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.
Individuals, associations and companies can register a business name if they wish to carry out an enterprise under that specific name. If the business name is not the exact name of the person or corporate entity conducting the business, then that name must be registered with ASIC.
The business name chosen cannot be identical to the name of a registered company, a reserved company name or a business name that has already been registered. It is also worth remembering that all businesses trading in Australia must also have an Australian Business Number (ABN).
Company registration was previously known as ‘incorporation’. The process of registering a company results in that entity having the same powers and legal capabilities as an individual.
Before ASIC will register a company in accordance with the Corporations Act, the applicant will need to determine the type of company to be registered. Will it be a proprietary (private) or public company. You will also need to decide on:
- A proposed name for the company
- Who will be its shareholders, directors and secretary?
- Where will its principal place of business and registered office be located?
Onlinecompany.com.au, thanks to our direct connectivity with ASIC and our advanced technology, can then make the process of registering your company simple. To streamline the process even further, we suggest you have the following information on hand:
- The proposed company name, unless you are happy for the company to trade under its CAN, eg 123 456 789 Pty Ltd
- The company’s proposed address (principal place of business)
- The address of its registered office
- The identity of any ultimate holding company
- Name, address, place of birth, date of birth and any former name of each director and secretary (note, a private company does not need a secretary)
- Name and address of proposed shareholders (include ACN,ABN if shareholder is a company)
- Details of shares to be issued to proposed shareholders. You will need to include the type and number of securities to be issued and whether they are fully-paid. Companies limited by guarantee will also need to provide the proposed amount of the guarantee each member has agreed to in writing.
A private (proprietary) company must have at least one director and one shareholder. The sole director may also be the sole shareholder and secretary but a proprietary company doesn’t need to have a secretary. If it does have a secretary, at least one will need to reside in Australia.
A public company must have at least three directors. At least two directors and one secretary of a public company (a company that is able to issue shares to the public) must usually reside in Australia.
Each proposed director and secretary must give their written consent to taking up their positions and these consents must be kept on file by the company.
Upon registration by ASIC, the new company will be issued with a unique Australian Company Number (ACN).
The advantage of using an agent such as onlinecompany.com.au to assist with the company registration process is that we are able to provide you with ready-to-go replaceable rules (constitution), register, pro-forma that can be used for written consent of directors/secretaries, minutes of first meeting of directors, share certificates, etc. None of those documents is provided by ASIC as part of the registration process.
Online Company Registration in Australia 