, partnership or trust.
Don’t miss out your opportunity, Contact Us now for disccussion.