Company incorporation and account opening in Australia

Company incorporation and account opening in Australia

Australia is a country located in the southern part of the hemisphere. It is the sixth-largest country in the world by area. Registering a company and opening an account in Australia is relevant for many businesspeople, as the country is developed and has a high GDP. The state has developed systems of health care and education.

Features of the country's economy

It is profitable to open a firm in Australia in 2020, given it is a highly developed country. Gross domestic product is higher than in some EU countries. Many cities of jurisdiction are included in the list of the most comfortable for living in the world.

The country is one of the leaders among the states on the quality of education, medicine, the standard of living, the stability of the political situation. In total, the jurisdiction is home to over 20 million people. The chemical and metallurgical industry as well as car construction are especially developed fields.

Agriculture is considered one of the main economic branches. The indicator of production for export and for domestic consumption is high. The country is considered one of the few countries where own companies producing and developing motor transport are located.

How to register a company in Australia

The country is considered loyal to non-residents. The main nuance of the local legislation is that a license may be required regardless of the form of business management. It is important to get a tax number, to keep reports and accounting; insurance of employees is obligatory. If a company makes profits outside of the jurisdiction, it is possible to obtain an exemption from paying taxes.

What types of companies can be registered in Australia:

  • Сlosed company with limited liability;
  • Open company;
  • Private enterprise;
  • Non-profit organisation;
  • Offshore company (offshore incorporation only).

You can buy a ready-made company or start a company from scratch. It is obligatory to have an agent. At least one director is required, who must be a citizen of the country. You need a minimum of 1 shareholder, who may have any citizenship. No requirements for mandatory audit, no currency control. It is quite difficult to start a company on your own in another country. To get answers to your questions, please contact our specialists at IT-OFFSHORE.

The benefits of doing business in Australia

The most popular directions for opening a company include financial services and insurance, as well as educational projects. You can develop your business in the tourism sector, for example, open a tour desk, hotel, etc. The alternative is to develop business in the sphere of medicine, provide services of diagnostics and care for disabled people. It is relevant to open a business in the sphere of construction, and repair and transportation.

Plus there is developed entrepreneurship in the country, given the availability of state support programs. The profit tax is relatively low. The Government additionally supports persons who open a business in underdeveloped areas of jurisdiction. In this case, you can get tax and social benefits.

Opening an account with Australia's top banks

To open a bank account in Australia, you need to be able to do business properly. A business account is required to carry out daily transactions and payments on behalf of the organisation. The account allows you to monitor the financial condition of the company, analyze the indicators of expenses and income, and to pay fees.

One of the banks where you can open an account is NAB. You can open a current or savings account in a financial institution, as well as a special account for a company in foreign currency, intended for trusts, etc.

Alternatively, where you can open an account - ANZ bank. The organization offers its users quick access to funds via online bank, branches, and ATMs.

You can open an account with HYPO Landesbank Vorarlberg. The bank is considered one of the largest in Austria. You can manage your account via the online bank in English, fax and email. It is possible to create current and investment savings accounts.

Meinl Bank AG is a leading Austrian private bank. You do not need to visit Austria to open an account; it is possible to create a multi-currency account. There are no requirements for minimum balance and turnover.

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