Company Formation in Australia
Australia, officially the Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania and numerous smaller islands. It is the largest country in Oceania and the world’s sixth-largest country by total area. The neighboring countries are Papua New Guinea, Indonesia and East Timor to the north; the Solomon Islands and Vanuatu to the north-east; and New Zealand to the south-east. Australia’s capital is Canberra, and its largest city is Sydney.
Australia is the only country in the world which occupies an entire continent. It is a federation which consists of six states and two territories. The official Head of State is the Queen of the United Kingdom, whose representative in Australia is the Governor-General.
Known worldwide as a highly developed country with a standard level of taxation and a high rating in international business circles, Australia does not have the reputation of a country with a privileged tax system, and therefore enjoys a good image with entrepreneurs and government bodies.
Ranked as the world’s 12th largest economy, Australia is a member of the G20, OECD, WTO, APEC, UN, Commonwealth of Nations, ANZUS and the Pacific Islands Forum. English is the de facto national language.
Australian Proprietory Limited by Shares (Pty. Ltd.) Companies are not considered as offshore companies.
Company Law consider a company which intends to do business in Australia must 1) Register with the Australian Securities and Investment Commission (ASIC) 2) Apply for an Australian Business Number (ABN) 3) and apply for a Tax File Number (TFN) and 4) register for GST.
Advantages of company incorporation in Australia:
Summary of Australia Limited Company and main characteristics:
|Type of company||Proprietory Company Limited by Shares (Pty. Ltd.)|
|Corporate Legislation||Australia Corporations Act 2001
Legal system: Common Law
|Taxation||Standard Corporation Tax – 30%
Tax on Dividends for foreigners – 0%, on certain conditions;
Standard GST rate – 10%
|Currency||Australian Dollar (AUD)|
|Paid up capital requirement||No paid up capital required|
|Time zone||GMT (UTC) +8, GMT (UTC) +10|
|Minimum no. required||1, individual|
|Local Director required||Yes, at least one Director must be a resident of Australia, other Directors may be from any legal jurisdiction (can provided by Consil Formation)|
|Location of Meetings||Anywhere|
|Minimum no. required||1|
|Location of Meetings||Anywhere|
|Local Secretary required||If appointed, a Secretary must be a resident of Australia.|
|Registered office required||Yes, local|
|Standard Authorized Capital||AUD 1,000|
|Minimum paid up capital||1 AUD|
|Preparation of accounts||Required every year(can be completed by Consil Formation)|
|Requirement for audit||Only if Large proprietary company - consolidated revenue > $25 million|
|Accounts public accessible||File Accounts only if Audit Required. Publicly Accessible Accounts only if filed|
|Requirement to file Annual Return||No|
|Need to travel||No|
|Apostille||Yes, Hague Convention 1961|
|Owners||Individuals or Corporate|
Register your Australia Limited Company
- Document Notarization per document: € 470
- Bundle of documents Notarization;
- Document Apostillation per document;
- Bundle of documents Apostillation.