Select The Best Business Structure
The first thing you must accomplish when setting up a company in Australia is to determine the business structure. It is important to decide if you want to manage the business through either an offshore company or the Australian entity. Both have advantages and disadvantages. It is your responsibility to select the option that will yield the greatest results for your company.
After you’ve determined the way your business will be run the next thing is to choose a structure for your business. The most common types of business structures are:
- A joint venture
- Public company
- Proprietor Private Company Limited
- The discretionary
The most well-known structure utilized by a new venture in Australia is the proprietary company. Australian marketplace is the private company that is limited by shares.
How to Establish A Proper Private Limited Company in Australia
Setting up a propriety private corporation restricted by shares Australia is relatively easy and is a breeze. The process takes only 1 working day and be priced at AUS $900, which is in addition to a setup fee as well as a expert advice fees for the registration procedure.
Find Out The Company’s Name
If you are registering a business in Australia then you must decide on its name. Before you decide on the name you want to use for your company you must ensure that it does not violate any intellectual property rights held by other third parties. When you have completed the registration process and you are given the Australian corporate number (a nine-digit number). The name of the company and Australian company number must be displayed on all documents that are public.
Find The Minimum Share Capital
The minimum capital requirements for shares are not mandatory within Australia in Pty restricted companies. That means that corporations are free to decide their own minimum share capital requirement.
Nominate Directors For Companies
In the process of naming directors for the business One of the directors has to reside in Australia. The director must be neutral and have reached minimum age 18.
Nominate Secretaries Of The Company
The company should also designate secretary. If the company does not make this appointment, then every director of the company is responsible for the breaches of the secretary’s responsibilities.
Designate A Public Officer
The company must also appoint an officer of the public to ensure that the company is meeting all tax obligations.
Open The Local Store
The business may purchase the premises where they plan to operate their business, or sign an agreement to lease. If you decide to sign the lease option, you should consult a lawyer in order to make sure that the whole procedure is carried out properly. In contrast should you decide to buy the whole property it is important to determine whether any foreign investment restrictions are in place. In certain instances it is possible to require permission from the Foreign Investment Review Board before buying a property in real estate.
Employment Australian Employees
If you are planning to employ Australian workers, it is important be aware of the followingpoints:
The Law Applicable
Australian laws on industrial relations are constantly changing. It is essential for companies to familiarize itself with the current laws to ensure that it does not get in the wrong spot and breaking the law. There are a variety of laws that an employer must adhere to in hiring Australian employees, including states and territories laws as well as tax legislation and superannuation.
While there is no law that requires employers to interact with their employees in a particular manner, it’s advisable to sign a proper agreement for engaging new employees. This means having an agreed-upon enterprise agreement, or an individual employment contract. To limit the possibility of liability an individual employment contract should contain standard terms and terms of service, protections for employers clauses and termination of employment clauses as well as leave entitlements and the responsibilities. In the absence of an agreement in writing with the employee, specifically on matters related to termination, may require the employer to issue a an employee with a notice of termination which could make the whole procedure more costly for the employer.
Health And Safety Laws For Workers
All Australian states and territories have Occupational Health Safety (OHS) laws that impose specific obligations on employers regarding their staff’s work and well-being. Every business is obliged to ensure their employees’ health and their safety and that of their employees while at work. Not complying with the applicable OHS Act may attract large penalties.
The business will be in danger of being held accountable when it fails to conform with the relevant laws that were established. In particular, the firm must ensure that all employment contracts are legally terminated in accordance with the fairness principles. Employers should also implement reasonable and fair disciplinary procedures.
The business should establish workplace policies to ensure the safety of employees. This includes dealing with harassment and sexual assault as well as anti-discrimination, grievance procedures. The business must make available those policies to all employees.
Making Use Of The Assistance Provided By Foreign Employees
If a company chooses to utilize the services of employees who aren’t Australian citizens and permanent resident, then the business must adhere to all applicable regulations and laws regarding immigration. According to Australian laws, it’s an offence to carelessly or deliberately allow employees who aren’t authorized to work in your business. Individuals and companies who are found guilty are subject to a sentence for up to 2 years. If you are planning to employ employees who are not Australian citizens It is essential to consult with a lawyer on migration law.
Taxation, Registration As Well As Reporting Requirements
The business must obtain Tax File Numbers through the Australian Tax Office. Furthermore, the company must adhere to the reporting requirements required by different regulatory bodies like ASIC, ATO among many other regulatory bodies.
Tax Obligations And Remittances
The business must adhere to many tax obligations that pertain to corporate taxation, such as pay-as-you-go. The corporate tax rate is 30 percent for all corporations. Other tax obligations that you must be able to discharge are excise and duty such as the stamp duty tax, good or services tax as well as the capital gains tax. Be aware that the taxes year in Australia commences from the 1st July to 30 June.