Overview Setting up a company in Sydney is usually conducted through solicitors, company registration agents or an accountant. After establishing the business objective, finance, and logistics issues, your advisers should supply you with the numerous necessary forms to set up and register a business in Australia. Proprietary companies are usually easier to register than a public company. A private company needs only a nominal share capital to start operating. Directors and a company secretary must be appointed and, as soon as possible, a public officer for taxation purposes. For proprietary companies, there must be at least two directors, one of whom must be an Australian resident. Public companies must have at least three directors, two of whom must be residents of Australia. Directors are not necessarily active in the daily management of the company but are responsible for the actions of the management of the business. Australia`s Corporations Law is very specific about the business` books of accounts, and it is advisable to seek professional assistance, at least initially. Within a month of the first and every general meeting, companies must provide the Australian Securities and Investments Commission (ASIC) with their directors` names, ages, addresses, company shareholdings, and other public company directorships. The appointment of additional directors, company secretary, and auditor should be made at this time as well. You can get in touch with the Australian Securities and Investments Commission in their national office at: Level 18
135 King Street
Sydney, NSW 2000
Tel: +61-2 9911-200
Fax: +61-2 9911 2030 or send your inquiries to: GPO Box 4866
Sydney, NSW 2001
DX 653 Sydney
ASIC has a Business Centre at: Level 8, City Centre Tower
55 Market Street
GPO Box 9854
Sydney, NSW 2001
Tel: +61-2 9911-2500
Fax: +61-2 9911-2550
Hours: 9 a.m. to 5 p.m.
ASIC also has an Infoline you can e-mail at: infoline@asc.gov.au Company in Details The company secretary is responsible for statutory duties and must be an Australian resident. Public companies must have at least 5 members, while proprietary companies need only two. Wholly owned subsidiaries, public or proprietary, have no minimum requirement. A proprietary company must have between 2 and 50 shareholders, whereas public companies must have a minimum of 5 shareholders with no maximum. Shares may be sold for cash or otherwise, but details must be reported to the ASIC. The minimum time required for establishing a company is between 3-4 days, and the ASIC fees must be paid during registration. Setting up a company from scratch may take one to two weeks from date of application and will cost approximately A$750, plus solicitor/accountant fees. Establishing a brand new company involves deciding on a company name, gathering suitable Memorandum and Articles of Association (i.e. the company`s constitution documents), submitting these and other documentation to the ASIC, and obtaining a Certificate of Incorporation. All companies operating in Australia are issued with a registration number known as the Australian Company Number which also functions as a company identifier. If you need to purchase a company quickly, agents and solicitors normally have ready-made companies to be bought off the shelf. Shelf companies can be purchased from $700-$800 from company registration agents. However, the company name may be unsuitable, and amendments have to be made to the Memorandum and Articles of Association. A change of name normally takes 4 weeks to process;
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