Is your company set up for success?
A Comprehensive Guide to Setting Up Your Company for Success
Setting up a company demands careful consideration and adherence to specific procedures. This article is a concise guide to help you confidently navigate your company set-up.
Efficient company setup: streamlining the process
1. Company registration methods
Choose the most suitable method to register your company. Options include online registration or using a paper form.
Online registration through ASIC ensures quick approval, typically within 20 minutes. However, certain circumstances may necessitate a paper form submission, extending the process to three weeks.
2. Selecting a unique company name
Make sure that your chosen company name is distinct and not similar to existing ones.
Check for conflicts using the ASIC Register, business names register, and Australian Trade Mark Search. Note specific restrictions on words and expressions when naming your company.
3. Defining company rules
Determine the rules governing your company.
Options include adopting replaceable rules from the Corporations Act, creating a constitution, or a combination of both. Engage a lawyer to draft the constitution so it aligns with your company’s unique needs.
4. Appointing Shareholders & Directors
Decide on shareholders and directors, ensuring compliance with age and residency requirements. Obtain written consent from each appointed director to streamline the process.
5. Structuring share issuance
Choose the number of shares for each shareholder, including the class of shares.
Ordinary shares are standard, but you can create additional classes with specific rights and restrictions, such as preference shares or restricted rights.
6. Selecting the state/territory for registration
Choose the state or territory for company registration, considering its impact on government grants.
Changing the state or territory post-incorporation involves a complex process, including shareholder approval and ASIC notifications.
7. Designating business addresses
Nominate a principal place of business and a registered office, ensuring these addresses are not PO boxes.
Keep ASIC informed of any address changes within 28 days to avoid late notification fees.
8. Completing paperwork or online forms
Once decisions are made in steps 1 to 7, complete the relevant paperwork or online forms for company registration.
When you’re setting up your company, meticulous planning and understanding of the registration process pays off.
Following the steps in this guide is an efficient way to navigate the company set-up process. Incorrect details during registration, however, can lead to costly and time-consuming corrections.
It’s best to have a seasoned legal professional by your side. This way, you’ll ensure a seamless and compliant process for your business venture and be able to fully understand your obligations as a director or shareholder.
At Ballantyne Law, our experienced lawyers are specialists in corporate matters. We can provide you with invaluable insights and guidance tailored to your specific needs.
Don’t allow your company to get off on the wrong foot and hinder its success. Take the opportunity to have an expert step in to help safeguard your interests.
Contact us today, benefit from our legal expertise, and set the right foundation for a thriving business.
Reach out and arrange a consultation. Give your vision the professional legal support it deserves.
Contact our reliable lawyers on the Gold Coast now.
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