1. What is a company and how is it structured?
The company is a lawful entity made of up directors, secretaries and shareholders and a director is responsible for the day to day running of the company. A secretary is someone who is in charge of general company housekeeping duties such as making sure returns are filed on time, notifying when addresses change etc. Further, a shareholder can be explained as someone who owns the company through holding shares.
2. How is a company regulated in Australia?
ASIC (Australian Securities & Investments Commission) is the major regulatory authority. Each company may have its own set of rules which can be laid out in its constitution. If a company does not have a constitution it goes by the “replaceable rules” of the Corporporations Act, 2001.
3. Who can form an Australian Company?
Anybody over the age of 18 can form a company in Australia providing they are not bankrupt. At least one director should be a resident in Australia. Also, a Physical location is required (registered office address) for the business in Australia.
4. Who can be the Director?
Anyone can be the Director. A person cannot be a director if he is an undischarged bankrupt or they have been convicted of an offence such as fraud or they are under the age of 18.
5. Can I form a company with just one person?
Yes. A company needs to have one director and one shareholder. Both the roles can be acquired by a single person.
6. Can I form an SMSF trustee company?
Yes. A company can be registered electronically with a specification that it is to be the trustee of a super fund at the time of incorporation. This removes the need for completing extra forms and thus time saving.
7. What information do I need to supply?
Following informations are required, name of your new company, the names and addresses of people involved, such as directors, secretaries, shareholders and the official address for the company.
8. What is the main advantage of registering a company?
Shareholders of the company will have limited liability towards the debts of the company.
9. Who is responsible for the company?
Directors are ultimately responsible for the day-to-day running of the company and for ensuring its obligations with the Corporations Act, 2001.
10. What is Australian Business Number (ABN)?
Australian Business Number(ABN) is a unique 11 character long number identifier that makes it easier for businesses and all levels of government to interact.
11. Can a non-resident entity may be entitled to an ABN?
Yes, if it is carrying on an enterprise in Australia or is in the course of carrying on an enterprise, it makes sales that are connected with Australia (your enterprise does not have to be located in Australia).