Establishing a company in Australia

Australia is the central country in Oceania, covering an entire continent that constitutes the sixth largest country in the world. It is situated between the Indian Ocean and the southern region of the Pacific Ocean, and its nearest neighbors are Indonesia to the northwest, Timor to the east, New Guinea to the north, the Solomon Islands, Vanuatu and New Caledonia to the east, and New Zealand to the southeast.
The earliest settlers reached Australia over 40,000 years ago and their aboriginal descendants still live there today. The British, headed by Captain James Cook, arrived in 1770. The official language is English, although Australians have their own unique dialect and accent. The establishment of a company in the country is an easily manageable and organized process, and the region offers myriad advantages for conducting business in Asia Pacific, such as advanced financial and technological infrastructure, an ideal business environment for this region, and a highly developed local capital market.

The Australian capital is Canberra, a small city roughly halfway between Sydney and Melbourne, the two largest and central cities in the country. Australia is comprised of six states and several additional territories, including New South Wales, Victoria, Queensland, South Australia, Western Australia, and Tasmania. The Australian Capital Territory and Northern Territory complete the list. The majority of the mainland is typified by a dry desert climate – the heartland of Australia is pure desert. Due to the enormous size of the country, climate may vary from region to region, with the coastal areas ranging from tropical to the north and temperate in the south.

As Australia is basically a huge continental island, it boasts long and spectacular beaches, and a subsequent “beach culture” that is an inseparable part of the Australia people. The country has some of the world’s most attractive beaches, particularly in the Great Barrier Reef on Australia’s east coast.

Tourism provides an important contribution to the Australian economy, primarily offering beach holidays, gorgeous vacation spots or exclusive getaways, such as the outback experience of Uluru, long trips (such as along the Nullarbor Plain), and a general atmosphere that is utterly unique to Australia.

Australia is isolated from other continents, a fact that has created unusual landscape and wildlife. This is evident in the variety of indigenous animals, many of which can only be found in Australia, such as the kangaroo, koala bear, various lizards, reptiles and the platypus.

Australia’s government is a constitutional monarchy as it still part of the Commonwealth, and Queen Elizabeth II is the official head of state. However, Australia functions as an independent and sovereign state that governs all domestic and foreign matters, so that its association with the UK is symbolic and historical in nature.

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Four things you didn’t know about Australia

  • Australia is ranked 230th in the world in terms of population density. The areas of Western Australia, the country’s largest state, is almost equal to that of India, yet has only 2.5 million inhabitants.

  • Australia’s most beloved pastime is a locally-developed sport –“Australian Rules Football”, called “Footy” by Australians. The rules are original and the sport, a fast-paced and fascinating game, is played only in Australia. It includes an active league, 18 players per team, and watching it is a guaranteed experience.

  • Alice Springs, located deep in the geographic center of Australia, is a desert town that constitutes the opening stage to trips deep into the continental heartland and its important sites, including Uluru (Ayers Rock), Kings Canyon and Kata Tjuta. During each September the town holds an especially humorous and unusual race that is an excellent example of the Australian spirit – the “Henley-On-Todd Dry River Boat Regatta” on Todd River, where boats must be carried by hand across the finish line. Fun rides and activities are prepared and the event draws many tourists and locals.

  • Studies indicate that the aborigines of Australia are descendent from the tribes of Southeast Asia that migrated across the land bridges that existed in the region at the time, still connecting Australia to its original land mass. They were then separated from the world for over 40,000 years, a fact that may explain their unique physical and cultural characteristics.

Australia’s economy

Australia has an extremely advanced economy; the country is estimated to be one of the richest in the world, ranked 12th in local market size. The currency used is the Australian dollar, significantly gaining strength over recent years. GDP is reported to be 1.4 trillion USD, and income per capita is estimated at 42,000 USD. Over the years this economy has grown significantly with rising consumer demand, a large financial sector, expanded industry and more, but its main sources of growth and capital are still its many natural resources. The country has enormous coal, ore and iron deposits, gold and other natural resources, all exported in huge quantities yearly. Financial centers are located in Sydney and Melbourne.

Additional information about establishing offshore companies in Australia:

General
Type of company
Proprietary Limited (PTY Ltd)
Relevant Companies Law
Corporations Act 2001
Offices
Australian law requires companies to provide a local office address
Language of original incorporation documents
English
Finance and Taxation
Currency
AUD
Corporate tax rate
30%
Standard share capital
1000 AUD
Office Holders
Secretary
Obligation to appoint company secretary
Not required
Obligation to appoint local secretary
Irrelevant
Type of entity that may function as company secretary
Irrelevant
Director
Obligation to appoint company director
Required
Obligation to appoint local company director
Required
Minimum number of directors
1
Type of entity that may serve as company director
Individual
Shareholders
Obligation to register shareholders
Required
Obligation to register local shareholders
None
Minimum number of shareholders
Minimum – 1, maximum – 50 (that are not company em
Type of entity that may register as shareholder
Individual and/or company
Type of shares
Registered shares and/or bearer shares
Accessibility of Information
Company registrar
Information regarding office holders accessible to the public
Annual Assembly and Reporting
Obligation to hold annual assembly
Not required
Obligation to prepare financial reports
Required
Obligation to submit financial reports
Required