In a registered Australian company, the key positions typically include the director, secretary, shareholder, and public officer. Directors are responsible for the overall management and operation of the company, ensuring compliance with legal obligations and maintaining accurate records. They must also inform the Australian Securities and Investments Commission (ASIC) of any significant changes.
Shareholders, or members, are the owners of the company and have a stake in its success. The secretary's role is to ensure the company adheres to relevant legislation and that directors' decisions are implemented. A public officer acts as the company's representative in tax matters with the Australian Tax Office (ATO).
Additionally, there may be other roles such as the applicant, who is responsible for registering the company. It's important to note that all company officers have legal responsibilities under the Corporations Act 2001, and must be at least 18 years old. Certain conditions, such as bankruptcy or previous convictions related to dishonesty, can disqualify an individual from holding these positions. Please see below a brief overview of each position:
Director: Directors are individuals who are allocated to maintaining the running and operation of the company. Directors are obliged to keep accurate and up-to-date company records and inform the Australian Securities and Investments Commission (ASIC) in the event of any changes. Every pty ltd company must have at least one director.
Shareholder: A shareholder, or member, of a company can be either an individual or a body corporate. All companies must have at least one member. The members of the company are the owners of the company.
Applicant: The applicant is the person who is applying for the registration of the company. This person may have no other role in the company, other than applying for it on behalf of the directors and members. There must be at least one applicant in the company.
Secretary: The secretary’s role is to ensure that the company complies with all relevant legislation, directors decisions are implemented and industry regulations are followed.
Public Officer: A public officer is the person in charge of dealings with the Australian Tax Office (ATO) in relation to the company’s tax affairs, for instance record keeping and submitting company forms.