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Company Formation in Australia

Overview :

Australia offers a wealth of opportunity for businesses to succeed. Businesses can expect a stable and efficient regulatory environment, a highly skilled and multilingual workforce and a culture of innovation. Our unparalleled economic record, world-class industry capabilities and unique cultural and geographic advantages in the world’s fastest growing region all form part of Australia’s impressive reputation as an investment destination.

Advantages of Incorporating Business in Australia

Physical location in the market gives direct access to end-users

  • Enhanced relationships with local channel partners
  • Access to local knowledge and expertise
  • Positive stepping-stone for third market access, such as the United Kingdom, the United States or Asia.

Tax Regime

There are effectively no inheritance taxes.

  • GST of 10% on the consumption of most goods, services and property in Australia, including those that are imported, but generally it will not apply to exports of goods or services consumed outside Australia.
  • Temporary residents, such as inbound expatriates or business migrants, will be exempt from tax in Australia on any foreign-sourced investment income. They will also be subject to capital gains tax but on a narrower range of assets.

Types of Entities
Sole trader :

As the name implies, this business is owned by only one person. Characteristics of a Sole trader are that they are relatively easy and cheap to establish, owner has total control, owner receives all profits, owner is personally responsible for all debts and losses, business ceases upon owner’s death, reports aren’t required by outside parties unless applying for loans and tax returns

Partnership :

A partnership is any business with between two and twenty owners. A partnership can be formed without any particular legal processes being followed; however, it is usually wise to have a written agreement before commencing business. Characteristics of a partnership are skills and resources of owners are pooled, can reduce tax liabilities within a family, also relatively easy and cheap to establish, financial liabilities shared between owners, automatically ends with death of one partner in most cases.

Company :

A company is a separate entity to its owners and operates under its own names even if the ownership is altered. To establish, or finish, a company or corporation, various legal and legislative processes are required. The owners of a company are called shareholders and the company is managed by Directors. There are two categories of company – public and private. A public company is usually traded on the share market and the public is able to buy shares. A minimum of five shareholders is mandatory. A private company are not usually listed on the stock exchange and have restrictions on who can buy shares. Characteristics of a Company are owners and company are separate legal entities, so shareholders aren’t liable for company debts and loss, companies have different tax rates to individuals and this can be an advantage to many businesses

Time period

It usually takes 2 days to set up a business in Australia.