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GLOBAL INFO

Australia

COUNTRY:

AUSTRALIA

QUESTION:

ANSWER:

1.      What are the main company forms in your country?

A private company (“Pty Ltd”) or a public (as in “publicly listed”) company (“Ltd”)

2.      Which is the most preferred company form by foreign investors?

A private company

3.      What are the basic capital requirements of this company? (minimum amounts, types of capital, deadline of capital contribution)

For a private company, minimum of $1.

4.      What are the basic rules of shareholders liability for company debts in this company?

Shareholders are only liable for any unpaid part of their shares (absent any personal guarantees that may be given).

5.      What are the basic management requirements for this company? (only natural persons, or nationals can be managers etc.)

A private company must have at least 1 director who is ordinarily resident in Australia (the expression “ordinarily resident” does not have an immigration meaning to it – it just means that the director must ordinarily reside here).

6.      How long does the registration procedure of this company take?

1 - 2 days.

7.      What are the main costs of formation of this company in local currency?

Standard fee of AUD$2,500 inclusive of Government fees and all other charges.

8.      What is the average attorney’s fee of the formation of this company in local currency?

Included in the above cost unless the client wants any additional or more specific advice.

9.      What are the basic publicity requirements of this company (filing of company changes, financial reports, etc.)

An annual return needs to be lodged. That does not, by itself, require the lodgement of financial statements.

10.   What are the main auditor requirements?

A private company is not ordinarily audited, unless there are particular reasons to do so. Otherwise, financial statements are simply prepared every year