Directors
- Gather personal details
- Do they ordinarily reside in Australia (you need at least 1)
- Can they act as director
- Are they a bankrupt
- Is directorship subject to professional or licencing rules
- Do they hold assets in their own name
- Will assets be exposed to business risk
Shareholders
- Gather personal details
- Is the person a at risk person because of what they do day to day hence exposing the shares
- Are they a high income earner, will any dividends paid to them be tax effective
- Do any professional or regulatory rules govern the ownership of shares in the company
- Is the shareholder a Foreign Company? If yes consider ASIC rules on the matter and consult an accountant
Share rights
- Review company constitution and identify share classes available
- Consider which shareholders should have voting rights, as this will impact who controls the company
- Consider which shareholders should have dividend rights, as this will dictate how money comes out
- Consider which shareholders should have both
- How will business profits be distributed, and will the taxation be an issue.
Consider how income rights can help you manage the situation
Registered Office
- Is my Registered Office open and accessible 9-5 Monday to Friday to the public
- Does my Registered Office have safe and regular mail delivery
- Does my Registered Office have procedures for the acceptance and service of formal and legal notices
- Will my company likely have legal dealings
- Consider using a professional registered office service
- If your Registered Office is actually the office of a professional, like your Accountant, then make sure they have consented.
Company name
- Check ASIC to see if your name is available
- Check IP Australia and make sure your name does not infringe on any Trademark
- Make sure an appropriate internet domain is free if you want a web site
- Reserve the name if you’re not quite ready to go
Taxation
- Apply for a Tax File Number (TFN)
- Apply for a Australian Business Number (ABN)
- Register for Pay as you go Withholding (PAYG) if you will have employees
- Talk to accountant about the rest
Resources
For setting up companies www.caaa.biz
Company Name Search https://asic.gov.au/for-business/registering-a-business-name/
Trademark Search https://www.ipaustralia.gov.au/
Domain Names https://afilias.com.au/
Reserving a Company Name https://asic.gov.au/regulatory-resources/forms/forms-folder/410-application-for-reservation-of-a-name/
Expert Taxation advice www.caaa.biz