Are you looking to kick start your company? It is important that you register your business with ASIC so that your business can be accounted for and recognised! Keep reading this Business Kitz blog to find out more.
What is the ASIC registration search?
ASIC (Australian Securities and Investments Commission) is the regulatory body responsible for overseeing business registration and corporate compliance in Australia. The ASIC Company Registration Search is a powerful tool that allows individuals and businesses to search for information about companies registered in Australia.
The ASIC Company Registration Search is an online database that provides access to a wide range of information about registered companies in Australia. This information includes the company’s name, registration number, registered office address, directors and shareholders, and other relevant details. The search can be performed using the company’s name, ACN (Australian Company Number), or ABN (Australian Business Number).
The ASIC Company Registration Search is an essential tool for businesses and individuals looking to do business with or invest in Australian companies. It allows users to check the registration status of a company, verify its details, and obtain important information about its directors and shareholders. This information can help users to make informed decisions about whether to do business with the company or invest in its shares.
The ASIC Company Registration Search can also be used by companies to ensure that their own registration details are up-to-date and accurate. By regularly checking their registration details on the ASIC database, companies can avoid any potential compliance issues and ensure that they are meeting their obligations under Australian corporate law.
In summary, the ASIC Company Registration Search is an essential tool for anyone looking to do business with or invest in Australian companies. It provides a wealth of information about registered companies in Australia and can help users to make informed decisions about their business dealings. Companies can also use the search to ensure that their own registration details are up-to-date and compliant with Australian corporate law.
How can you register a company in Australia?
Registering a company in Australia is a straightforward process that can be completed online through the Australian Securities and Investments Commission (ASIC). Here are the steps to register a company in Australia:
- Choose a company name: The company name must be unique and not already registered in Australia. The ASIC website provides a free company name availability search tool to check if the name is available.
- Choose a company structure: The most common company structures in Australia are proprietary limited (Pty Ltd) and public companies. A proprietary limited company is a private company with limited liability, while a public company can offer shares to the public.
- Register with ASIC: The ASIC website provides an online registration portal for company registration. The process requires completing an online form and paying a registration fee. The ASIC website also provides a step-by-step guide to registering a company.
- Obtain an Australian Business Number (ABN): An ABN is a unique identifier for businesses in Australia. It is required to conduct business in Australia and can be obtained for free through the Australian Business Register website.
- Register for goods and services tax (GST): If the company expects to have a turnover of more than $75,000 per year, it must register for GST. GST registration can be done through the Australian Taxation Office website.
- Register for other taxes: Depending on the nature of the company’s business, it may need to register for other taxes such as Pay As You Go (PAYG) withholding or fringe benefits tax (FBT).
- Open a bank account: The company will need a separate bank account for business transactions.
Registering a company in Australia can be completed in a matter of days and is a relatively straightforward process. For more information on registering a company in Australia, including links to relevant websites, visit the ASIC website here.
Company registration cost
The costs of registering a company in Australia vary depending on the type of company structure, the state or territory in which the company will operate, and the services required. Please note that these costs refer to companies – there are different (substantially less) fees for registering a business. Here is a breakdown of some of the costs involved:
- ASIC company registration fee: The fee for registering a company with ASIC is currently $495. This fee includes a $406 registration fee and a $89 fee for registering for an Australian Business Number (ABN) and goods and services tax (GST). This fee is subject to change, so it’s important to check the ASIC website for the latest information.
- Legal fees: Some companies may choose to engage a lawyer to assist with the registration process, which can add to the overall cost. Legal fees can vary depending on the complexity of the company structure and the services required.
- Accounting fees: Depending on the size and complexity of the company, accounting fees may be required to ensure compliance with tax and financial reporting requirements.
- State or territory registration fees: Some states and territories may charge additional fees for registering a company within their jurisdiction.
It’s important to note that there may be additional ongoing costs associated with maintaining a registered company in Australia, such as annual fees, tax obligations, and reporting requirements.
To get a better idea of the costs involved in registering a company in Australia, it’s recommended to seek professional advice from a lawyer or accountant. Additionally, the ASIC website provides a fee calculator tool to estimate the costs of registering a company based on the desired company structure and services required.
For more information on company registration costs in Australia, including links to relevant websites, visit the ASIC website.
If you have any questions regarding company registration or any other legal matters, please do not hesitate to contact our sister company, Legal Kitz. The Legal Kitz team are happy to assist you. You can request to book a free 30-minute consultation with their experienced and highly qualified team via our website now. Additionally, you can also check out the Business Kitz subscription service today to access our full range of legal, commercial and employment documents to begin your business with a solid foundation that ensures compliance.