Australia business start up is simple, and the country ranks highly at 9th in the world in the World Bank's Doing Business 2010 Survey. The following is an overview of the principal requirements.

Applications to set up an Australian private limited company are filed with the Australian Securities & Investments Commission (ASIC), usually through an Australia-based professional corporate services Firm. This Firm will legally incorporate your company and act as the Australia-resident director, company secretary and registered office, assist your Firm fulfill statutory legal obligations in Australia and apply for employment visas for foreign staff.

It is not usually necessary to obtain a license for the company. However, there are exceptions, for example real estate brokers, banking, shipping and media need approval from the Foreign Investment Review Board. Sectors restricted for foreign investment include telecommunications, transport, defence and nuclear facilities.

In accordance with the Australian Corporations Act 2001, each company must fulfill the following:

i) appoint at least one local resident director. However, an unlimited number of local and international directors may be appointed after this to fulfill regulations. Only individual directors are allowed - corporate directors are not permitted;

ii) appoint at least one shareholder, who can be of any nationality and who need not be resident in Australia. Both local and international, corporate and individual shareholders are allowed to meet Australia business start up regulations;

iii) appoint a local, resident company secretary and registered office. Only individual company secretaries are allowed, although a company director can also act as the secretary;

iv) have a minimum share capital of A$1;

v) obtain an Australian Company Number (ACN). Issued by ASIC, the ACN is a unique 9-digit number which must be included on all correspondence and invoices issued by the company;

vi) submit audited financial statements and annual corporate tax return to the Australian Taxation Office (ATO) and ASIC.  

For more information on Australia business start up, email email@healyconsultants.com or call us in Sydney at +61 280 147 568

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