11 steps to incorporating in Australia
Incorporating a company in Australia is usually a straightforward process. The procedures can be outlined in the following steps below.
- Consultation: Before commencing the engagement, our Client i) settles Healy Consultants’ engagement fees and ii) couriers the signed engagement letter and the requisite due diligence documents;
- Corporate structure: Our team and the Client reach an agreement on i) three preferred new company names and ii) the corporate structure. Thereafter, our Client signs i) the board resolution (shareholders) authorizing company incorporation and ii) consent forms (directors and shareholders);
- Name reservation: Healy Consultants checks name availability with the Australian Business Register (ABR). If available, we complete and submit Form 410 to formally reserve the same. To hasten the setup process, our experts recommend incorporating the company initially using a nominee director and shareholder;
- Company registration: Our team submits Form 201 to the Australian Securities and Investment Commission (ASIC) to secure company incorporation. Thereafter, we email our Client registration certificates including i) the public profile of the company and ii) the certificate of incorporation and iii) the unique nine-digit Australian Company Number (ACN);
- Tax registration: Healy Consultants secures tax registrations with the Australian Tax Office including i) the Australia Business Number (ABN) for the company and ii) the Tax Filing Number for relevant individuals;
- Change of corporate structure: Our team submits an online application to the modify the company structure. Upon completion, Healy Consultants emails our Client the new public profile of the company;
- Opening corporate bank account: Our corporate banking experts approaches Australian banks to setup a new corporate bank account. We will courier i) the completed bank account opening forms and ii) passport copies & proofs of addresses of all directors, shareholders and signatories. Our preferred banking partners include Westpac, ANZ, CBA and NAB;
- Where possible, our corporate banking experts will negotiate with the bank officer to prevent our Client having to travel for an account opening interview;
- Register for GST and Worker Compensation Insurance: If required, Healy Consultants registers the company for i) GST with the ATO (if the annual turnover is higher than AU$75,000) and ii) Worker Compensation Insurance with the local insurance agency (if our Client plans to hire local employees);
- Submit annual returns: Every Australian company is required to submit an annual return to ASIC on the anniversary of its inception. Healy Consultants will assist our Clients with fulfilling this annual obligation as a part of our accounting and tax services package;
- Engagement Completion: The company incorporation process is complete. Healy Consultants couriers the full company kit to our Client, including i) original corporate documents ii) the corporate key iii) unopened bank correspondence and iv) Client feedback form.
- Signed director consent forms;
- Signed shareholder consent forms;
- Signed office agreement;
- Notarized passport copies of all directors and shareholders;
- Notarized proofs of addresses of all directors and shareholders;
- Signed corporate bank account opening forms.
Frequently asked questions
Is a resident director required for Australia business incorporation?Yes. A company resident director will be required when our Clients incorporate an Australia company.
What are the minimum capital requirements when incorporating a company in Australia?When incorporating in Australia, only AU$1 will be required for starting a limited liability company.
What kind of incorporation services in Australia can Healy Consultants offer my firm?As Australia incorporation service providers, Healy Consultants will assist our Clients with i) company incorporation ii) business license registration iii) immigration solutions iv) employment strategies v) business banking solutions and vi) office rental requirements. Our Australia incorporation specialists will send our Clients weekly updates till engagement completion.
What will be the Australia incorporation timeline?Australia company incorporation takes only 1 week.
Are there any business restrictions for foreigners when incorporating in Australia?No. Foreigners incorporating in Australia face no restrictions as to the type of business activity they can perform, provided they appoint one resident director for their company, who can however be of any nationality.