Setting up a company in Australia - All you need to know

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Australia has always been rated as one of the most developed countries in the world in the fields of finance and business. Also, the social regime and the educational system also develop very comprehensively. From an economic perspective, the business environment in Australia is competitive, but extremely attractive to foreign investors.

In this article, Global Links Asia will provide an overview of the business environment and the requirement to set up a company in Australia.

5 reasons in Australia attracting foreign investors

1. Territory and geographical position

Large territory of Australia creates a dynamic and competitive domestic market. In terms of geographical location, Australia is not far from Asia-Pacific countries, so the relationship between Australia and Asia countries develops quite sustainably. Specifically, Asia accounted for 70% of Australia's total import and export output in 2013-2014.

2. Education and human resources

Australia is one of the most famous educational system in the world. The literacy rate is over 99%. Therefore, the educational system contributes partly to the skilled labor force in Australia. Also, Australia has a diverse population of nationalities, cultures and skills (40% of workers are highly qualified or have a Master's degree or higher)

3. Business environment

Australia is in the top 10 countries to create favorable conditions for business enterprises and in the top 4 of list of high population countries with developed economies. Doing business in Australia is considered that be easier than many other countries, thanks to clear and strict business protection laws. Therefore, the business environment in this country is very healthy, safe and competitive.

4. Legal system

The Australian legal system is very strict on the protection of patents, copyrights and trademarks. In addition, competition law ensures that companies cannot apply unfair business practices to competitors within Australia.

5. Tax system

Australia currently has the following preferential tax policies:

  • Tax incentives for scientific and technological research and development works
  • Reduce capital costs for petroleum and mineral exploitation industries
  • Tax incentives for small and medium businesses (SMEs)

Requirements to set up company in Australia 

  • At least 1 shareholder: An individual or an enterprise can own 100% share capital of an Australian company. This case also applies to non-residents of Australia (non-residents of Australia).
  • At least 1 (one) local director: Australia Resident or Foreigners holding lawful working visa.
  • At least 1 public officer: Public officer is the representative of the company and have the responsibility with the Australian Taxation Office (ATO) under section 252 of the Income Tax Assessment Act 1936. This public officer ensures the company complies with the law and policy in Australia.
  • 1 registered address: The business address of the company which is registered with the Australian government

The process of setting up a company in Australia

1. Registration of company establishment:

- Registered company name

- Duration of registration takes 7 - 14 working days (The soft COI)

2. Other necessary registration procedures:

- Register for Australian Business Number (ABN), tax file number (tax file number-TFN).

- If the director or shareholder of the company does not reside in Australia, after the application is submitted, the Internal Revenue Service will respond within 20 working days to request a confirmation of the person's identity. This can be done without visiting Australia. It can take 2-3 months to obtain an Australian Business Number (ABN).

3. Note:

Foreign Companies must make at least 1 annual declaration within 1 month from the date of the annual general meeting (AGM).

Foreign companies in Australia need to submit their financial statements to ASIC at least once a year and the time limit for submission between financial statements should not exceed 15 months.

In the case that individuals/enterprises have plan to set up a company in Australia but do not exactly sure about the setting up procedures as well as inexperience, have difficulty in completing the profile, to avoid wasting time, businesses should use business registration service, to receive support to guide the establishment of a company and apply documents more easily and conveniently. Global Links Asia, which specializes in setting up overseas companies, will assist businesses in establishing a company in Australia with the simplest and fastest procedure.

If individuals/enterprises are interested in setting up a company in Australia or need further information, please contact:
Email: tina@globallinkconsulting.sg

 

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Global Links Asia

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