Benefits of Company Formation in Australia

Company Formation & Registration Services in Australia

Australia, officially known as the Commonwealth of Australia, is one of the world’s most highly urbanized countries. Bordered to the west by the Indian Ocean and to the east by the South Pacific Ocean, Australia is famous for its beaches, wide open spaces, and deserts. Australia is an important exporter of agricultural goods like wool, wheat, beef, fruit, and wine. The country is also rich in minerals and metals and is the world's fourth-largest producer of gold. It is a unique and diverse country in every way – culture, population, history, climate, and geography.

Types of Business Entities in Australia

For setting up a company in Australia, one can choose from among the following business entities:

 1. Sole Trader

This is one of the least expensive options as it involves just one person who controls all business-related decisions. A company’s income (including capital gains and dividends) is taxed at 30% in Australia. A tax-free threshold doesn’t apply. And all the business documentation must be maintained for 5 years. The new financial year in Australia starts on the 1^st of July. Therefore, the tax returns must be submitted before June 30^th. If your business’s annual turnover exceeds 75k AUD, you must get registered to pay the Goods and Services Tax.

 2. Limited Liability Partnership

This business entity allows one to join hands with multiple people and share income. However, all the partners are personally responsible for business debts and actions against the partnership. And before registration, the agreement should involve role specification, measures of liability, and authorities of all the partners.

 3. Trust

It is a business formation whose profit is given to the beneficiaries. It implies a trustee (either an individual or a company) who manages the trust’s assets, does business, and distributes profits in favor of beneficiaries according to the written document called the trust deed. If the trust does business under a name other than its own, the name must be registered as a business name with ASIC (Australian Securities and Investment Commission).

 4. Private Limited Company

This type of entity can be formed in Australia with only one shareholder, one director, and no minimum paid-up capital, and foreigners living outside Australia have to appoint at least one director living in Australia. Also, the PLC must appoint a public officer responsible for paying taxes and dealing with the country’s tax office.

 5. Branch

Foreign corporations can register a local branch of their overseas company. Setting up a foreign company in Australia is simple as it only requires (i) the appointment of a local agent allowed by the foreign company to accept services on behalf of the foreign company and (ii) a registered address in Australia. The annual financial statement of the branch must be submitted to the Australian Companies Registrar (ASIC).

 6. Representative Office

If a foreign company located in Australia does not intend to carry on business in Australia may seek an Australian Representative Office. Such an office must, however, only engage in activities that will not amount to carrying on the business.

Benefits of Incorporating a Company in Australia

A company in Australia enjoys the following advantages:

• With over two decades of uninterrupted economic growth, Australia provides a safe, low-risk environment for trade and business.
• The Australian labor force is one of the most educated, skilled, multicultural and multilingual in the world.
• For six years in a row, Australia has been ranked third on the Index of Economic Freedom.  It is ranked 10th for ease of doing business and fourth when compared to economies with a large population.
• Due to its strategic geographical location, the nation has longstanding trade, investment, and cultural links with the fast-growing Asia-Pacific region.
• The government of Australia is pro-business and has numerical support services for start-ups.

Who We Are

Business Setup Worldwide is a platform to help you start your business in Australia. We help you set up your business by providing a wide range of services like company formation, registration, secretarial services, intellectual property and accounting and book-keeping. Doing business in Australia can be challenging if you are unaware of the rules and regulations and the business setup procedures. But fret not – our team of experienced advisors and consultants in Australia can help you out with the legal and business formalities of starting a business in Australia with the most appropriate corporate and income tax setup, to fast-track the growth of your company.

Why Us?

Business Setup Worldwide has a set of talented professionals who can guide you through the company registration process and consulting services. Our advisors take care of the entire Banking, Visa, Legal, and Licensing formalities, in accordance with the Australian laws. Our commitment to professionalism, business-oriented experience across various domains, proactive learning in the ever-changing global environment, and the ability to conceive innovative strategies and provide comprehensive support in executing such strategies distinguish Business Setup Worldwide and provide you the competitive edge to scale your company. If you are thinking of setting up a business in Australia, do reach out to us.

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