Saturday, January 18, 2014

Setting up a company in Australia

Where to start?

That was the question I asked myself, well ASIC has a great website full of great info if you can hold your nerve. Here is "Step 1" of 8 steps and to be honest, I decided not to do this myself as I like my liberty and I am too pretty for jail.

Step 1: Decide if a company or a business structure is right for you

You need to decide if a company or a business structure best suits your needs. We recommend that you seek legal or other professional advice about your circumstances. At this stage you should also make sure you understand what your legal obligations will be if you become a company officeholder: see 'Step 4: Understand your legal obligations as an officeholder' below.

So what other options do I have?

Having mentioned my frustration to my wife, she pointed out that one of our friend works at one of those agencies that sets up companies.

Perfect?....Now so much!....It turns out that they just do the admin for accountants and layers, who decide the appropriate structure. So , I asked could they give me the name of an accountant with whom I could get this done.

You guessed it. They couldn't offer opinion due to ethical / conflict of interest issues. So where do you get an accountant you can trust? FACEBOOK.

I put out the call to Facebook and the overwhelming response was DIY - do it yourself, so I jumped on to google can did a search for "starting a company in australia". The top listing was eCompanies

  1. Company Registration 24/7 -‎ $494, 

  2. So I clicked...

I have to admit, it was easier than I could have ever imagined. there were a couple of seemingly curly questions that my mate David  answered for me.
    • register for GST, yes
    • register for PAYG, No
    • Shares, 1 Ordinary
    • Share Value, $1 
I followed the bouncing all and paid $550 and I was done, (the extra $50 is to register with the tax office).

So that wasn't bad, I suppose ASIC make it look hard to keep the themselfs from getting sued by those who need a scape goat.

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