14 steps to incorporating in Australia in 2023
The process of starting a business in Australia is usually straightforward. The procedures can be outlined in the following steps below.
- Consultation: Before commencing the engagement, our Client i) settles Healy Consultants Group’s 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 the company incorporation in Australia and ii) consent forms (directors and shareholders);
- Public officer: In compliance with Australian law, our client must appoint a Public Officer (PO). The PO is the Company’s representative to the Australian Taxation Office (ATO) and is responsible for i) maintaining accurate and complete accounting and tax records ii) timely submitting monthly & quarterly Government reporting to the ATO, including payroll and GST and iii) submitting accurate and complete financial statements and corporation tax returns to the Government;
- Company secretary: Our client must appoint a company secretary, who may be a natural person or a body corporate, but the company secretary must be resident in Australia. Healy Consultants Group includes company secretary services in the standard Australia incorporation package;
- Registered office: In accordance with the Australia Incorporations Act 2001, our client is required to file an address with the Company Register, to which all official Government communications and notices may be addressed. The client may use their own physical space in Australia or request Healy Consultants Group’s Australia business office to be the registered office address for our client’s Australia Company.
- All incoming directors, along with existing directors, of an Australian company must register with ASIC for a director ID. For a newly-formed company, this step must be undertaken before the company is incorporated. This step adds cost to an engagement.
- Name reservation: Healy Consultants Group 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 certificates of registration of a company 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 Group 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 modify the company structure. Upon completion, Healy Consultants Group emails our Client the new public profile of the private company incorporated in Australia;;
- Opening corporate bank account: Healy Consultants Group will prepare a detailed quality business plan to secure a corporate bank account opening. We will courier i) the completed bank account opening forms and ii) certified passport copies and proof of addresses of all directors, shareholders and signatories. Our preferred banking partners include Westpac, ANZ, CBA and NAB;
- Register for GST and Worker Compensation Insurance: If required, Healy Consultants Group 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 Group 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 in Australia is complete. Healy Consultants Group 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.
Required Australia incorporation documents
- 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 starting a business in Australia?When incorporating a company 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 restrictions for foreigners when doing business 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 be of any nationality.
What are the legal requirements for doing business in Australia ?The main legal requirements for starting a business in Australia are as per below:
- A business name;
- A resident director;
- A company secretary;
- A company constitution;
- Share allotment structure;
- Registered business address.