Companies

Companies 2018-06-14T01:26:05+00:00

Frequently asked questions and useful information

You can find answers to some of the most frequently asked questions about registering a company, forming a trust, setting up a super fund, placing an order with us and more below. If you can't find an answer to your question, contact us. We'll be happy to help.

What is a public officer? 2018-06-01T09:01:24+00:00

The position of public officer is held by a nominated person in a company that is the primary contact for the Australian Taxation Office (ATO).

Upon registration of your company, you must notify the ATO within three months who the public officer is.

This can be done when applying for your Australian Business Number(ABN).

What if I have a business name already registered? 2018-06-01T08:55:04+00:00

When you apply to register a company, you have the opportunity to enter the registration number or ABN of your business name into our order form.

This helps ASIC identify the business name as belonging to you so they will approve the registration of your company with a name identical to your business name.

How many shareholders do I need in a company? 2018-05-22T10:03:45+00:00

The option to have a single shareholder for a private Australian company has been available since December 1995.

You must have at least one shareholder during the lifetime of your company.

Who can hold shares in a company? 2018-05-22T06:23:22+00:00

Any legal entity may hold shares in a company.

A legal entity can be defined as, “any person, company, incorporated association or partnership which is resident anywhere in the world.”

However, a minor under law cannot hold shares in their own right.

What is the difference between beneficially held and non-beneficially held shares? 2018-05-22T06:24:28+00:00

When a legal entity owns shares for its own benefit, this is called a ‘beneficial holding’.

A ‘non-beneficial holding’ is when one of the following entities wishes to hold shares:

  • a child under the age of eighteen
  • a trust
  • a superannuation fund

These entities can only hold shares through their trustees.

Can I set up my trust with my company order? 2018-06-01T09:05:59+00:00

To order a trust with a trustee company, you will first need to complete your company order and receive back your ACN from us before you can complete your trust order.

This is because our system requires the ACN of the trustee company to complete the documentation.

To set up a trust with your company order, complete the following steps in this order:

1.    Pay and lodge trustee company application

2.    Receive Certificate of Incorporation back from ASIC by email

3.    Complete the trust application form with trustee’s ACN

4.    Lodge trust application and receive back completed trust documents.

Can I form a company with one director? 2018-06-01T08:57:41+00:00

Yes. Since December 1995, private Australian companies have been allowed to register with a sole director.

What are the legal elements of a company? 2018-06-04T09:10:12+00:00

A proprietary company name must include one of the following legal element combinations:

  • Pty Ltd
  • Proprietary Limited
  • Proprietary Ltd
  • Pty Limited
  • Pty. Ltd.
Who can register an Australian company? 2018-06-04T09:10:22+00:00

Practically anybody can register an Australian company, provided they comply with the ASIC Guidelines for registration.

Primarily, you need at least:

  • one resident director,
  • one shareholder, and
  • a physical Australian address for the registered office of the company.
Do you provide a constitution? 2018-06-04T09:13:22+00:00

The constitution contains the rules and procedures that define how the company is run, making it a very important document.

All companies produced by Rocket Registrations are provided with our up-to-date constitution in PDF format. If you choose our printed add-on package, you receive three thermal-bound copies.

Where can I go for more information on companies? 2018-06-05T02:13:19+00:00

ASIC’s website contains a wealth of information on setting up companies. Visit their ‘For companies’ page to find out more.

Alternatively, contact us and we will be happy to help.

How do I register my company with Rocket if I have previously reserved the name myself? 2018-06-04T09:17:31+00:00

If you have reserved your company name and Rocket did not reserve it for you, you will either need to let the reservation lapse after the two month reservation period or withdraw the reservation with ASIC first.

The reason for this is that the person signing the Form 201 to register your company must be the same person that signs the Form 410 to reserve the name.

Because of the automated nature of the Rocket software, we have a staff member sign off on the Form 201 for all our company registrations – a common practice for company registration providers. We also sign off on the reservations that we prepare.

This means that the only companies with reserved names that we can register automatically are the ones that we have reserved ourselves.

If you are unsure about this, please contact us and we will guide you through the process further.

What are the replaceable rules? 2018-06-04T09:15:24+00:00

The replaceable rules are a collection of about 40 sections of the Corporations Act 2001 that give a general framework for running an Australian company.

These rules govern the internal relationships of officers and shareholders, but do not cover more practical rules relating to how a company is run on a day-to-day level.

To read more about constitutions and the replaceable rules and to determine the suitability of both for your company, please read this page on the ASIC website: Constitution and replaceable rules.

What makes a company, a company? 2018-06-04T09:09:00+00:00

The general characteristics of a company are:

  • it is a corporate body created by law
  • it has all the powers of an individual and a corporation
  • it can sue and be sued in its own right
  • it has officeholders (director(s), secretary(ies))
  • it has a registered office
  • it has member(s)
  • it has perpetual succession (i.e. it continues even if its members die or resign).
Do I have to have a secretary? 2018-06-01T08:58:41+00:00

No. Since 2000, the office of secretary has been optional for private Australian companies.

Can I choose any name for my company? 2018-05-22T09:08:43+00:00

Yes, you can choose your own unique company name.

How can I find out if the company name I want is available? 2018-06-14T01:37:00+00:00

The first thing you will need to do is check to see if there are any other companies or business names already registered with an identical name.

You can check this by searching for the company name you want here.

There are restrictions for some words or phrases being used in company names. We recommend downloading Schedule 6 – Availability of names from ASIC. It contains a list of words that they commonly reject.

Can a person under 18 be an officer of an Australian company? 2018-06-01T09:02:13+00:00

No. Minors under law cannot hold a position in a company as an officer.

What types of companies can I register? 2018-06-14T01:45:25+00:00

A company is a body corporate registered in Australia under the Corporations Act 2001.

Proprietary company

A proprietary company must have at least one director, but doesn’t have to have a secretary. The director and secretary (if any), must ordinarily reside in Australia.

Special purpose superannuation fund trustee company

A special purpose superannuation fund trustee company is a type of company that is permitted to act only as trustee of a self-managed superannuation fund and is not permitted to trade in any form. It can have a maximum of four directors and four members. For this type of company, the Annual Fee that must be paid to ASIC is less than is required of a standard proprietary company. You will need to register a company before you set up your super fund or before changing to a corporate trustee for your SMSF Deed.

Can I use my ACN as my company name? 2018-06-04T09:11:39+00:00

You can register your company without a unique name and simply use the Australian Company Number (ACN) as your trading name.

What is an ACN? 2018-06-04T09:11:50+00:00

Each company is allocated a unique Australian Company Number (ACN). Yours will be provided after purchase. When a company has been issued an ABN, the number will be the ACN with two additional leading digits resulting in an 11 digit number (e.g.; ACN 123 456 789, new ABN xx 123 456 789).

You must apply separately for your ABN once your company has been registered. You can do this easily by visiting http://abr.gov.au.


DO YOU PROVIDE A CONSTITUTION?

The constitution contains the rules and procedures that define how the company is run, making it a very important document.

All companies produced by Rocket Registrations are provided with our up-to-date constitution in PDF format. If you choose our printed add-on package, you receive three thermal-bound copies.

What are the replaceable rules?

The replaceable rules are a collection of about 40 sections of the Corporations Act 2001 that give a general framework for running an Australian company.

These rules govern the internal relationships of officers and shareholders, but do not cover more practical rules relating to how a company is run on a day-to-day level.

To read more about constitutions and the replaceable rules and to determine the suitability of both for your company, please read this page on the ASIC website: Constitution and replaceable rules.

How long will it take to register my company? 2018-06-14T01:46:49+00:00

Once you lodge your application with our enhanced software, the whole process should take a matter of minutes.

Once your company is registered, you will receive an email letting you know that all your company documents have been prepared and are ready to download.

Note: There are some things that may slow down how quickly your application can be processed:

  • if your company name is (or is considered to be by ASIC) identical to a currently registered company or business name
  • if you own a business name and are registering your company with the same name
  • if your company name contains restricted words (eg. bank, royal, guarantee, etc.)
  • if your company name contains words that may be considered offensive or suggest illegal activity.

For more information about company name availability, please read ASIC’s Schedule 6 – Availability of names to ensure you are not using restricted words.

Do I have to provide the residential address of all officers? 2018-06-01T09:00:40+00:00

Yes. This is a legal requirement, specified in the Corporations Act 2001.
There is a process you can follow to apply to have your residential address suppressed, whereby you are granted ‘silent enroller’ status by the Australian Electoral Commission. Read more about this on the ASIC website: Application for suppression of residential address.

Do you provide a common seal? 2018-05-22T10:13:49+00:00

We do not provide a common seal with our companies.

The requirement to have and use a common seal with Australian companies was removed in 1998.

If you do require a seal, we are happy to recommend a provider. Please contact us for details.

What is a reservation of a company name? 2018-06-14T01:50:51+00:00

ASIC allows you to reserve your desired company name for a period of two months.

This gives you the advantage of putting your desired name on hold so it cannot be registered by anyone else while you take the time to obtain the necessary information, etc. to proceed with the registration.

Rocket can easily help with the reservation of your company name and also the registration process when you are ready to proceed.

To reserve your name, first make sure you have searched that it is available and then complete our reservation order form.

How do I register my company with Rocket if I have previously reserved the name myself?

If you have reserved your company name and Rocket did not reserve it for you, you will either need to let the reservation lapse after the two month reservation period or withdraw the reservation with ASIC first.

The reason for this is that the person signing the Form 201 to register your company must be the same person that signs the Form 410 to reserve the name.

Because of the automated nature of the Rocket software, we have a staff member sign off on the Form 201 for all our company registrations – a common practice for company registration providers. We also sign off on the reservations that we prepare.

This means that the only companies with reserved names that we can register automatically are the ones that we have reserved ourselves.

If you are unsure about this, please contact us and we will guide you through the process further.

My company application has been rejected. Why has this happened and how can I fix it? 2018-06-14T01:53:32+00:00

As mentioned above, there are some restrictions on company names that may automatically cause a company application to be rejected. If your application is rejected because of a company name issue, please make sure you have searched the name availability and that it doesn’t contain any restricted words.

Other issues that may arise would be that information has not been correctly entered or has been left off our order forms completely. If this is the case, you will be able to log back into your account, go to your Mission Control (where all of your order information is saved), amend your rejected application and re-lodge it with ASIC.

Common information that is left out of company applications include:

  • leaving off the place of birth for a company officer
  • entering an address that does not match the ASIC / Australia Post database
  • entering a PO Box address for an officer’s residential address, the registered office address or the principal place of business
Can I change my company name? 2018-05-22T10:52:30+00:00

ASIC does allow you to change your company name, however Rocket Registrations does not provide this as a service.

For more information about changing your company name, please read this page on ASIC’s website: Changing a company name.


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