subject: Certain Information About The Foreign Company In Australia [print this page] So, Im carrying out businessSo, Im carrying out business. What to do now? If you addressed yes to both questions, you should decide if you should combine or to register a branch or representative office. For people who arent certain of the discrepancies, an integrated subsidiary has its own private legal status, whilst an office has a regional representative who represents the overseas company. That agent is individually accountable for the actions of the company within Australia.
There are several advantages to this: you do not need a local director and secretary (as all involved entities do in Australia), plus there may be taxation benefits. To register so, you must finish these steps: 1. Check your name. As with incorporation, you should guarantee your companys name can be acquired. ASIC is not going to allow a name to be authorized if it is misleading (e.g. as to the companys activities), uses specific words (for instance university), is already authorized to a different company, or is unlawful. 2. Reserve your name. This step is optional, but reservation costs only AU$41 (as of 2011) and safeguards the preferred name from that point forward.
If not, you could move through the procedure, only to discover you have been pipped to the post. You need ASIC Form 410 to finish this step. 3. Fill out ASIC Form 402. This is the Application for Registration. This is the point you must have all the facts present for example the details of the directors of the company and of the regional agent and of the registered office. Its not necessary to have your own private office, but if not, you must have approval from the owner for you to make use of that address. 4. Set up the essential records. Before you mail off Form 402, you have to ensure all the mandatory documents are provided.
This is: A memorandum of appointment of, and power of attorney for, the regional representative; A certificate of registration or incorporation (or a similar document) that concurs with the overseas company happens to be authorized in its place of corporation; An authorized copy of the companys constitutions, bylaws or similar; If a director is citizen in Australia, a memorandum stating the powers of those directors; A notice of any fees on company property held in Australia; and An authorized translation of any document not in English. 5. Submit the application. Once youve finished all the documents, send the application, together with the appropriate fee (currently AUD$426) to ASIC. They will issue a Certificate of Registration of a Overseas Company and give your company an Australian Signed up Body Number (ARBN).
Other Requirements and Considerations: There are several aspects that you should take into account before proceeding in a foreign country: Have you chosen the correct market entry mode? Have you considered risk mitigation issues? What is your exit strategy? We also emphasise that you should consider registering all intellectual property rights or assets owned by your business before engaging in trade in the foreign market. If you are planning an international business expansion or to engage in international trade, do you have a realistic budget to achieve your international business goals? To obtain further information on international business development strategies, please view our business planning and business consulting services in our Inveiss Business website.
