Registering your company can be a long and tedious process. The steps to registration are time-sensitive and involve several departments. However, if you approach the process correctly, you can avoid potential pitfalls that may lead to delay or even cost you money in demurrage fines. Fortunately, it is possible to register your company online in almost all cases – so this process has become much less complicated than in the past when paper forms had to be filled out and sent by snail mail.
The following information will help guide you through the correct steps for online registration depending on your eligibility status. To know more on how to register online, check company 123.
1) Are You Eligible?
If you were registered as a Pty (Ltd.) Company (Pty Ltd) before 1 November 2006, then you are eligible to register your company online. If you were registered as a Mutual Company (Pty) Limited or as a Friendly Society before 1 November 2006, then you are not allowed to register your company online and will have to complete the traditional process by filling out forms and posting them through the mail. The only other way for mutual companies or friendly societies to access the online registration system would be to convert into a Companies Act Pty Ltd Company or a Mutual Company (Pty) Limited respectively.
2) How To Register Your Company Online
Go to the ASIC website at www.asic.gov.au and click on the link “Register Online”. The page that loads will contain further links that you need to follow, including “Getting Started”, “What To Do Next?” and “Checklist For Completing The Application”. It is best not to skip any steps! Be sure to read each section carefully before moving on because several forms will need to be filled out along the way which can all be found under “Forms” in this section of the website [with links]. [Include screenshots from various stages.]
Another important thing to remember while going through this process is that you cannot save a form if you have left it incomplete. You will need to complete the whole form before you can move on.
This is not a complicated process and it should take no more than about 15 minutes.
3) Choosing A Name For Your Company
A business name has to be unique, descriptive and different from other names on record with ASIC. To set up a company, you will need to apply for your company name at ASIC Connect. You will be asked to search three times before you are allowed to register.
It is advisable not to choose a name that is too common because this may cause problems in the future when other companies try to register under the same name and ASIC rejects these requests because they already have an “on record” company under that name.
4) Completing Your Company Registration Details
First, you have to choose the type of company that you would like to register with, being either a Public or Private Company. The main difference between these two types is that a private company can only have shareholders while a public company must have at least one shareholder other than the company itself.
The number of directors is also different for each type with minimum numbers required depending on which type you choose.
There is a brief description of what is required for both types with some information under “Public Company” which you will need to use to register your company.
You are also able to choose whether you would like your business name displayed on the ASIC Register or not, although this may be quite an important factor if you are planning on running your company privately rather than publicly. We recommend that you keep it registered, especially if you have other companies already using your name.
Next, fill out the details of the address where the company’s records will be kept and sign or date them electronically. You can use any physical office location within Australia for this purpose, but after registering make sure that all correspondence goes through this location. You are allowed to have multiple offices if you would like, but the registered office will always remain the primary location and must at least be a physical address (PO Boxes or Post Offices cannot be used).
After that comes the part for details about your company’s directors and shareholders, which can include yourself and other members of your family as well as any other people who may plan on working in the company. All information provided needs to match those found on an official Identification Document such as a driver’s licence or passport. If those names match, then ASIC will assume those people are really who they say they are! That might sound silly but it is necessary because ASIC does not want to risk allowing criminals into businesses across Australia. It is also worth noting that the company shareholders who are individuals must be aged 18 or older as well as those who are companies.
Finally, it is time to register your company! You can submit all of this information either electronically using a credit card or by sending a hard copy. It is recommended that you use the website because it will scan your documents and make sure everything matches up correctly before allowing you to continue. If there are any problems, ASIC will contact you about them directly before your registration goes through. We advise you to read all provided information carefully before signing because once submitted, changes cannot be made even if they were filled in incorrectly several forms will. After going over everything carefully and providing what ASIC needs, then follow the prompts to pay for your registration fee which costs $100.