Foreign Company Formation Melbourne Australia
Foreign investors who want to expand their business in Australia can pick up from various tax structures that would suit the business’s requirements in Australia. For the scope of this article, we are focusing on companies which are established overseas and are looking to register their business in Australia as a Company.
The process of forming a foreign company is quite complex and also time consuming. However, knowing what requirements and processes are involved will go a long way in ensuring that your registration is granted quickly.
The Australian Securities and Investments Commission (ASIC) is the regulatory authority for all businesses setup under a company arrangement. ASIC has strict guidelines on which companies are allowed to operate. Such businesses can have permission to register a foreign company in Australia by following ASIC’s guidelines to be able to function as a company in Australia officially. These registered foreign companies in Australia have similar rights and features to any other local company registered in Australia.
Below are the requirements and considerations to be taken into account if you want to start up and operate a foreign company in Australia:
- The Corporations Act 2001 requires every Australian Proprietary Limited Company to have at least one director who ordinarily resides in Australia, to appoint a local agent and to have a registered office in Australia
- An important aspect of a foreign company setup is the appointment of a local agent who will be liable for all acts and matters of the company and will also be the contact person in all matters pertaining to ASIC. A local agent can be a person or a corporate entity
- In the process of registering a foreign company, certified copies of documents such as a certificate of registration, constitution, memorandum of association and/or articles of association as applicable in place of its origin will be required to be provided upon request
- After all the documents are submitted along with the duly completed application forms to ASIC, they will formally approve and register the company in Australia. A unique registration number will be issued which will then have to be included in all public documents along with the name of company and its place of origin
- Similar to an Australian company that has tax obligations, a foreign company in Australia is required to lodge the annual financials with ASIC each year. Financials generally reflect the financial position and viability of the business and they must include the general reports such as balance sheets, profit and losses and cash flows in their annual submissions to ASIC
A One Accountants can not only provide a resident director for your company, but we can also act as your local agents. If you are thinking of forming a foreign company, or registering a similar business in Australia, we can put your apprehensions to rest. Feel free to contact us on 03 8609 1889 and we will assist you with any enquiries you may have and throughout this process.