58. How Tax Agents Can Verify the Identity of Clients
(Posted On
18-05-2021)
Identity theft is a serious crime that needs to be curbed to avoid tax fraud and other legal deceptions. ATO thus asks the Tax agents to take the necessary steps to verify the identity of their clients before dealing with their taxation documents.
Continue Reading ...
57. Challenges faced by New Businesses in Financial Management
(Posted On
05-05-2021)
Setting up a business itself is a tedious task. You have to go through several procedures to make your business running. There are various legal and financial elements involved in successfully carrying on the business activity.
Continue Reading ...
56. What is the role of Accountants in Self-Managed Super Fund?
(Posted On
25-03-2021)
The trustee of a self-managed super fund has a very vigilant role to play in managing an SMSF. Hence trustees seek advice from accountants to ensure they comply with superannuation legal requirements.
Continue Reading ...
55. ASIC introduces New Laws to combat illegal phoenix activity
(Posted On
10-03-2021)
The directors and advisors of the company are in hot waters as ASIC tightens its grip against illegal phoenix activity. ASIC has joined hands with other government agencies to track down and deter directors whose companies are involved in illegal phoenix activity.
Continue Reading ...
54. Factors Involved in Choosing a Business Structure in Australia
(Posted On
01-03-2021)
There are crucial factors involved in choosing the business structure in Australia. Whether you want to register a business, form a company or create a trust, certain factors need to be considered.
Continue Reading ...
53. What is the difference between a trading name and a business name?
(Posted On
04-11-2019)
A trading name was used by businesses before the introduction of the National Business Names Register on 28 May 2012.It is an unregistered business name and if you continue to use it to operate your business in Australia; you will need to register it as a business name.
Continue Reading ...
52. What is a Company Director Fraud?
(Posted On
08-10-2019)
A company director fraud means that the money an investor is investing in a company is being used by the directors for their own benefits and personal gains and not for the operation of the business.
Continue Reading ...
51. ASIC Fee Changes from July 1 2019
(Posted On
15-07-2019)
ASIC has increased its fee for company registration in line with an increase in Consumer Price Index for 2019.
Continue Reading ...
50. How to allocate shares in company registration?
(Posted On
15-04-2019)
A proprietary company limited by shares must have at least one shareholder and no more than 50 non-employee shareholders. It must have a director who must be above 18 years of age and an Australian resident. Thus a proprietary company is required to have a share structure. A share structure shows the total number of shares held by the members of the company or the subsidiaries or employees of the company.
Continue Reading ...
49. The Roles & Responsibilities of Company Shareholders
(Posted On
15-02-2019)
A shareholder is a company member, who has certain roles and responsibilities. Shareholders are basically the owners of the company as they have invested their money in the company shares. Thus they have certain rights and also responsibilities towards the company which they needs to fulfill.
Continue Reading ...
48. What are the key things you must keep in mind when operating your Company
(Posted On
11-02-2019)
If you are a director of a proprietary company, you are responsible to manage the business of the company and to understand what your company is doing at all times.
Continue Reading ...
47. Key differences between a Business Name & a Proprietary company?
(Posted On
30-01-2019)
A person can trade as the owner of the business who carries out an enterprise and is legally responsible for all aspects of the business including debt of the business. If that person trades in his own name, he does not need a Business Name, however if he wants to trade under a name which is not his legal name, then he needs to register that Business Name.
Continue Reading ...
46. Company Annual statements and related obligations
(Posted On
16-03-2018)
If you are a company director and have recently registered your company you should be receiving your annual statement soon. If you have registered for online access on the ASIC website you will receive an email reminder that your annual statement is available and that you n have to pay your review fee to ASIC. If you have not registered for online access your annual statement will be sent by mail to the contact address for the company.
Continue Reading ...
45. ASIC's companies register
(Posted On
22-01-2018)
ASIC maintains a register of Australian companies which is called the ASIC's companies register (the register) and is also required to provide certain information about companies which is publicly available. This register can be accessed using ASIC Connect.
Continue Reading ...
44. Renew your business name before it is cancelled
(Posted On
18-01-2018)
If you want to make sure that your business name is not cancelled you must renew your business name and make sure it is registered. ASIC may cancel any business names that are not renewed. Renewal dates for your business name can be checked on the ASIC website using ASIC Connect Search
Continue Reading ...
43. Information brokers
(Posted On
17-01-2018)
If you require information on a company or a business name you could use the services of an information broker. Information brokers create reports based on ASIC data, these reports can be on various topics e.g the credit history of a company.
Continue Reading ...
42. How to protect your brand
(Posted On
12-01-2018)
If you want to start a business in Australia and run a business in a name that that is not your own name you will need to register it as a business name or a company with ASIC. For this you will have to apply for your own business name or company using ASIC Connect. This however does not give you the right to exclusive use of your business name or any part of it and cannot stop other businesses from using the name or a similar name.
Continue Reading ...
41. Crowd-sourced funding
(Posted On
05-12-2017)
From 29 September 2017 in order to help companies to start up or expand their operations they will be able to raise money using crowd-sourced
Continue Reading ...
40. How to register your name to new owner when selling your business
(Posted On
04-12-2017)
If you are selling your business you will be required to cancel your business name so that the new owner can register it.
Continue Reading ...
39. Company obligations to notify ASIC of certain address changes
(Posted On
24-11-2017)
A company must notify ASIC of any changes to: The address of its registered office or principal place business. The personal details which includes the usual residential place of its directors, alternate directors and company secretaries
Continue Reading ...
38. New Fees and Notifications period for AFS licensees now apply
(Posted On
06-11-2017)
If you are holding a limited financial services license and are authorised to give personal advice to retail clients you will need to provide information to ASIC about your financial advisers and yourself
Continue Reading ...
37. Disputes due to similar company names
(Posted On
27-09-2017)
According to the law it is not possible for a company to register a company which has a company name or business name that is identical to an existing company or business. However the law does not prevent you to register a company that has a name that is similar to your company name. Hence there can arise situations when there is a company which has registered a name similar to your company name. In this situation you can access the Check name availability on ASIC Connect to check and see if there is a company that is registered with a name similar to your company name.
Continue Reading ...
36. Steps to take when a registered agent no longer represents a company
(Posted On
19-09-2017)
If you are a registered agent and you stop representing a company there are some important things you would need to do and check. Firstly though you will have to decide if you would be informing ASIC or the company officeholder would do this.
Continue Reading ...
35. Starting a new business - Company and business names
(Posted On
24-07-2017)
If you are starting a new business and want to operate it as a company structure, you will need to check a few things before starting up your company:
Continue Reading ...
34. Companies and business names when closing your business
(Posted On
07-07-2017)
You may be operating your business by a company or by a business name. If you are closing your business there are requirements that you will have to fulfil.
Continue Reading ...
33. Business name Transfer
(Posted On
04-07-2017)
A business owner may need to transfer a business name if the person or the organisation that owns the business name changes
Continue Reading ...
32. Directors of a company under External administration
(Posted On
03-07-2017)
If you are the director of a company you could face various consequences if your company goes into External administration. However in each case there may be different consequences depending on the type of external administration
Continue Reading ...
31. ASIC fee increase from 1 July 2017, however, our prices will remain “unchanged”
(Posted On
30-06-2017)
ASIC increases its company lodgement fees every year and has now released their updated fees for commonly lodged documents effective from 1 July 2017.
Continue Reading ...
30. Small Business Guide (Meaning of a separate legal entity)
(Posted On
12-09-2016)
As per the law, a separate legal entity means that a company has separate legal existence from its owners, manager and employees. A company has its own property, rights and obligations.
Continue Reading ...
29. Company’s Powers
(Posted On
01-09-2016)
This section talks about various powers conferred to a company and how they are exercised. I have also discussed about powers which are not exercised directly through the company but through its agents.
Continue Reading ...
28. Assumptions that people dealing with a company are entitled to make
(Posted On
25-07-2016)
We all interact with companies in our everyday lives in different capacities. Sections 128 and 129 in Corporations Act 2001 stipulate the circumstances under which a person becomes entitled to make certain assumptions while dealing with a company, its office holders and agents.
Continue Reading ...
27. Updating your Business name details online
(Posted On
12-07-2016)
The business name should be checked for up-to-date details. This can include your address details and holder details. You can use ASIC online services to check your details. Remember, you can check and change your business name details through ASIC Connect.
Continue Reading ...
26. Changes to ASIC fees from 1 July 2016
(Posted On
14-06-2016)
There are some changes to ASIC fees as part of the government’s annual indexation programme.The increase is based on an increase in the Consumer Price Index (CPI)
Continue Reading ...
25. Cancellation of a business name by ASIC
(Posted On
25-05-2016)
In certain situations ASIC may cancel the registration of a business name. They may cancel the registration of a business name if for example:
Continue Reading ...
23. If you do not need your company, you can apply for voluntary deregistration
(Posted On
04-05-2016)
If you are not using your company and it is not trading, you can consider deregistering it. By voluntarily deregistering your company, your company is ceased and your obligations as an officeholder are removed.
Continue Reading ...
22. What is a Trustee Company?
(Posted On
29-01-2016)
Generally, a Trustee is a person with authority under legal deed (Trust) to acquire and administer property for the benefit of others (beneficiaries).
Continue Reading ...
21. What is a share certificate?
(Posted On
17-09-2015)
Share certificate is a document signed on behalf of a company which states that the person is a registered holder of a number of securities. Share certificate are also known as scrip.
Continue Reading ...
20. What is the difference between the private company and public company?
(Posted On
14-08-2015)
In Australia, majority of ASIC registered companies are proprietary companies. Proprietary companies are also known as Private Companies. People usually wonder about the difference between the Proprietary and Public Companies.
Continue Reading ...
19. What is meant by replaceable rules?
(Posted On
27-07-2015)
Companies may either opt to adopt Constitution or rely on basic rules of internal management which are set out in the Corporations Act known as Replaceable Rules.
Continue Reading ...
18. What are different types of companies that can be registered with ASIC?
(Posted On
07-07-2015)
There are several types of companies that can be registered with ASIC in Australia. It depends upon your requirements and situation, what type of company you should register with ASIC. There are two types of proprietary companies and four types of public companies that can be registered under the Corporations Act.
Continue Reading ...
17. ASIC fees changes from 1 July 2015
(Posted On
30-06-2015)
ASIC fees have changed from 1 July 2015 – but our fees have not changed.
Continue Reading ...
16. Understanding company obligations
(Posted On
08-05-2015)
Anyone can register a company in Australia. An incorporated company is a distinct legal entity, regulated by the Australian Securities & Investments Commission (ASIC).
Continue Reading ...
15. The new Onlinecompany.com.au website with additional features has been launched!
(Posted On
24-04-2015)
Dear Subscriber,
Thank you for using online company registration services and being our esteemed client. The journey with you was an indeed splendor.
Continue Reading ...
14. Can a deregistered company be used as registered company again?
(Posted On
07-04-2015)
Yes, a deregistered company can be used as registered company again and this process is called ‘Reinstatement of the company’. Company has a separate legal entity which is distinct from its members and directors. When a company is deregistered, it is no more in existence and removed from the ASIC’s database as a registered company. It cannot trade or take any action as a body corporate. Reinstatement returns the company to registered status as if it was never deregistered.
Continue Reading ...
13. What are requirements for meetings of the members of the Company?
(Posted On
06-03-2015)
Meetings may be held regularly or to resolve specific questions about the management or business of the company. The process to be followed in calling meetings, conducting meetings, and voting at meetings is in the Corporations Act.
Continue Reading ...
12. What is an ASIC registered agent?
(Posted On
10-02-2015)
A registered agent is a company that is registered with ASIC and authorised to lodge company related documents with ASIC on behalf of a company. A registered agent acts as an intermediary between ASIC and Australian companies and operates on behalf of companies who need to lodge information with ASIC under the Corporations Act.
Continue Reading ...
11. What does it mean by ‘company acting as trustee of Self Managed Super Fund’?
(Posted On
17-06-2014)
Sometimes people prefer to manage their super fund by self and register a company to act as trustee of their Self Managed Super Fund (SMSF). When a company acts as a trustee of a SMSF then the constitution of the company must be drafted in such a way that it is categorized as a “Special Purpose Company”.
Continue Reading ...
10. What are the roles and responsibilities of the company director and the company secretary?
(Posted On
22-04-2014)
Company directors and company secretaries are known as the ‘officers’ of a company. Office bearers, such as directors and a secretary, can be appointed by the company’s members and directors at the time of registering the new company with ASIC
Continue Reading ...
9. What is the difference between registering a business name and registering a company?
(Posted On
02-04-2014)
Business name registration is a different process to registering a company. When you register a new company with ASIC, you are basically ‘creating’ or bringing a new corporation into existence, in accordance with the Corporations Act 2001. On the other hand, registering a business name simply allows a business to operate under that name.
Continue Reading ...
8. What are the factors a director needs to consider before declaring that a company is solvent?
(Posted On
20-02-2014)
Directors are responsible for making declarations that, in their opinion, a company is able to pay its debts as and when they fall due
Continue Reading ...
7. What is a 'Common Seal' and does my company need one?
(Posted On
04-12-2013)
A Common Seal is like a company's signature but it is not compulsory to have one
Continue Reading ...
6. What is a shelf company and do I need one?
(Posted On
25-11-2013)
Years ago buying a shelf company was the fastest way to incorporate your business but that's no longer the case.
Continue Reading ...
5. How many people do I need to form a company?
(Posted On
20-11-2013)
Different rules apply for different types of company when it comes to the number of directors and other roles required.
Continue Reading ...
4. Tips for keeping good financial records
(Posted On
07-11-2013)
Ensuring that a company's financial records are accurate and up-to-date is probably one of your most important legal responsibilities as a director in Australia.
Continue Reading ...
3. How to choose your company name?
(Posted On
21-05-2013)
The first step towards forming a company is choosing a company name which is not already registered by another person. Selection of Company’s name can be carried out through the name search facility on our website which has a machine to machine search over Australian Securities & Investments Commission (ASIC) database.
Continue Reading ...
2. What are the responsibilities of company directors?
(Posted On
25-03-2013)
Before a company can be registered, the proposed directors of the company must consent, in writing, to act in that capacity. In addition, if any of them is disqualified from managing corporations under the Act, either the permission of the Australian Securities and Investments Commission (“ASIC”)
Continue Reading ...
1. What are types of Companies registered in Australia?
(Posted On
08-03-2013)
Companies registered in Australia are regulated by Australian Securities and Investment Commission and governed by the Corporations Act 2001 which allows registration of four types of companies:
Continue Reading ...