New Company Set Up or Registration
New company registrations are set up with the client's choice of company name and delivery of incorporation documentation is normally made within 24 hours if the company name is available. Norfolk Corporate Support normally lodges all ASIC Forms before delivery of Company Secretarial File unless prior arrangements are made. This way we can avoid any ASIC Late Fees and save your and your staff's precious time.
General Information For Australian and International Enquiries:
Australian "Proprietary" Companies (Private Companies)
At least one Director/Secretary MUST reside in Australia for atleast 3 months of the year The Registered office of the company MUST be in Australia Directors MUST be at least 18 years of age The Shareholders can be either an individual or company. Individual/s shareholders can reside outside Australia
Foreign companies can own all or part of the shares in an Australian Company.
*Please note that if the shares are owned by a Foreign Company there may be extra reporting requirements which should be discussed with your Accountant or Financial Advisor.
A Company is taxed separately from its owners at the current corporate rate of 30% and fully franked dividends paid to shareholders are credited for the 30% tax paid. Unfranked dividends remain fully assessable.
In general, company directors are only liable for the company's debt to the amount outstanding on their shares or to the amount of any personal guarantees given by them. The can, however be personally liable for the debts of the company if they knowingly continue to trade.
Proprietary Companies (Private Companies) are classified by the Australian Securities & Investments Commission (ASIC) as either "Large" or "Small".
Large Proprietary companies are those that satisfy any two of the following criteria:
- Where consolidated operating revenue exceeds AUD $10 million
- Where consolidated gross assets exceed AUD $5 million
- Where the company and its controlled entities have 50 or more employees
Large proprietary companies generally must prepare audited financial statements hold there AGM within 4 months of the end of the financial year, lodged audited accounts with the annual return to the ASIC.
Small Proprietary Companies
Small proprietary companies which do not meet any two of the three above criteria are relieved of certain financial requirements in their annual returns, under the corporations law and are not required to hold an AGM.
All companies are now required to have an "Annual Review" on the anniversary of their incorporation and pay an annual review fee of $212 (ASIC Fee).
UNLISTED PUBLIC COMPANIES
Minimum Structuring Requirements:
Directors:
Must have 3 directors (2 of which MUST be Australian Residents at least 18 years of age)
Shareholders:
Minimum of 1 shareholder
Registered Office:
Must be in Australia
Constitution:
The Constitution of the company must be lodged with ASIC Registration Form 201.
Order New Company Registration
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