The world has become a space for newer and newer products and services to entry the market and more creative and entrepreneurial juices to flow. Almost everyone wants to be an entrepreneur and everyone has an idea for the same. But what happens after you start a successful business? What if you want to expand and get a bigger picture for your name? For some the answer is to start a company. But the process can be slightly confusing. Let us try to understand companies and company incorporation in australia.
Companies take the top rank as one of the most popular forms of business in Australia. The fact that the company is distinct legal entity and has limited liability is an attractive factor when it comes to establishing your own business. Company incorporation is however, more complex than the other forms of business and requires the fulfilment of legal obligations.
How can one begin?
There are several steps when it comes to company incorporation in australia. Setting up a new company is never an easy process. The Australian Securities and Investment Commission (ASIC) oversees and regulates the complete incorporation and registration process. To set up a new company, you must first complete the following steps:
- Determine the type of company you are seeking to incorporate.
- Come up with an appropriate internal structure.
- Choose and reserve a name for your future company.
- Obtain the honest consent of every proposed Director as well as secretary.
- Locate an official address for the company to have as its registered office.
- Choose a principal place of business for the company.
- Settle and finalise on a share as well as members structure.
- Make an application to ASIC and pay the due and required registration fee.
- Complete the process by receiving a certificate of registration.
Deciding factors for the company
While incorporating a business there is another thing one must keep in mind, that is determining the type of company you are wishing to incorporate. This is because it affects the documents you will be needing for the application of your incorporation process. You must decide if you wish to set up a company that is limited by shares or is an unlimited company. Deciding the internal governance structure also plays a major role in the incorporation process.
The companies wishing to be incorporated must follow the rules, regulations and guidelines of the Corporations Act which are non-negotiable and compulsory. Once the form for incorporation has been filled and the fee has been paid, a certificate will be received and must be visible in the company’s primary location of business.
For more details or attempting to understand this topic more you can visit https://boardroomlimited.com.au/corp/services/listed-share-registry.