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There are various benefits of company registration in Australia. Australia has been witnessing an economic boom and growth for so many years. There are several business options available in Australia to enter the Australian market. The alternative is with the investor to join in the Australian market, to enter with the new Company, or with the foreign Company acquiring another company.
Several factors should be taken by the investor before planning company registration in Australia. The investor either needs to select a new Company or a foreign company or acquiring an existing company. A number of business structures are available, and each has its regulations.
This type of Company has a complex structure. It is established as a separate legal entity. The shareholders and directors are not personally liable for any liability or debt arising out of the company operations. The directors are responsible for business operations, but they are not the owners of the Company.
The company Incorporation in Australia can be done through ASIC- Australian Securities and Investment Commission. The Company as an LLC has to file the tax returns annually with the ATO.
The minimum number of members are required to start the partnership are two. The total members/maximum member’s necessary to constitute the partnership business is twenty.
There are 2 kinds of Partnership business in Australia:
The cost of formation is inexpensive in Australia. The characteristics of the partnership are:
A partnership business is required to file: Annual Tax to the Returns at -ATO- Australian Tax Office and Individual Tax File Number is necessary for this purpose. The partnership can use the CAN- Australian Company Number, which is allotted to it. The GST registration is mandatory if the total worth of partnership is $75,000.
It is essential to register for GST by obtaining digital Australian Business Number if the annual turnover is $75,000.
The Company will have to pay Corporate Tax @27.5% if the annual income is less than AUD 2 Million in a financial year.
If the annual turnover of the Company is more than AUD 75,000 in a financial year, one has to submit an online application, to get the ABN at the entry of the business.
The ASIC- Australian Securities and Investment Commission is the primary regulatory authority for Company Registration in Australia.
Every Registered Company has to obtain the ABN- Australian Business Number, which is 11 digit unique identification numbers for Company Registration in Australia.
Steps as follows:
ABN for the Company-
The Company must have the requisite Tax File Number-TFN, where it can apply for certain exemptions.
As per the Corporations Act, a company is listed as a ‘foreign company’ when it is a company from outside of Australia. Like every other Company, the Company must be registered with ASIC to practice business in Australia.
It can be concluded that all these steps must be fulfilled to get registered in Australia. The benefits of company registration in Australia are that due to the lowest tax rates, it becomes a favorite destination for the investors. Where the corporate tax rates are only 27.5% and fewer compliance difficulties are faced by the investors. Forming the Private Company reduces the tax bills.
Read our article:Registered Office Requirement for Private Limited Company