The decision to start your own company is a big step. You may need specific advice around whether a company is the best structure for you. This note does not touch the appropriateness of the structure, nor its features, benefits or downsides. This note is limited to the steps that you need to follow. 

A company is a separate legal entity so there are a number of rules about it's formation and the information required to establish it. 

However, once you have decided that a company is the way to go, then we need to get the following information to establish the company:

 

1. Name of the company. We can check this for you but if you wish to avoid a lot of back and forward in the event the chosen name is already used you can check on name availability here: https://connectonline.asic.gov.au/RegistrySearch/faces/landing/NameAvail.jspx

 

2. Directors Information – Required for Each Director:
1. Full Legal Name
2. Date of Birth
3. Place of Birth
4. Directors Identification Number (if you are unsure what it is you can go to this site and select ‘Manage your Director ID’ and you will be able to obtain the number through here: https://www.abrs.gov.au/director-identification-number )
5. Signed Directors Consent 

Form: New Company Consent to Act as Company Officeholder

 

3. Shareholders Information – Required for Each Shareholder:
1. Full Legal Name of Shareholder
2. Confirmation on whether the shares are to be beneficially owned or whether they are to be owned on behalf of someone else (or another entity)
3. Type of Share to Issue
4. Number of Shares to Issue
5. Purchase Price of Each Share
6. Signed Members Consent completed with as much information as you can and we will complete the missing items (document attached). This can be signed electronically as well – if you prefer this please just supply all relevant information and we’ll send you through the signing link.

 

With the above, for ease and simplicity shares are normally issued as Fully Paid Ordinary (ORD) which has full voting and dividend rights at a relatively nominal value – i.e. $1 per share and 12 shares issued. There are different approaches that you can use with the number of shares issued depending upon your future requirements - so there is no one size fits all for issued capital. 

 

We have a job flow that we work through to setup the company and will need to get your preferred name and the completed forms returned to us in addition to the acknowledgement of the work proposal. 

 

General disclaimer that this is general advice for information purposes only. If you are looking for personalised advice for your situation then please contact our office on (07) 55015765.