A Complete Newbie's Guide to Company Registration Four steps to your first million

A Complete Newbie's Guide to Company Registration Four steps to your first million

Many fabulous business ideas are currently languishing in indecision and intimidation over the bureaucracy and confusion surrounding simply registering a company. The information that you can get piecemeal from government departments and magazines can be difficult to make sense of; yet in fact, company registration is a fairly straightforward process for most new small businesses. Today we check out the company registration process for proprietary companies, the most common type of small and medium new business in Australia, through 4 simple steps.

Company Registration Step 1: Naming your business

Deliberations over the best name for your business usually start at around the same time as you get the base profit-making idea for it. When you've decided to start on the road to company registration though, these are the steps that need to be taken to make that name official.

Reserve your company name: If you have your heart set on a business name but aren't yet ready for company registration, you can pay a $35 fee to the Australian Securities and Investment Commission (ASIC) to reserve it. In addition to giving you the time to organise registration properly, reserving your name also allows you to turn up potential problems with it early.

Register your company name: Alternatively, you can just have ASIC perform the similarity and suitability check at the time you register the company itself.

Use your ACN as your company name: If you aren't feeling particularly creative at company registration time, you can simply tick the box on your form indicating that you'll be using your Australian Company Number as your registered business name. Of course, this doesn't doom you to days of answering the phone with "Welcome to Eight Three One Four Six Two Zero Zero Two, how may I direct your call?"! You can always set an alternative Trading Name later.

Company Registration Step 2: Deciding on a constitution

You'll need to set down the rules the company will be governed by at the time of registration. Most small businesses opt to use the Replaceable Rules contained within section 141 of the Corporations Law as their constitution. However, you can also modify, add to or displace parts of these rules with your own company constitution. If you choose to do this you may need a lawyer to review them to ensure that your company registration constitution adheres to all other relevant laws.

Company Registration Step 3: Directors and Secretaries

Proprietary companies need at least one director and one secretary. They can be the same person. Written consent is needed to indicate that each relevant person is willing to be named as director, secretary or member of a registered company. These consents don't need to be lodged with the company registration application, but much like your tax return receipts, they will still need to be held.

Company Registration Step 4: Lodge the form

You will need to complete a form, obtainable from ASIC, stating:

The class of the company

The type of company

Details of the principal office (which must be within Australia)

Director's details

Secretary's details (As mentioned, this can be the same person as the director if necessary)

Member/s' details (Not necessary, but if they are included their details are required)

Share details

A $720 fee is payable when you lodge the company registration form ... and that applies whether your application is successful immediately, or needs to be reviewed.

Of course, if company registration still sounds far too bureaucratic for your liking, there are plenty of services that can help!

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