Before you begin the online application form to register your new company, you must ensure that you have the following information at the ready:
- A company name
- A registered office address – this must be a physical street address, not a PO BOX, to where ASIC will send specific notices and on some occasions deliver service documents in person
- Place of business address – often the same as the registered office address. Again, must be a physical street address
- Director/Secretary details – full name, residential address, date and place of birth. At least one director must reside within Australia
- From 1st November 2021 newly appointed directors will need to apply for a Director ID within 28 days of appointment (registration).
- Shareholder details – Full name/company name (can be individual or company), residential address, share distribution
Registering a company involves several key steps and requires various pieces of information. Initially, you must decide on a company name that is not already in use and reflects the legal status of the company, such as "Pty Ltd" for a proprietary limited company in Australia. You will also need to choose whether your company will be proprietary or public and understand the legal obligations that come with each type. A physical street address for the registered office of the company is necessary, as this is where official documents will be sent. It's important to note that a P.O. Box is not acceptable for this purpose.
Directors of the company must apply for a Director Identification Number (DIN), which is a new requirement to enhance corporate transparency. The share structure of the company must be decided upon, including the number and value of shares that will be issued. Shareholders, or members, need to be identified, and their personal details recorded. This includes their name, address, and the number of shares they hold.
For proprietary companies, you must decide if the company will be limited by shares or unlimited with a share capital, which affects the liability of shareholders. The internal governance of the company must be established, either through replaceable rules provided by the Corporations Act 2001 or a custom constitution.
Furthermore, you'll need to choose your company's officeholders and ensure that their consents to act in their respective roles are documented. Financial records must be maintained from the start, and you should be prepared to fulfill ongoing legal requirements, such as updating ASIC on key changes and paying necessary fees.
Lastly, it's advisable to seek professional advice to navigate the complexities of company registration and ensure compliance with all legal requirements. This can help avoid any potential issues down the line and ensure that the registration process goes smoothly. Remember, the specific requirements can vary depending on the jurisdiction and the type of company you are registering, so it's crucial to consult the relevant government or regulatory body's guidelines.