Register a company in Australia in 2021
Registering a company in Australia in 2021 is relevant because it is relatively easy to open a bank account in the country, you can work with cryptocurrencies, and taxes can be lowered legally. To clarify the nuances of business registration in the country, in more detail, contact our experts at IT-OFFSHORE.
Pros of registration
Opening a firm in Australia in 2021 has many advantages. The level of competition in the market is quite low, the state at the same time is considered respectable. The economy has a steady growth trend.
It is easy enough to enter the market in Australia, there is a wide choice of areas where you can start developing. There is the possibility of creating different firms - private joint stock companies, partnerships, etc. Tax rates are relatively low.
The economy is open - the country has trade agreements with a large number of countries, including Asian countries. The mining industry is one of the most developed sectors. Australia is rich in minerals.
To start a profitable business, it is recommended to research the market beforehand. It is necessary to carefully select staff, calculate in advance how much capital will be needed, and choose the structure of the company.
Company legal forms and document collection
For small or family businesses, forms such as sole proprietorship or partnership and trusts are used. The most popular legal forms are companies with unlimited liability, shareholder liability, and limited liability.
Most often, firms with shareholder liability, which is limited to shares in the capital, are registered. Such companies can be privately held or publicly traded.
The main requirements are the following:
- Presence of a resident director;
- Presence of a secretary;
- Real office.
To register a company, it is necessary to collect copies of identification documents of directors and founders. It is necessary to draw up the provisions of the memorandum of association, as well as the unique name of the company. When registering a company ABN number is issued to work with the tax authorities. Company registration takes on average about a week. You can use the status of a nominee director.
Companies with resident status pay a levy on worldwide profits, while non-resident companies pay a levy on income earned in the country only. The normal rate of corporate tax is 30%. It is possible to use a reduced rate of 27.5% if the conditions are met.