Incorporation of Company
Onshore Jurisdictions
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Australia
Australia is 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 an advantageous tax system, and therefore benefits from a superior image with entrepreneurs and government bodies. Furthermore, it is not included in any “black list”. The most common form of business entity in Australia is the Proprietary Company Limited by Shares (Pty. Ltd.). An Australian resident company is a prestigious instrument due to its taxable status and rare use in business practice. There are relatively high registration fees and costs for further maintenance of the company, which accounts for its rare use in business practice. An Australian Pty is a tax-paying company which is obliged to file financial statements and a tax report annually.
| Principal Corporate Legislation: | The Corporations Act 2001 as amended |
| Type of Law: | The Corporations Act 2001 as amended |
| Language of Legislation and Corporate Documents: | English |
| Type of Company for International Trade, Investment & Tax Planning: | Proprietary Company (Limited by Shares)
Proprietary Company (Unlimited with Share Capital) Public Company (Limited by Shares) Public Company (Limited by Guarantee) Public Company (Unlimited with Share Capital) Public Company (No Liability Company) |
Australia - Proprietary Company (Limited by Shares)
Share Capital
The Corporations Act no longer provides for the concepts of a company having a stated Authorsed Capital or a "par" value for its shares. A company can issue up to any amount of shares it wants to and within reason, at any value.
Classes of Share Available
Registered shares, preference shares, redeemable shares and shares with or without voting rights.
Bearer Shares
Not permitted.
Restrictions on Trading
Banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship business provision are not permitted.
Registered Office Required
Yes, must be maintained in Australia.
Directors
The minimum number of directors is one. Director can be of any nationality and need not be resident but at least one director must be a resident of Australia. Corporate directors are not permitted.
Shareholders
The minimum number of shareholders is one.
Publicly Accessible Records
Yes.
Nominee Shareholders and Nominee Directors
Allowed.
Location of Meetings of Directors and Shareholders
Anywhere.
Disclosure of Beneficial Ownership to Authorities
No.
Personal Presence Required
No.
Taxation
30%
Double Taxation Treaty Access
Yes.
Requirements to File Accounts
Not required for small companies.
Requirement to File Annual Return
None.
Audit Requirements
Not required for small companies.
Currency
Australian Dollar (AUD).
Exchange Control
None.
Language of Name
English.
Restricted Words
Words such as "Assurance", "Bank", "Building Society", "Royal", "Trust Company", "Trustee Company" etc. will require justification.
Name of a Company
The words "Proprietary Limited" or "Pty. Ltd." must be part of the name of every company.
Time to Incorporate
Two days.
Australia - Proprietary Company (Unlimited with Share Capital)
Share Capital
The Corporations Act no longer provides for the concepts of a company having a stated Authorsed Capital or a "par" value for its shares. A company can issue up to any amount of shares it wants to and within reason, at any value.
Classes of Share Available
Registered shares, preference shares, redeemable shares and shares with or without voting rights.
Bearer Shares
Not permitted.
Restrictions on Trading
Banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship business provision are not permitted.
Registered Office Required
Yes, must be maintained in Australia.
Directors
The minimum number of directors is one. Director can be of any nationality and need not be resident but at least one director must be a resident of Australia. Corporate directors are not permitted.
Shareholders
The minimum number of shareholders is one.
Publicly Accessible Records
Yes.
Nominee Shareholders and Nominee Directors
Allowed.
Location of Meetings of Directors and Shareholders
Anywhere.
Disclosure of Beneficial Ownership to Authorities
No.
Personal Presence Required
No.
Taxation
30%.
Double Taxation Treaty Access
Yes.
Requirements to File Accounts
Not required for small companies.
Requirement to File Annual Return
None.
Audit Requirements
Not required for small companies
Currency
Australian Dollar (AUD).
Exchange Control
None.
Language of Name
English.
Restricted Words
Words such as "Assurance", "Bank", "Building Society", "Royal", "Trust Company", "Trustee Company" etc. will require justification.
Name of a Company
The words "Proprietary" or "Pty." must be part of the name of every company.
Time to Incorporate
Two days.
Australia - Public Company (Limited by Shares)
Share Capital
The Corporations Act no longer provides for the concepts of a company having a stated Authorised Capital or a "par" value for its shares. A company can issue up to any amount of shares it wants to and within reason, at any value.
Classes of Share Available
Registered shares, preference shares, redeemable shares and shares with or without voting rights.
Bearer Shares
Not permitted.
Restrictions on Trading
Banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship business provision are not permitted.
Registered Office Required
Yes, must be maintained in Australia.
Directors
The minimum number of directors is one. Director can be of any nationality and need not be resident but at least one director must be a resident of Australia. Corporate directors are not permitted.
Shareholders
The minimum number of shareholders is one.
Publicly Accessible Records
Yes.
Nominee Shareholders and Nominee Directors
Allowed.
Location of Meetings of Directors and Shareholders
Anywhere.
Disclosure of Beneficial Ownership to Authorities
No.
Personal Presence Required
No.
Taxation
30%.
Double Taxation Treaty Access
Yes.
Requirements to File Accounts
Not required for small companies.
Requirement to File Annual Return
None.
Audit Requirements
Not required for small companies.
Currency
Australian Dollar (AUD).
Exchange Control
None.
Language of Name
English.
Restricted Words
Words such as "Assurance", "Bank", "Building Society", "Royal", "Trust Company", "Trustee Company" etc. will require justification.
Name of a Company
The words "Limited" or "Ltd." must be part of the name of every company.
Time to Incorporate
Two days.
Australia - Public Company (Limited by Guarantee)
Share Capital
The Corporations Act no longer provides for the concepts of a company having a stated Authorised Capital or a "par" value for its shares. A company can issue up to any amount of shares it wants to and within reason, at any value.
Classes of Share Available
Registered shares, preference shares, redeemable shares and shares with or without voting rights.
Bearer Shares
Not permitted.
Restrictions on Trading
Banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship business provision are not permitted.
Registered Office Required
Yes, must be maintained in Australia.
Directors
The minimum number of directors is one. Director can be of any nationality and need not be resident but at least one director must be a resident of Australia. Corporate directors are not permitted.
Shareholders
The minimum number of shareholders is one.
Publicly Accessible Records
Yes.
Nominee Shareholders and Nominee Directors
Allowed.
Location of Meetings of Directors and Shareholders
Anywhere.
Disclosure of Beneficial Ownership to Authorities No.
No.
Personal Presence Required
No.
Taxation
30%.
Double Taxation Treaty Access
Yes.
Requirements to File Accounts
Not required for small companies.
Requirement to File Annual Return
None.
Audit Requirements
Not required for small companies.
Currency
Australian Dollar (AUD).
Exchange Control
None.
Language of Name
English.
Restricted Words
Words such as "Assurance", "Bank", "Building Society", "Royal", "Trust Company", "Trustee Company" etc. will require justification.
Name of a Company
The words "Limited" or "Ltd." must be part of the name of every company.
Time to Incorporate
Two days.
Australia - Public Company (Unlimited with Share Capital)
Share Capital
The Corporations Act no longer provides for the concepts of a company having a stated Authorised Capital or a "par" value for its shares. A company can issue up to any amount of shares it wants to and within reason, at any value.
Classes of Share Available
Registered shares, preference shares, redeemable shares and shares with or without voting rights.
Bearer Shares
Not permitted.
Restrictions on Trading
Banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship business provision are not permitted.
Registered Office Required
Yes, must be maintained in Australia.
Directors
The minimum number of directors is one. Director can be of any nationality and need not be resident but at least one director must be a resident of Australia. Corporate directors are not permitted.
Shareholders
The minimum number of shareholders is one.
Publicly Accessible Records
Yes.
Nominee Shareholders and Nominee Directors
Allowed.
Location of Meetings of Directors and Shareholders
Anywhere.
Disclosure of Beneficial Ownership to Authorities
No.
Personal Presence Required
No.
Taxation
30%.
Double Taxation Treaty Access
Yes.
Requirements to File Accounts
Not required for small companies.
Requirement to File Annual Return
None.
Audit Requirements
Not required for small companies
Currency
Australian Dollar (AUD).
Exchange Control
None.
Language of Name
English.
Restricted Words
Words such as "Assurance", "Bank", "Building Society", "Royal", "Trust Company", "Trustee Company" etc. will require justification.
Time to Incorporate
Two days.
Australia - Public Company (No Liability Company)
Share Capital
The Corporations Act no longer provides for the concepts of a company having a stated Authorised Capital or a "par" value for its shares. A company can issue up to any amount of shares it wants to and within reason, at any value.
Classes of Share Available
Registered shares, preference shares, redeemable shares and shares with or without voting rights.
Bearer Shares
Not permitted.
Restrictions on Trading
Banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship business provision are not permitted.
Registered Office Required
Yes, must be maintained in Australia.
Directors
The minimum number of directors is one. Director can be of any nationality and need not be resident but at least one director must be a resident of Australia. Corporate directors are not permitted.
Shareholders
The minimum number of shareholders is one.
Publicly Accessible Records
Yes.
Nominee Shareholders and Nominee Directors
Allowed.
Location of Meetings of Directors and Shareholders
Anywhere.
Disclosure of Beneficial Ownership to Authorities
No.
Personal Presence Required
No.
Taxation
30%.
Double Taxation Treaty Access
Yes.
Requirements to File Accounts
Not required for small companies.
Requirement to File Annual Return
None.
Audit Requirements
Not required for small companies.
Currency
Australian Dollar (AUD).
Exchange Control
None.
Language of Name
English.
Restricted Words
Words such as "Assurance", "Bank", "Building Society", "Royal", "Trust Company", "Trustee Company" etc. will require justification.
Name of a Company
The words "No Liability" or "N.L." must be part of the name of every company.
Time to Incorporate
Two days.
Cost of Formation: Request a quotation
Please contact us for your free initial consultation.
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