One cannot register a copyright in Australia. Copyright protection is free and automatic from the moment your work is on paper, or disk, or otherwise put into “material form”.
Australia, officially known as the Commonwealth of Australia, is one of the world’s most highly urbanized countries. Bordered to the west by the Indian Ocean and to the east by the South Pacific Ocean, Australia is famous for its beaches, wide open spaces, and deserts. Australia is an important exporter of agricultural goods like wool, wheat, beef, fruit, and wine. The country is also rich in minerals and metals and is the world's fourth largest producer of gold. It is a unique and diverse country in every way – culture, population, history, climate and geography.
For setting up a company in Australia, one can choose from among the following business entities:
This is one of the least expensive options as it involves just one person who controls all business-related decisions. A company’s income (including capital gains and dividends) is taxed at the rate of 30% in Australia. A tax-free threshold doesn’t apply. And all the business documentation must be maintained for 5 years. The new financial year in Australia starts on 1st of July, therefore, the tax returns must be submitted before June 30th. If your business’s annual turnover exceeds 75k AUD, you need to get registered for paying the Goods and Services Tax.
This type of business entity allows one to join hands with multiple people and share income. However, all the partners are personally responsible for business debts and actions against the partnership. And before registration, the agreement should involve role specification, measures of liability, and authorities of all the partners.
It is a business formation whose profit is given to the beneficiaries. It implies a trustee (either an individual or a company) who manages trust’s assets, does business and distributes profits in the favor of beneficiaries according to the written document called the trust deed. If the trust does business under a name other than its own, the name must be registered as a business name with ASIC (Australian Securities and Investment Commission).
This type of entity can be formed in Australia with only one shareholder, one director and no minimum paid-up capital and foreigners living outside Australia have to appoint at least one director living in Australia. Also, the PLC must appoint a public officer who is responsible for paying taxes and dealing with the country’s tax office.
Foreign corporations can register a local branch of their overseas company. Setting up a foreign company in Australia is simple as it only requires (i) appointment of a local agent allowed by the foreign company to accept services on behalf of the foreign company and (ii) a registered address in Australia. The annual financial statement of the branch must be submitted to the Australian Companies Registrar (ASIC).
If a foreign company located in Australia does not intend to carry on business in Australia may seek an Australian Representative Office. Such an office must however only engage in activities which will not amount to carrying on the business.
A company in Australia enjoys the following advantages:
Business Setup Worldwide is a platform to help you start your business in Australia. We help you in setting up your business by providing a wide range of services like company formation, registration, company secretarial services, intellectual property and accounting and book-keeping. Doing business in Australia can be challenging if you are not aware of the rules and regulations as well as the business setup procedures. But fret not – our team of experienced advisors and consultants in Australia can help you out with the legal and business formalities of starting a business in Australia with the most appropriate corporate and income tax setup, to fast-track the growth of your company.
Business Setup Worldwide has a set of talented professionals who can guide you through the company registration process and consulting services. Our advisors take care of the entire Banking, Visa, Legal, and Licensing formalities, in accordance with the Australian laws. Our commitment to professionalism, business-oriented experience across various domains, proactive learning in the ever-changing global environment, and the ability to conceive innovative strategies and provide comprehensive support in executing such strategies distinguish Business Setup Worldwide and provide you the competitive edge to scale your company. If you are thinking of setting up a business in Australia, do reach out to us.