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| Q. |
Is my Company Name available? |
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You can check if your preferred name is available on the ASIC website. Click here to check if your preferred name is available. If there are business names with an identical or similar name, you must own and declare all business names in each state when submitting your order.
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Can I use a Business Name as a Company Name? |
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Yes. Providing that consent has been received from the Business Name owner. This can be declared on Reckon Docs Online, or on Reckon Docs' new order forms. All Business Names in all states will need to be declared, including the Business Name, number and State. |
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| Q. |
How long will it take to register a Company? |
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Through the online system, provided the proposed company name is accepted by ASIC, you should receive an ACN within 20 minutes of lodging your order. Upon registration, Reckon Docs will e-mail a Certificate of Incorporation (ASIC acknowledgement of the Company being registered).
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| Q. |
What is the difference between a Preferred Name & a Shelf Company? |
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| Preferred Name |
Shelf Company |
| Company Name is proposed/ specified. |
Company Name is the ACN. |
| GST applied to Reckon Docs' service fee. |
GST applied to both Reckon Docs' & ASIC fees. |
| Not registered with ASIC until Reckon Docs lodges application. |
Pre-registered with ASIC but has never traded. |
| Officeholders appointed upon registration. |
New Officeholders appointed upon completion of Form 484 & lodged with ASIC. |
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Reserve Company Name.
2 months ($84 fee).
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Reserve Shelf Company.
2 weeks (no fees). |
| Registered in any Australian State or Territory. |
Pre-registered in selected states only. |
| Register any type of company. |
Pty Ltd only. |
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Possible additional costs for Company Name change and ASIC form late fees. |
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| Q. |
What is a Public Company Limited by Shares? |
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A Public Company Limited by Shares has a share capital. Unlike Pty Ltd Companies, it markets its shares to the general public becoming listed on the stock exchange.
Minimum Requirements:
3 Directors (2 must reside in Australia)
1 Secretary (Secretary must reside in Australia)
1 Shareholder
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What is a Public Company Limited by Guarantee? |
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A Public Company Limited by Guarantee does not have a share capital. Members are not required to contribute upfront or while the company is operating. If the company is wound up or unable to pay up a specified amount, all members will be required to pay the Guaranteed Amount specified in the Constitution.
Minimum Requirements:
3 Directors (2 must reside in Australia)
1 Secretary (Secretary must reside in Australia)
1 Shareholder
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| Q. |
What is the purpose of a Sole Purpose SMSF Company? |
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A Sole Purpose SMSF Company is solely set up for the purpose of a Super Fund and will never trade. Form 484B needs to be lodged to inform ASIC the company will not be trading with an annual fee of $40. |
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What is the difference between the Standard & Strategist Sole Purpose SMSF Company? |
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The difference is the voting rights. Standard SMSF constitution gives each director a vote whereas the Strategist Constitution issues votes dependent on the member's balance in the fund. For example, one member may hold $400,000 and the second member $100,000; it would be unfair if votes were issued evenly where a member holds 80% of the fund's balance. The Strategist constitution also links to specific clauses in the Strategist SMSF trust deed. |
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What is an Ultimate Holding Company? |
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If the Company being registered is owned or controlled by another company by way of shares (51% or more), deed or other device, then either that company or the mother company (if a higher one exists, must be listed as the Ultimate Holding Company. Generally, if this company's shareholders are natural people you will not need to nominate an Ultimate Holding Company.
If the Ultimate Holding Company is registered in Australia, the ACN or ABN is required. The Country of registration is only required for non-Australian companies.
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| Q. |
What is the Registered Office? |
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The Registered Office of an Australian Company is a physical address within Australia, which cannot be a PO Box address. All Company documents, communications and notices are sent to this address. If the Company does not occupy the registered office address, then the occupier must provide its written consent for the use of that address. |
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Can I use my practice address as my client's Registered Office? |
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Yes. You can nominate your office address as your client's Registered Office. You must notify ASIC and document consent as Occupier for the client to use your address as the Registered Office. |
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What is the Principal Place of Business? |
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The Principal Place of Business is the main address the company will conduct business and trade from. ASIC must be notified if the Principal Place of Business differs to the Registered Office address. |
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What is the difference between Registered Office and Principal Place of Business? |
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ASIC documentation and correspondence is sent to the Registered Office. Business operations and trading is primarily at the Principal Place of Business. |
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What is a Corporate Key? |
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The Corporate Key is an eight-digit number unique to the Company and is used to keep company information secure. A Corporate Key is issued when the Company is registered sent to the registered office within two days of registration. The Corporate Key can also be found on the Annual Company Statement. The Corporate Key is used to view company records and lodge ASIC forms. |
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What is a Company Common Seal? |
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The Company Common Seal is a rubber stamp that shows the Company's name and its ACN. It is used as an equivalent to the Company's signature but is no longer required by all incorporated companies as of 1 July 1998 in accordance to s123 Corporations Act 2001. |
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| Q. |
Who signs the Company Constitution? |
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All Shareholders/ Members of the Company will be required to execute the constitution. |
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| Q. |
Can I back-date the incorporation date of my Company? |
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No. ASIC will not back-date incorporations. If you require a company incorporated before a particular date, you can purchase a pre-registered company from Reckon Docs' Shelf Company list. |
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| Q. |
Can I use a PO Box in a Company? |
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A PO Box can only be used as a nominated address for an individual or corporate entity that is solely a Shareholder/ Member. Registered Office, Principal Place of Business and all Officeholder addresses must be the full street address. |
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Why do I need officeholder consents for a new Company? |
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It is a legal requirement to obtain written consent from all officeholders to be appointed before incorporating a new Company, as legal action and liability falls upon the person ordering the Company. |
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Is there a minimum number of Directors required for my Company? |
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At least 1 Director must be appointed. This director must ordinarily reside in Australia. Please note: old company constitutions may require a specific number of directors to be appointed. |
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Is there a minimum age for a Director? |
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Yes. All directors and secretaries must be at least 18 years of age and if there is only 1 Director, he or she must ordinarily reside in Australia. |
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Can a Company be a Director? |
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No. A Director must be an individual at least 18 years old and if there is only 1 Director, he or she must ordinarily reside in Australia. |
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Do I need to appoint a Company Secretary? |
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No. It is no longer mandatory to have a Company Secretary as of March 2000. However, if a Secretary is appointed, at least 1 Secretary must ordinarily reside in Australia. |
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| Q. |
Can a Trust hold Shares in the Company? |
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A trust can hold shares, however the shareholder must be either an individual or a corporate entity; i.e. the Trustee of the Trust needs to hold the shares on behalf of the trust. (e.g. John Smith holding 1 Ordinary share as trustee for the Smith Family Trust) |
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Can a foreign/ overseas-based company be a shareholder? |
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Yes. The company however must have at least one Shareholder/ Member that ordinarily resides in Australia. |
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| Q. |
What is the difference between "Beneficially Owned" and "Non-Beneficially Owned"? |
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Beneficially Owned means that the Shareholder is holding and benefiting from the shares. Non-Beneficially Owned means that the individual or corporate entity as Shareholder holds the shares as trustee for (on behalf) of either a trust, super fund or another person. |
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| Q. |
Is there a minimum amount of shares that needs to be issued in the Company? |
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Yes. At least 1 share is required to be issued for the Company to be incorporated. |
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| Q. |
Can shares be jointly held? |
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Yes. |
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