Regulatory and Statutory Compliance Services in Australia
We offer Regulatory and Statutory Compliance services to corporate entities in Australia for their business setup and ongoing compliance needs, including business expansion and deregistration. Our corporate secretaries provide timely and technically-proficient professional assistance to our wide clientele, from multinational companies and SMEs to startups and family offices, to help them expertly navigate compliance and prevent regulatory issues.
Your compliance obligations will largely depend on your type of business, chosen industry, and nominated state/territory. To ensure full compliance with all your regulatory and statutory requirements in Australia, you can reach out to us for guidance and practical, efficient solutions.
Our Regulatory and Statutory Compliance Services
Regulatory and Statutory Requirements for Registered Companies in Australia
Both proprietary companies and public companies limited by shares must issue at least one share to one shareholder. The number of shares that a company can issue is unlimited. The Corporations Act stipulates the rules on how companies are expected to deal with their share capital.
The class of shares will determine the rights and restrictions attached to them. Some share classes will grant you the right to vote in company decisions while others will give you the right to receive dividends or capital distributions.
All registered companies, both local and foreign-owned, are required by law to have a registered office in Australia. The address must be a street address and not a P.O. Box. If you’re still looking for the right location to set up your business, we can assist you.
An Australian company is required by law to appoint officeholders to represent the company and ensure the company shall fulfil its legal obligations under the Corporations Act. These individuals shall also act on behalf of the company and meet eligibility requirements to be legally appointed and recognised by law as company representatives.
These officeholders are as follows:
- corporate secretary
- public officer
The directors are responsible for managing the day-to-day operations of the company. A proprietary company must have at least one resident director who’s at least 18 years old and has a valid director identification number (director ID). If you don’t have a director who’s an Australian citizen or foreign national ordinarily residing in Australia, you can avail our Nominee Director services to fulfil this requirement.
The corporate secretary oversees good governance and timely compliance with regulatory and statutory obligations. As such, they act as executive officers to the board of directors and administrative officers of the company. To be eligible as corporate secretary, an individual must be over 18 years old and ordinarily reside in Australia with the ability to demonstrate competence in successfully fulfiling the role. You can avail our Corporate Secretarial services if you don’t have anyone to fill the position.
A public officer is responsible for ensuring compliance with the Australian Taxation Office (ATO) for income tax legislation. The appointee must be an Australian resident over 18 years old and deemed qualified to fulfil the role.
Depending on the type of entity you want to set up in Australia, you may be required to appoint an auditor. Public companies are required to appoint an auditor within one month from the date of incorporation. Proprietary companies can apply for audit relief if they satisfy the requirements provided by ASIC.
Auditors are obliged to act independently and comply with the rules on disclosure and financial reporting stipulated under the Corporations Act.
The following corporate entities are mandated by law to prepare and submit to ASIC an audited annual financial report:
- public companies
- large proprietary companies
- small proprietary companies owned and operated by foreign entities
The annual financial report must comply with accounting standards and provide a fair analysis of the company’s financial standing for the covered fiscal year, together with an annual directors’ report.
Registered companies in Australia are required to file forms to ASIC, the specific list of such forms shall vary depending on the type of business and/or industry. You must also maintain records of your minute books, statutory registers, board resolutions, accounting books, and administrative transactions.
If you recently made amendments to your key company details, such as your company name, registered office, officeholder details, and shareholder details, you are required to notify ASIC of the changes so the agency can update your public records.
Stay on Top of Your Regulatory and Statutory Obligations with a Trusted Firm
Understanding your compliance obligations can be difficult, especially if you don’t have proper guidance on how to prioritise and process every single document. From setting up a company in Australia to navigating compliance all year round, we at Company Set Up Australia are dedicated to helping you make sense of complex legal regulations so you can file your compliance requirements accurately and ahead of deadlines.