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Everything You Must Know About Business Registration in Australia

  • June 4, 2022
  • 3 min read
  • 67 Views

Registering a company in Australia is very simple, as it has an exclusive system that takes care of company registration. As such, companies registered in Australia can operate within the country while complying with Australian laws and regulations. Also, it is a legal requirement for companies to establish their Australian business registration and validity.

What Is Business Registration?

Business registration is an attribute used to identify and regulate companies in the form of a legal entity in the country in which it is registered. It is a form of legal identity that is crucial to the operation and functioning of businesses.

So if you are unsure how to register your business, there is nothing to worry about, as business registration services are there to help. It formulates and implements business registration policies and procedures, including the time frames for undertaking business registration activities.

The business registration document highlights its purpose and ownership, and it ensures that the business operates lawfully. Moreover, it is used by businesses to list their assets and liabilities and their company’s directors and shareholders.

Information Required to Register a Business in Australia

Minimum Number of Directors and Shareholders

The minimum number of directors and shareholders is the first need to register a company in Australia. However, the requirements differ depending on the different kinds of entities.

Residency Regulations

This again differs with different kinds of entities. For instance, a proprietary company will require at least one director, and the director must reside within the country. Meanwhile, a public company will need a minimum of three directors, and at least two of them must live in Australia.

Minimum Age Requirements

Every director, shareholder, and others in key management positions must be above 18. Besides, everybody’s age proof has to be submitted for verification purposes.

FIRB Approval for a Non-Australian Is Mandatory

It is mandatory for a non-Australian to provide the FIRB ( Foreign Investment Review Board) approval certificate. Meanwhile, FIRB is a government organisation responsible for reviewing and recommending foreign investment proposals in every business.

Finally, following the business registration will take you to the end of the procedure. Business registration services will require one to choose the kind of business and name and reserve the company name, trademark registration,  registration, and post-registration formalities.

Benefits of Registering a Company in Australia

Take Advantage of Free Trade and Other Trade Agreements

Australia has one of the most liberal free-trade agreements in the world. Australia is currently a signatory to the Trans-Pacific Partnership (TPP) and the World Trade Organisation (WTO), which is allowing the Australian government to negotiate free trade deals with countries signatories to the TPP. Australia is also a member of the Australia-New Zealand-Indonesia Economic Partnership (ANZEEP), an organisation that aims to foster trade and investment between all three countries. So, all these kinds of trade developments will lead to undisputed trade by Australian businesses.

Enjoy the Stable Business Environment

Australia assures a stable business environment. With the increasing internationalisation of businesses, Australia is now experiencing a boom in multinationals. Besides, productivity, salaries, and the level of investment are high, making it an attractive destination for businesses.

The Australian entrepreneurial spirit has helped it grow into a significant trading power and has helped the country to become a major trading partner with all the developing nations. Thus, the business environment is super cool in Australia.

Thus, Australia is one of the best destinations for investing or starting a business, and one can enjoy the fast and easy formalities and earn a fortune with the help of trade favouring government policies.