When starting a new business in Australia, you can choose to have any one of the below structures:
When registering the company, there are many aspects to be looked upon, like:
Decide if it will be limited or unlimited liability.
Will the company operations be based on replaceable rules or constitution?
Select appropriate company name.
Choose the state where you want the company to be registered.
Are majority shares of the new company owned by another parent company?
Decide who has the main titles like Director, secretary etc.
Some of these need acumen and deep understanding of company and tax laws. This comes only with experience. Thus having a right partner in the process of company formation can make a lot of difference to the game.
Registering a company is a lengthy process. You can get it done via two ways:
Reach out to any private experts like Crown biz. We have access to ASIC’s system. We can apply on your behalf and keep a track of your application.
Submit the form directly with ASIC. As you are starting the business, doing this yourself can cost a lot of time and efforts. Also, if any documents are missing, the process can take much longer.
Australian Business Number is a unique eleven digit number for your company. Before applying for ABN, you will need ACN. ABN is a way of showing your business identity to government and other public. It does not replace tax file number. Any existing or new business must have ABN. In few cases, you may not need the ABN. Check with our consultants at Crown biz before you apply for ABN.
Our team can help you:
Decide if an ABN is needed or not
If required, we can help in applying for the ABN
We shall complete all documentation and provide consultation
Keep a track of ABN application
If the business has been closed, we can help you cancel the ABN
Apply for any updates or change information on ABN
There are several benefits of having an ABN. Some of them are:
Information about the company available to public, making it more trustworthy
Save on PAYG tax
Get benefits on GST
Avail energy bequests credits
The best way to get the BAN is through a registered tax practitioner like Crown biz. We have assisted many existing and new ventures avail complete benefit with zero disturbance to business. Any queries, please ask our team today!!
PTY ltd stands for Proprietary Limited. This means the company is owned by privately. Further, each shareholder has liability to pay debts of the company limited by the percent of shared held. All small and medium businesses prefer to register as Proprietary Limited.
The ASIC has several requirements for a company to be registered as Pty Ltd. Most common are:
To have one director, one secretary and one shareholder to live in Australia.
Registered office should be in Australia
You can apply for Pty Ltd formation via authorized consultants or online. It may seem lucrative to apply online, but in reality it can be a cumbersome process. Crown biz has been working for several years as consultants. Our team can guide you on every step and suggest ways to expedite the work.You can save yourself from regular follow-up, as the consultant working with you will take care of it.
The charges for this service is very minimal. As an authorized consultants, we have access to some special system of ASCI. Using this, in many cases we can get the ACN number and certificate in less than thirty minutes. This system is available 24X7. If you are looking for Pty Ltd registration, ask more on how we can help you
For both PTY ltd and public companies, directors are mandatory. Any appointment of removal must be notified to ASIC. Some people who are blacklisted or are bankrupt cannot hold the position of director. In some instances, like failing to lodge PAYG, the director has personal liability.
For shareholders, proprietary and public companies have different requirements. Any changes to shareholder pattern in Pty ltd Company, member details must be shared with ASIC.
However, for public companies, only the structural change, that issue of shares or buyback of shared must be notified.
The director and shareholder information is public. Anyone can request access to it via ASIC.
Any changes to director and shareholders attracts several documentation. It must be updated correctly across all public systems so as there is no confusion. For this, always look for consultants who have proven records.
Crown biz has a team of experts, who work on this. They have handled several such cases in past. Their experience is invaluable. We ensure all documentation is done right and follow-up is kept.
If you are the owner then involving yourself in these tasks can cost you high. Your business needs your undivided attention. Leave this to the people who are proficient at it.
A company may decide to reduce or increase the total shares. There can be various strategic reasons behind such decisions. Irrespective of the reason, the process of change in share capital structure is very exhaustive. The shareholders must be informed and a resolution must be passed at a general meeting. Then, within a specified period of days of passing the resolution, required documents and forms must be submitted to ASIC.
The process of change in share capital structure is time sensitive. In case of public companies the scale increases manifold. A change can be brought by:
Change in number of shares
Change in class of shares
All these require initiating corporate actions for the public company. At this point, multiple parties come in picture. Like, investors, regulatory bodies, data vendors, brokers etc. Once the event is processed, changes must be reflected into the books of accounts. These are well-thought business decisions and smooth execution is must for its success. You need a team of people, who can work tirelessly, right from creation to settlement of the corporate event.
Crown biz has specialists who have steered many such corporate events in the Australian market successfully. Connect with our team today to know more on how we can help you.