Company registration and bank account opening in Australia

Company registration and bank account opening in Australia

Australia is now an ideal place for expanding business and entering the global market. Its economic system ranks 14th in the world, and the last serious economic crisis occurred there a quarter of a century ago. A reliable banking system attracts the largest investors. Regulators are functioning well, and taxes, with skillful financial management can be legally minimized.

What would it take to start a company in Australia 2020

If the manager plans to do business remotely, the best solution for him or her would be to apply to a special company that provides services for the registration of firms. IT-OFFSHORE specialists will gladly take over the foreign business, freeing up the entrepreneur's time. A local director, at least a nominal one, is a mandatory requirement for starting a company in Australia.

However, the business owner will not be able to remain undercover, he too will have to provide a large package of documents for careful identification. All beneficiaries are required: copies of their passport and driver's license, a certificate from a bank confirming their registration address and a document confirming that they are not in arrears for utility payments.

In Australia, you can choose the business structure of the future firm from the following:

  • Sole trader;
  • Partnership;
  • Trust;
  • An unlimited company with share capital, limited company by shares or limited company by guarantee.

This is followed by registering the company with the Australian Securities & Investment Commission (ASIS) and obtaining ABN, the unique national business identifier, which is an 11-digit code. With the help of ABN, regulatory agencies monitor the company's operations. It is not necessary to take lightly the registration of a company as a taxpayer and obtaining an ACN number, because Australia is not an offshore jurisdiction. In order to minimize the amount of annual taxes without breaking the law, it is best to find a good lawyer.

In Australia, Internet technology is very developed, so the development of the company's website should begin at the stage of its registration. A quality website will improve the firm's rating and allow it to get new clients.

Typically, the procedure for registering a business in Australia takes no more than a week, and its last stage is to open a business account for non-cash financial transactions with clients and counterparties.

How to open a bank account in Australia 2020

Before opening a corporate bank account, you need to decide upon the main currency (AUD, EUR and USD) that the bank will serve. For a long time, the best ratings have been relevant for Commonwealth Bank, National Australia Bank, Westpac Banking Corporation, and ANZ. Then it is necessary to send electronic applications to several financial institutions at once, to fill out questionnaires and wait for approval (up to two weeks).

The process of opening an account in Australia is simplified to an extent, and the director may not even come to sign a service agreement. To open an account, a bank will need: an ASIC certificate, ACN and ABN numbers, legal address, license (if any), registration and activity details of the company, its name, and trademark, and identification details of all its owners.

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