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For setting up a company in Australia follow these 8 steps

Before you set up a new company it’s important to know that there are many ways to structure a business.  Each carries with it different rights and obligations of which you should be aware before choosing the structure for your business.

One type of business structure is a company.  A company is a legal entity that is separate from the individuals who run it. You must register a company with the Australian Securities and Investments Commission (ASIC) and enables those behind the company to operate their business throughout Australia without needing to register in each Australian states and territory. You will also need to register an Australian Business Number (also known as an ABN). This company registration process can be done online.

Assuming you have chosen a company as your business structure, the steps to set up a company are set out below.

1. Will You Set Up a Company Yourself or Use a Service Provider?

You can complete the company registration process yourself using ASIC Form 201, which is available on the ASIC website, and by paying the applicable ASIC company fee.  Alternatively, you can register a company using a service provider that has software that deals directly with ASIC and pay the relevant ASIC fees.  You can deal with the service provider online or using hard copy forms, but in either case you pay a fee to the service provider in addition to the ASIC company fee.

2. Choose a Company or Business Name

In choosing a company name you should consider the following:

you must choose a company name.  If you do not use a company name, you can use the company’s Australian company number (ACN) as the company name;

  • your company name must show the company’s legal status.  For example, in Australia most companies are proprietary limited or pty ltd companies.  These are companies where the legal responsibility of the company’s members is limited to the amount unpaid on shares in the company;
  • you can only choose a name that is available. Here, you can search and reserve the name prior to registering a company;
  • there are limitations on what words and phrases can be used in a company name.

3. Choose Your Company’s Rules

Before you start a company you must decide what rules will apply to govern the company.  This can generally be:

  • the replaceable rules from the Corporations Act, which means that the company does not require its own written constitution; or
  • a constitution; or
  • a combination of the two.

However, if the company is a sole director or member proprietary company, you do not need a constitution.

4. Choose Your Shareholders and Directors

You must decide who will be the shareholders (also known as members) and directors of the company.  A company’s directors are the people who control the company.  You must have at least one director ordinarily resident in Australia and each director must be at least 18 years of age.

You must obtain a written consent from each person who has agreed to act as a director of the company and who has agreed to become a shareholder of the company.

5. Choose Your Share Structure

After you have chosen your shareholders you must decide how many shares will they each own and what class of shares will they own.  Ordinary shares are the most common.

6. Choose the State/Territory To Register Your Company In

A company can be registered in any state or territory of Australia. You must set up a company in one of the states or territories. You may also be required to register for GST. Once you are registered, you will receive a certificate of registration.

7. Choose the Principal Place of Business and Registered Office

A company must nominate a principal place of business and registered office.  If the registered office is not at premises occupied by the company then the occupier’s consent must first be obtained.

8. Complete the Relevant Paperwork or Online Form

After you have made all the decisions in steps 1 to 7 above and obtained the relevant consents then you can register the company (see step 1).

FAQ

What are the legal requirements of setting up a company in Australia?

If you wish to set up a company in Australia, you will need to make decisions about its corporate structure and register the company with ASIC. The legal requirements will depend on how you structure the company.

How do I determine the best structure of my company?

When determining the structure of your company, you will need to consider which structure will be the most practical for your business growth plans. If you are looking to bring on shareholders or directors, a company structure may be the best option compared to a sole trader.

How do I register my company with ASIC?

You can register your company with ASIC on their website or use a company registration provider. LegalVision’s business lawyers can assist you with this process.

How can I get help in drafting legal documents to set up my business?

When setting up your company, it is best to have an experienced business lawyer draft all the documents you will need.

What should I consider when choosing a company name?

When choosing a company name, you will need to make sure that it is not already registered by another business

Setting up a company requires some planning and know-how, but it’s not that difficult. Make sure you follow this checklist! If you need to register a company in Australia, contact with us.

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The best small business idea to start in Dubai

Dubai is the trading capital of the UAE, offering unlimited business opportunities. Several reasons make Dubai an attractive location for most business people. First, the connection between the rest of the world is sorted. It makes it easy for people to do business due to its strategic location and can be reached to various parts of the globe. Companies which are situated in Dubai have the future to reach over a billion people connecting through neighboring countries in the Middle East, Africa, Eastern Europe, West Asia, and CIS. One of the busiest and well-connected airports in the world is Dubai International Airport.

Many features make Dubai such a booming entrepreneurial scene. The leaders in Dubai are continuously improving the business environment for investors. Best facilities and reviewing its progressive policies are committed to being provided by them. If you have all the requirements, setting up a business is more comfortable. Fortunately, there are partners such as FDI Advisor who can help ease the procedure of setting up a business in Dubai.

List of top business opportunities in Dubai

There are enough opportunities in various industries if you are looking to start a business in Dubai. Here are the top listed business opportunities in Dubai, which are small initially with minimal capital but a healthy Return On Investment (ROI):

Advertising

The advertising industry and digital media continues to show signs of growth. There is a massive opportunity for advertising professionals in Dubai. There are several business models and avenues you can consider if you are planning to get into this industry. Brand development, animation, 3D modelling, and media buying are some of the top advertising business opportunities. Advertising campaign developing, outdoor speciality advertising is included in others.

E-Commerce

A growing sector worldwide, eCommerce for which Dubai has many opportunities. It is not that well developed as in the US, Europe, or China, but the exciting thing here is that there are a lot of shoppers that you can target. Their shopping experience can be made adventurous and more convenient by connecting them with local retailers.

Bookkeeping

There is a request for professionals and firms that offer bookkeeping services, including various large and medium-sized firms in Dubai and the whole of the UAE. There are opportunities for people who have a background in finance and accounting. You’ll be needing almost zero capital to start a bookkeeping firm in Dubai.

Consulting

The most profitable business opportunities in Dubai are offering consulting services. The benefits outweigh the challenges that come through the demand for the extensive experience. Make sure you have all the significant licenses from the authorities before you start a consultancy business in Dubai.

Real Estate

Real estate is one of the considerable industries in the UAE today. The tallest building in the world is in Dubai; the Burj Khalifa. It also has many residential and commercial projects, artificial islands, the biggest malls, and many skyscrapers. Therefore, there are various opportunities in different segments of real estate. There is real estate development, property management, or brokerage, and you can decide which one to venture in. The vast population of Dubai expatriates who need properties to buy or rent, the reason why this city makes real estate so lucrative and a large number of visitors the city receives each year. You need to have all the licenses to operate if you are planning to set up a real estate agency in Dubai.

Apparel

Dubai is famous for many things, fashion apparel being one of them. It is a popular shopping destination for millions of customers from around the world coverage here to shop. Thus, if you are a fashion enthusiast, this could be a business opportunity that would connect you with customers worldwide. Be it the supply of women’s clothing, men’s clothing or kids wear, there is a high demand in Dubai. If your central point is on trendy models such as alteration service, boutique shop, children’s designer clothing, costume rental, custom button making, or any other similar model, you will get better returns.

Education

Dubai has one of the unique features, the presence of a vast number of expats of various nationalities. Therefore, anyone who can set up speciality schools, there is a big opportunity. To target working populations in fragments such as IT, hospitality and the arts; there are also opportunities for these industries. Certifications, licenses, and infrastructure are the main requirements. You can buy a franchise if you don’t want to start a new school.

Transportation

Dubai is a heaven for tourism. There are many unexhausted opportunities in the transport sector. Transportation gets directly benefited from tourism. Therefore, starting a transportation company in Dubai that can yield an impressive return for a passionate entrepreneur. The openings range from trans-city transport services to local taxi services. There is a high chance that this will have a direct impact on critical sectors, such as transportation because the economy of the country is expected to grow shortly. 

Security

There is less concern for safety in Dubai as compared to other cities in the developed countries, businesses, and individuals here are not leaving anything to chance. For guards and security gadgets to protect the assets of the company, they need security firms who can offer these services. If you have enough knowledge in business and resources to set up a private security firm in Dubai, there is a huge demand. You can sell your assets to security systems and equipment even if you don’t want to get directly into protecting assets for the clients.

Recruitment Agency

As the economy pursues to grow, the demand for skilled labour is ever rising. Industries are driven with the help of the skilled workforce. Many businesses are setting up offices in Dubai each year. These companies sometimes face challenges in finding the right skills. Less than 1 per cent is made up of the indigenous population. The language barrier is also a challenge. There is a prepared market for recruitment agencies, and apart from demand, recruitment agencies have been made such a lucrative opportunity as they need minimal capital.

You have now identified a profitable idea from the above list of business opportunities and growth in Dubai. For the legal requirements and procedures, you do not have to worry because FDI Advisor is here to assist you. Although Dubai is a lucrative business destination, remember there are rules that you have to research, learn and obey. You have nothing to agonize as long as you play by the books and some guidance from FDI Advisor. Contact us today!