Company Set Up
A company (private proprietary limited company) is one of the most popular business vehicles in Australia. The most obvious benefit to incorporating a company is that the company, in many situations, is able to limit liability to the company itself (and any outstanding share capital) rather than exposing the individuals behind the company to unknown liabilities.
This simple form will help you or your accountant to establish a proprietary limited company. Here are some important things you will need to know before you start:
- You must have at least one director. At least one director must live in Australia (so if you only have one director, that director must live in Australia);
- You must appoint at least one shareholder. You cannot have anymore than 50 shareholders;
- You must appoint a Public Officer. The Public Officer is the person who the ATO will direct communications to;
- You do not need to appoint a company secretary if you do not want to, but it is common for one to be appointed;
- If shares are to be held on trust you must provide the full name of the trustee and the trust;
- You will need to provide a registered office (which is the official contact point of the company) and this must be a physical address;
- You will need to provide the principal place of business which is the place that the business will operate from (this can be the same as the registered office);
- You will need to choose a name for the company; and
- You will need to provide a brief description of what activities the company will be undertaking.
Note: A company may not be the right entity for you. You should seek personal legal and accounting advice before proceeding to ensure that this product is appropriate. The above does not constitute legal advice; it is generic information only.
(incl $457 asic fee)
Payments by credit cards will incur a 1% fee