Company Registration in Australia
As we all heard of Australia and know that it is a land of opportunities, a young and open country. Not to say that the economy of Australia is a highly developed market economy.In other words, the quality of life, natural beauty and developed economy of this country make it the ideal destination for both business and living.
Australian People
Australians are well-known for being friendly and easy going and a unique sense of humor.We also must mention that Australians love sports.
Australia Economy
Australia is a developing country whose economy is based on business and agriculture and trade based on a free market. As we see, a minimal restriction has existed on the importation of goods and services which may lead to increased efficiency, growth, dynamism and flexibility. Australia's total wealth was AUD$10.9 trillion as of September 2019.
Documents Required for Registration
The following documents for registering must be provided and there is certain a fee must be paid. But we recommend you to receive proper consultation about company registration in Australia. In this way, the problems that an individual might face during a company registration will be minimal. It must be noted that the Australian Embassy is reluctant to consider applicants over the age of 55.
- All the original documents with respect to work experience and their translation must be provided.
- All the identity documents (e.g., birth certificate, national identification card and) and their translation must be provided
- All the original financial statement (e.g., Bank statement) and their translation must be provided
- Completing all the forms online specified on the website
Company Registration Process
- To evaluate the competence of the company management
- To evaluate the company plan, its benefits and disadvantages
- To complete all the specified forms and introduce the company
- To specify the address for the company location
- To provide all the identity documents
Different types of Registered Companies
If an individual eager to stay in Australia by registering a company, we recommend seeking a consultant from the Immigration Lawyers. It must be noted that payment for the taxes must be done on time and you must prioritize this item. Why? Because the Australian Taxation Office has full supervision on the revenue and international company cost reports and will receive an amount of value-added tax every 3 months.
Different types of companies that we can register in Australia are as follows:Sole Trader Business
In this type of company, the owner shall be the only natural person. In addition, the applicant, who applies for a company register, shall be liable for all of the legal responsibilities of the company. This type of company shall be charged with taxes less than other companies.
Partnership Business
A partnership is a business structure made up of 2 or more people who distribute income or losses between themselves. In this type of company, a group of individuals and entities shall be liable for managing company affairs and all the legal responsibilities of the company. If you are looking for a cost-effective and easy choice, this one would be one the best. In this type of company, capital can be increased significantly. In addition, the dissolution of the company and recapturing partnership share can be done easily. The three main companies registered in this type are as follows:
- General partnership (GP)
- Limited partnership (LP)
- Incorporated Limited Partnership (ILP)
Company
In this type, partnership share shall be minimal and liabilities limited because it’s a separate legal entity. The company shall bear the same rights as a natural person. It is possible that this registered company to incur debt, sue and be sued. In addition, the members of the company shall not liable for the company’s debt.This type of company only recommended for individuals who are eager to register a company with high risk.
Trust Business
A trust is an obligation imposed on a person (a trustee) to hold property or assets (such as business assets) for the benefit of others, known as beneficiaries. In this type of company or agency, the income shall be minimal. If an individual operates his/her business as a trust, the trustee shall be legally responsible for its operations.
Migration Through Company Registration
In recent years, company registration has been one of the cheapest ways to migrate to Australia and receive Australian residency. But the last two years everything changed and receiving Australian residency through the company registration became impossible. We recommended that a migration advocate will be helpful to complete the process.
Taxes after Company Registration
Australian Taxation Office has full supervision on the revenue and the cost of the international companies registered in the country and the office shall receive an amount of 27.5% of the annual profit.
Commercial Code for Registration
It must be noted that commercial code must be received before a company has the ability to be registered in Australia. This code is an 11 figure number that is issued exclusively for the business. The following items must be provided for receiving a commercial code.
- Personal Information
- Business Information
- Partners’ Information
- Reasons for Request for Commercial Code
- Specifying Name of the Business
- Taxes e.g., GST
- Order of products, services and to submit invoices
Name of the Registered Company
It is recommended to decide for the name of your business before website, logo designs and related items. It is because if the name of a company that you want to register with changes, you have to change everything. You can also apply for both of the actions at the same time. But the first one is highly recommended. You must also register the logo with the name of your company. In other words, the right of that logo will only belong to you.
Name Inquiry by ASIC System
The name of a company is representative of all commercial activities that the company engages in. In Australia, the ASIC system has been provided for individuals to search for the name they want their companies to be registered with.
Company Registration and 457 Visa
457 Visa is issued to the aforementioned Australian registered businesses, foreign company agents in Australia, directors, representatives, and employees. This visa is only for those businesses intending to be an employer sponsor. The requirement to obtain a 457 Visa is to have a sponsor in Australia.
Benefit of 457 Visa
- Receiving temporary Visa valid for 4 years
- Transformable to permanent Permanent residency after 2 years
- The ability to bring the family along (wife and children under the age 18)
- The ability to act as a sponsor for the directors, shareholder and company employees
- The ability to enter and exit the country (there is no limit applied)
- There is no need for an international English test (IELTS or TOEFL) for this Visa