So, I’m ‘carrying out business’. What to do now? If you answered yes to both concerns, you must decide whether to incorporate or to register a branch or representative office. For those who aren’t certain of the variations, an integrated part has its own separate legal status, whilst an office has a local agent who symbolizes the overseas company. That agent is personally accountable for the actions of the company within Australia.
There are various positive aspects to this: you don’t need a local director and secretary (as all integrated agencies do in Australia), plus there can be taxation benefits. To register so, you must complete these steps: 1. Verify your name. Like with incorporation, you must guarantee your company’s name can be acquired. ASIC is not going to enable a name to be registered if it is misleading (e.g. as to the company’s activities), uses specific words (such as ‘university’), has already been registered to another company, or is unlawful. 2. Reserve your name. This step is optional, but reservation charges only AU$41 (as of 2011) and covers your selected name from that point forward.
Otherwise, you could undergo the process, only to discover you have been pipped to the post. You need ASIC Form 410 to accomplish this step. 3. Fill out ASIC Form 402. This is the Application for Registration. This is the point you should have all the information present like the details of the directors of the company and of the regional representative and of the authorized office. It’s not required to have your own private office, but if not, you need to have consent from the owner for you to use that address. 4. Assemble the essential records. Before you deliver off Form 402, you have to ensure all the mandatory documents are contained. These are the following:
Memorandum of appointment of, and power of attorney for, the local representative; A certificate of registration or incorporation (or a similar document) that confirms the international company is currently registered in its place of corporation; An authorized copy of the company’s constitutions, bylaws or equivalent; If a director is resident in Australia, a memorandum stating the powers of those directors; A notice of any costs on company property held in Australia; and An authorized translation of any document not in English.
5. Send the application. Once you’ve finished all the paperwork, submit the application, with the applicable fee (currently AUD$426) to ASIC. They will issue a Certificate of Registration of a International Company and give your company an Australian Signed up Body Number (ARBN). Other Requirements and Considerations: There are some aspects you need to think about before proceeding in having a branch company in an overseas country: Have you chosen the correct market entry mode? Have you considered risk mitigation issues? What is your exit strategy? We also emphasize that you should consider registering all intellectual property rights or assets owned by your business before engaging in trade in the overseas market.
If you want to be a Foreign Company in Australia then you need legal assistance. Entitle your foreign company in Australia with ease using Inveiss.
