Are you thinking about starting a company but unsure about how long it’s going to take? Setting up a company is a bit more involved than other business structures, but you’ll be surprised to learn that the actual application process is quite swift. You can expect to complete it in less than 20 minutes.
But hold on, it’s not just about the application form.
How To Set Up A Company In Australia
There are a few crucial steps to consider before you dive into the company setup application:
- Identifying your company’s shareholders.
- Choosing the directors.
- Deciding on governance: Will you use replaceable rules or a Company Constitution?
- Sorting out general company details like your address, email, bank account, phone number, and the company name.
- Deciding on the type of company you’re registering, such as a Dual Company or a B-Corp.
- Planning for managing your company’s ongoing obligations with ASIC.
Getting these details sorted is key. They will make the actual application process a breeze.
For an in-depth understanding, check out Strafurd York’s article, “Steps To Incorporate Your Small Business In Australia.”
How Long Does Company Registration Take?
Once you’re all set with the necessary information, the application, according to the Australian Business Register, should take about 15 minutes. If everything is in order, you can expect approval in around 2 business days.
After your application is approved, you’ll receive an Australian Company Number (ACN), officially establishing your company. But there’s still a bit to do – like getting an Australian Business Number (ABN), sorting out tax obligations, and if your business name is unique, you might want to think about trademarking it.
Is Setting Up A Company A Big Challenge?
It’s not overly complicated to set up a company, but the process can seem intimidating at first, especially with the amount of detail and legalities involved.
That’s why getting guidance from legal experts like those at Strafurd York can be invaluable. They know the ins and outs of company registration and can help ensure your company is set up correctly, laying a solid foundation for your business’s future success.
Remember, you only get one shot at setting up your company right, so it’s wise to make sure it’s done well. A legal expert can help ensure your company is set up in a way that fosters future success, not hinders it.
What Are the Costs Involved in Setting Up A Company?
Yes, setting up a company involves some fees. The costs vary depending on your registration’s specifics, usually ranging between $880 and $1100.
It’s a smart move to check the latest fees or consult with a legal expert, as these can change.
Want to know more about company registration? Strafurd York’s guide, “Quick Tips: Registering A Company In Australia,” is a great place to start.
Next Steps
The actual application to set up a company is quick, but the preparatory work requires time and attention. It’s advisable to work with a legal expert to ensure your company is set up properly. To summarize:
- The application process takes less than 20 minutes.
- Before applying, consider aspects like shareholders, directors, governance, contact details, company type, and ASIC obligations.
- The application takes about 15 minutes, with approval usually in 2 business days.
- Post-approval, you’ll get an ACN but need an ABN, tax compliance, and possibly a trademark.
- Setting up a company is straightforward but detailed, requiring careful planning.
- Company setup fees range from $474 to $576.
- Enlisting legal expertise is recommended for a thorough and accurate setup process.
For a consultation on setting up your company, reach out to Strafurd York at 1300 158 066 or info@strafurd.com.au for a free, no-obligations chat.