Australia Company Formation From Overseas

Yes, you do. This is a legal requirement from ASIC (Australian Securities and Investment Commission). Any company that operates in Australia must have at least one director who is normally resident in Australia.

To be eligible as a company director you must be 18 years old or over, and not have been declared bankrupt.

In order to trade in Australia, setting up a legal entity is the quickest and easiest way to go. For example, to take out an office or warehouse lease, enter into a contract with suppliers, and employ staff, collect payments from your Australian customers, you will need to be registered.

Here are other advantages:

–  Create legitimacy and help with brand awareness

–  Limitation of personal liability

–  Be able to borrow and incur debt in Australia 

–  Possibility to sell shares and raise equity capital

–  Creating a more tax-efficient structure, appropriate to your situation

Australia also has special arrangements with many countries such as:

–  Free Trade Agreements (FTAs), allowing for uninterrupted trade

–  Double Taxation Avoidance Agreements (DTAA), allowing any money earned in Australia to be repatriated and not be taxed twice as an investor

This is a legal requirement in Australia, the reason being:

• To keep track of your business finances
• Track and control your business expenses and income
• Tax purposes and reporting obligations (note you are required to keep receipts and invoices for 7 years, and reconcile with your bank statement and accounts)
• To clearly separate your business and personal finances

With Sleek this process is fast and simple, once we have all the information required it takes us 3 business days to set up everything you need, including receiving your Certificate of Incorporation, your Australian Business Number (ABN) and Tax File Number (TFN).

• Identity documents for each Director and each Shareholder over 25%

Please note:

• If each Director and Shareholder already has an Australian Tax File Number (TFN), this can be used for proof of identity
• Anyone that doesn’t have a TFN will need to provide notarised, and preferably Apostille-stamped copies of physical identity documents (like passports, birth certificates, driver’s licenses, etc).  Sleek will guide you through this process and can show you how to make this process as quick as possible

The obligations of an Australian company are:

• Being registered for GST (if annual revenue is <$75,000)
• Register for PAYG if the company has employees
• Quarterly Business Activity Statement (BAS) submissions
• Submit an annual review statement and sign Director’s resolution of solvency
• Hold regular meetings and document  minutes of those meetings