【Dry goods】2023 latest registration of Australian companies process and follow-up maintenance work

Australian company registration conditions

1. Company name: the name of the Australian company to be registered (English), the name must end with PTY LTD or PTY LIMITED;

2. Registered capital: minimum AUD 1,000;

3. Company directors and shareholders: a copy of ID card or passport; such as the company to provide the company business license, articles of association scanned (business license should be provided together with the English translation version).

Must provide a local Australian as a local director, if it is a foreigner who has lived in the local area for more than 183 days and has a local tax number can also be used as a local director.

If the director/shareholder is a foreigner/enterprise needs to be notarized, clear scanned copies of the corresponding documents must be provided, no cell phone photos;

4. Business Scope: In principle, there are not too many restrictions on the company's business scope; financial, banking, credit, insurance and other special industries, to have the appropriate license;

5. Registered address: Sydney, our company provides registered address, such as to be registered in other places, the need for customers to provide their own.

Registration Process

1. Signing of power of attorney, agreement, registration form and delivery of registration fee;

2. Declaration of compliance with the law;

3. standard or pre-prepared Articles of Incorporation and Memorandum of Association;

4. Investment intention plan;

5. 15 working days to check the company registration on the Australian government website;

6. ASIC filing, TFN ABN application takes about 28 working days.

Documents

1. Certificate of Incorporation of an Australian company;

2.Australian company memorandum of organization;

3.Australian company share certificate;

4.Minutes of meetings of Australian directors and shareholders;

5.Australian company seal;

6. Australian company shareholder and director registration information document (English);

7.Filing with ASIC, TFN and ABN application.

Follow-up maintenance work

一、Annual Audit:

The annual audit fee includes the cost of our secretarial services, government fees, registered address fees, and the cost of receiving mail on behalf of the company.

二、Tax Returns：

Treatment of corporate income tax, personal income tax and VAT:

1.Corporate Income Tax:

For companies that do not have any operations, do not have open accounts, and will not open accounts at a later date, the corporate income tax can be filed at zero.

The cost of doing accounts and filing taxes for companies that have operations or open accounts depends on the amount of business the company does and the amount of time it takes to do the accounts and file the taxes as well as the clarity of the materials provided.

The financial year of an Australian company runs from July 1 of the current year to June 30 of the following year.

Income tax is 25% for small businesses and at the basic rate, and 30% for large businesses (with a turnover of more than $50 million per year) and at the non-basic rate, and is levied as a percentage of net profit.

2.GST:

All expenses as well as income include GST, which is 10% on all items.

Australian companies with a turnover of less than AUD 75,000 do not need to pay GST, and if the turnover is more than AUD 75,000 you need to file quarterly returns.

Corporate income tax and consumption tax returns need to be filed by local licensed accountants in Australia, while Australian residents can only file tax returns through local tax agents or on their own. When filing the corporate income tax return, you need to provide the account vouchers, profit and loss account, balance sheet and VAT taxable summary for the whole fiscal year.

3.Personal Income Tax (PIT) is payable by Australian Tax Residents (ATRs) or non-ATRs at the following rates. Non-Australian tax residents are not required to file a tax return if they earn less than AUD$1 per year.