Let's walk through an example of How to set up a Pty Ltd company in Australia.
For this example, let's assume you're starting a consulting business called "ABC Consulting Pty Ltd."
- Choose a Business Name:
- Confirm that "ABC Consulting Pty Ltd" is available and complies with ASIC's naming rules. Check the ASIC website to ensure the name is not already registered.
- Apply for your director ID online here
- Register the Business Name:
- If the name is available, register it with ASIC. You can do this online through the ASIC Connect website.
- Obtain an Australian Business Number (ABN):
- Apply for an ABN through the Australian Business Register (ABR) online. Provide necessary information about your business, such as its structure and activities.
- Register for Goods and Services Tax (GST):
- If your projected annual turnover is $75,000 or more, register for GST during the ABN application process.
- Choose a Company Structure:
- Decide on the structure of your Pty Ltd company. Prepare the company's constitution, specifying rules for the company's internal management.
- Appoint Directors and a Company Secretary:
- Appoint yourself as the sole director. While a company secretary is optional, you choose not to appoint one.
- Share Structure:
- Decide on the share structure. Let's say you decide to issue 1,000 shares, and you, as the director, own all the shares.
- Complete Form 201:
- Fill out Form 201 – Application for registration as an Australian company. This form can be submitted online through the ASIC website. Provide information about the company, its directors, and the share structure.
- Pay the Required Fees:
- Pay the relevant fees associated with registering the company. As of my last knowledge update in January 2022, fees can be paid online through the ASIC portal.
- Receive Certificate of Registration:
- Once ASIC approves your application, you will receive a Certificate of Registration. This document officially confirms the registration of "ABC Consulting Pty Ltd."
- Meet Ongoing Compliance Requirements:
- Fulfill ongoing compliance requirements, such as filing annual financial statements and reports with ASIC. Stay updated on regulatory changes to ensure continued compliance.
Throughout this process, it's advisable to consult with professionals like accountants or business advisors to ensure that you've met all legal requirements and to receive guidance tailored to your specific business needs. How to set up a Pty Ltd company in Australia. At Australia Wide Tax Solutions we can do all of the above except apply for your Director Id, and have this set of your Company, for you to sign within 48 hours, speak to us today.