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|AUSTRALIA - PTY. COMPANIES|
- Australia is the only country in the world occupying an entire continent. Politically, it is a federation, consisting of six states and two territories. The official Head of State is the Queen of the United Kingdom, whose representative in Australia is the Governor-General.
- Australia is known throughout the world as a highly developed country with a standard level of taxation and a high rating in international business circles. Australia does not have the reputation of a country with a privileged tax system, and therefore enjoys a respectful image with entrepreneurs and official institutions. Furthermore, it is not included in any "blacklist".
- The most common form of business entity in Australia is the proprietary company limited by shares (Pty. Ltd.).
|GENERAL INFORMATION||Total area - 7,682,300 sq km|
Population - 19,200,000
Location - click here to see the map of offshore jurisdictions
Political status - Federation
Capital - Canberra
Official language - English
Official currency - Australian Dollar (AUD)
Time zone - GMT +8 - GMT +10
|Company type||Proprietory Company Limited by shares (Pty Ltd.)|
|Directors/Officers||Australian Pty. company requires a minimum of 1 Director, who must be a natural person. At least one Director must be a resident of Australia, other Directors may be from any legal jurisdiction.|
Each Australian Pty. company must file a Register of its Directors with the Australian Securities & Investment Commission.
|Shareholders||Australian Pty. company requires a minimum of 1 shareholder, who may be a natural person or a corporate body from any legal jurisdiction.|
Each Australian Pty. company must file a Register of its Shareholder/s with the Australian Securities & Investment Commission.
|Secretary||Australian Pty. company requires a minimum of 1 Secretary, who may be a natural person or a corporate body.|
Each Australian Pty. company must file information on its Secretary with the Australian Securities & Investment Commission.
|Authorised share capital||Standard authorised capital = AUD 1,000.|
Minimum capital, which must be paid on incorporation = 1 AUD.
|Company Names||The name of an Australian Pty. company must end with the suffix "Pty Ltd.".|
Company names containing restricted words such as "Bank", "Insurance", "Trust" etc. will not be permitted unless an appropriate national operating licence has been obtained by the company.
|Beneficial Ownership information||Information with regard to ultimate beneficial ownership must be disclosed to the Registered Agent of the company in Australia and is held by the agent on a confidential basis.|
|Filing of Annual Return||An Annual Return must be submitted until December 31, each year.|
|Filing of Financial Statement||A Financial Statement (balance sheet) must be submitted every year.|
|Corporate Taxation||Tax rate for Australian resident companies is 30%. Usually, Australian companies are used in agency scheme, together with other, foreign (offshore) company.|
|Tax Treaties||Australia has concluded double tax treaties with more than 40 countries.|
|Timeframe for incorporation||15/18 working days. A complete set of company documents can be delivered in 8/10 weeks.|
|Takeover of management & secretarial services for an existing Australia Proprietory Company Limited by shares||Possible, following verification of Beneficial Ownership and agreement with and discharge of liabilities to previous corporate service provider in Australia.|
|Description of incorporation documents||Click here for itemised description of company documents.|
|"Ready-made"("Shelf") companies||We are happy to register new company in this jurisdiction in accordance with client instructions.|
|Price of Australia Proprietory Company Limited by shares||USD 5,780, including incorporation costs, full domiciliary (Registered Agent/Office) costs, Nominee services and legal support services for one year.|
|Cost of annual support services||USD 3,980 per year, including full domiciliary (Registered Agent/Office) costs, annual Government Duty, Nominee services and legal support services for each year. Also, there are additional fees for preparing of financial statement, depending on complicity of the statement.|
- INTERNATIONAL OVERSEAS SERVICES has the following comments: -
- An Australian-resident company is a prestigious vehicle, for the very reason that it is liable to tax and is seldom used by entrepreneurs in practice, on account of the comparatively high incorporation and running costs. The Australian Pty. is a fully tax-liable company, but can be made to benefit from an advantageous tax regime when operated together with other, low-tax companies.