How To Register a Standard Company

 

For more information, refer to the instructions below:

  1. Go to the given link http://nowinfinity.com.au/
  2. Login through the portal
  3. Click Menu1.png
  4. Go to Create Document
  5. Choose Standard Company under the Company Formations section2.png  

Note : the price may vary depending on ASIC. To check the company registration fee, you can visit Starting a company

After clicking the Standard Company from the Menu page, you will be redirected to the Interview Form.

Pre-registration Consents

1. Pre-registration Consents - Before lodging an application for registration of a company, it is mandatory to obtain written consent of the intended director, secretary, and shareholders. The consent doesn’t need to lodge with ASIC but must be kept as a matter of company record.

  • Consent to act as a Director
  • Consent to act as a Secretary
  • Consent to ac as a Public Officer
  • Consent to be a Member and Hold Shares
  • Consent of Occupier for Registered Office    

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Company Details

2. Proposed Name of Company - Enter the name of the new company you are registering. For more information click here.

3. Use ACN as company name? - If you do not wish to use the ACN as the company name, select No. For more information click here.

mceclip0.png4.  If you don't have a company name and wish to use the ACN as the company name, select Yes. You will need to choose how you wish the legal elements to be displayed eg Pty Ltd, Pty. Ltd., Proprietary Limited.

5. Check Name Availability - This button will allow you to confirm if the entered company name is still available. mceclip1.png6.  Jurisdiction of Registration - You can select where the company has its jurisdiction of registration by using the drop-down menu. For more information click here.mceclip3.png7. Is the proposed company name an existing business name? - You can select “Yes” or “No” from the drop-down menu. If you select “Yes”,  the “Have you got an ABN or State Business Number” drop-down menu will be displayed. Click here for further details on how to process the registration. There will be no changes if you select “No”.

For more information about the rules for using an existing business name click here.

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7.1 State Business Name - If the business name was registered with a State Business Name enter the Registration Number and State of the Registration into the relevant boxes.

mceclip5.png7.2 ABN - If the business name was registered with an ABN enter the ABN into the relevant box.

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Rejected Application - Case 1

Case: The name in the opinion of ASIC, the context in which it is proposed to be used, is undesirable for reservation as the holder of the identical business name is a partnership, and each of the partners must be a proposed director or member of the proposed company.

Resolution: If the business name is owned by a partnership, both partners needs to be recorded as a Director and / or Shareholder of the company.

Rejected Application - Case 2

Case: V557 ABN is not that of the business name

Resolution: In this case, the Company Registration was lodged by answering Yes to the question about the business name on the first tab and also marked for manual review. Even if the ABN is correct ASIC have still rejected the application. In cases like this where the ABN is correct, the application will need to be re-lodged without saying that the company name is identical to a business name. It can be marked for manual review and the ABN can be included in the message box before completing the application. 


Rejected Application - Case 3

Case: The document in the opinion of ASIC is unacceptable because:

Note: Until the 'cancelled' business name becomes available, the proposed name is not available to register as either a company or a business name.

Resolution: Cancellation of a Business Name is not immediate and once the cancellation is completed, the business name will be put on hold. The hold will be lifted based upon if:

  • The cancellation of the business name was initiated by the owner of the business, the name will become available after 4 months from the time the business was cancelled, or
  • The cancellation of the business name was initiated by ASIC, the name will become available after 6 months from the time the business was cancelled.

Note:

  1. The owner of the business name must be a Director and Shareholder of the proposed company
  2. The form must be submitted to ASIC for manual review, a text box will be provided on the last page of the registration form to add additional information for ASIC

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8. Does this company have an Ultimate Holding Company?

You can select “Yes” or “No” from the drop-down menu. Ultimate Holding fields will be displayed when you select “Yes”.

There will be no changes on the field when you select “No”.

For more information click here.

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9. Have you reserved the proposed name by lodging a form 410?

You can select “Yes” or “No” from the drop-down menu.

Additional fields will be displayed when you select “Yes” from the drop-down menu.

No changes will occur when selected “No” from the drop-down menu.

For more information click here.

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Sample screenshot of a complete and valid form for Company Details

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When you click the Next Step button, you will be redirected to the Trust page. You also have the option to save the current form by clicking the Save and Complete Later link.

Saved forms can be accessed using the Saved Documents link from the Main Menu (Menu > Documents > Saved Documents). 

Trust

The Trust form is optional. You can still create a Company without inputting any details for a Trust.

1.  Do you want to create a trust as well?

You can select “Yes” or “No” from the drop-down menu.

If you would like to prepare a trust at the same time as a company registration, select "Yes". There will be no changes in the form when you select “No”.

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2.  Add Resolution to Open a Bank Account?

In some instances, a resolution to open a bank account is required. If required a resolution will be incorporated to the documentation.

Note : You will have the option to click the Next Step button if you answer “No” to the question "Do you want to create a trust as well?"

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3. Select please trust type

Note: This is only applicable if you selected “Yes” to the question "Do you want to create a trust as well?"

You will be given a list of trusts from which to choose.

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Then you will also need to input the name of the trust.

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Note : When you decide to establish the trust, the trust documents will still not be created. You will need to complete the following additional steps:

  • Wait for the company to be registered first
  • Once registered, you should go to the Collaboration page to continue with the application (using the link from the email)
  • Complete the form using a link in the Collaboration page under the “Integrations” section 

Sample complete and valid form for a Trust

 

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Addresses

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1. Details for the Registered Address

1.1 Care Of

This phrase indicates that something is to be delivered to an addressee where they do not normally receive correspondence. This field is only available for the registered address section.

1.2 Unit/Level

You can manually input the unit/level. This field is not mandatory, so it can be left blank.

Note: ASIC (via RA72) sometimes return the address as U 1, L 1 or G instead of the word itself (like Unit, Level or Ground Floor).

This is normal, especially if it’s via EDGE transmission, however, ASIC record them as Unit, Level and Ground Floor.

1.3 Street Address

You can manually enter the street address. If the street address is invalid, a tallow exclamation point will be displayed.

1.4 Suburb

You can manually enter the name of the suburb. When you enter the first letters of the suburb, a list of suggested suburbs will appear together with the state and postcode.

1.5 State

You cannot manually enter the name of the state. You will need to choose from the list of Australian states input into the system. Non-AU is not part of the list since an overseas address is not allowed for the registered office.

1.6 Postcode

You can input the postcode manually.

1.7 Will this company occupy the address?

If the occupier of the address is not the company, written consent must be given by the occupier of the address (as per Corporations Act Section 1.5.3.7).

You can select "Yes" or "No" from the drop-down menu. If you select "No", another field needs to be answered.

1.8 Company that occupies

Note: This option will only be applicable if you answered "No" to 1.7 "Will this company occupy the address?"

You will need to enter the name of the occupier of the address. Another document will be generated called “Consent of Occupier”.

 

2.  Principal Business Address

The same as with the registered office, you can manually enter the principal place of business.

Requirements for entering the principal place of business are the same as those for the registered office.

For more information on the rules for the above click here.

Sample of a complete and valid form for Addresses

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When you click the Next Step button, it will redirect you to the Officeholders / Directors page. You can also access the previous page by clicking the specific name in the tab.

You also have the option to save the current form by clicking the Save and Complete Later link.

Saved forms can be accessed using the Saved Documents link from the Main Menu (Menu > Documents > Saved Documents). 

 

Office Holders / Directors

1.  Office Holder Details

Directors and secretaries are known as the office holders of the company. A proprietary company must have a minimum of 1 director (3 for public companies) and must reside in Australia.

For each officeholder, you will need to provide the following information:

  • Given and family name (middle name if applicable)
  • Date of birth
  • Place of birth and
  • Residential address

1.1 Officeholder Name

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1.2 Former Name

The Former Name/s field is optional and can be left blank.

You should provide the full name (first and last name). When you input either first or last name only, the field will be highlighted.

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1.3 Residential Address

You can input the address manually.

1.4 Date of Birth

You can manually input the date of birth. An office holder must be at least 18 years old.

1.5 City of Birth

City of birth is the suburb and is only required if the office holder was born in Australia.

1.6 State or Country of Birth

You can manually input the data.

  • If born in Australia, you need to provide the state and not the country of birth.
  • Only if the office holder was born overseas will you need to input the country. You should follow what is indicated in the ISO 3166.

1.7 Office holder Role

There are 3 options you can choose from:

  • Director
  • Secretary
  • Director and Secretary

1.8 Director ID

As of the 5th of April all new directors are required to apply for a Director ID before appointment. You can manually input the Director ID.

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1.9 Consent to be an Office holder

A template can be downloaded if you need the office holders to sign a Consent to Act as an Office holder.

You can add several office holders by clicking on “Add one more Office holder”. 

2. Public Officers

On the first Officer page, the question "Is this Director a Public Officer?" is asked. If "No", you will need to provide the name, address and date of birth of the Public Officer. The date of birth will not appear in any of the documents, however it is there to confirm the Public Officer is over the age of 18.

3. Secretary

Appointing a secretary is optional. You can appoint 1 or more secretary/secretaries (as per Corporations Act of 2001 Section 204A).

A director can also be appointed as a secretary at the same time (as per Corporations Act of 2001 Section 1.5.5). 

For more information on the rules for the above click here.

Sample complete and valid form for Office Holder / Director

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Shareholder

Shareholders are also known as members. They are the owners of the company.

ASIC only records the first 20 shareholders.

There are 2 types of shares you can choose in the Shareholder tab: 

  1. Corporate shareholder
  2. Individual shareholder

1. Corporate Shareholder 

1.1 ACN

You can manually enter the ACN.

1.2 Company Name

The company name will automatically be pre-filled when you add the ACN.

If the company is an overseas company, you should tick the checkbox below the company name. This will disable the ACN field and will be replaced by the ARBN field, which is optional.

1.3 Registered Address

You will be able to manually enter the address. There are several requirements for the Registered Address:

  • Registered address should be in Australia (unless it is an overseas company)
  • Corporate shareholders are not allowed to use a PO Box address

1.4 Directors Name

You can manually add the name of the director of the corporate shareholder

1.5 Directors Residential Address

You can manually enter the residential address of the director of the corporate shareholder.

To add one more Director for the corporate shareholder, you can select "Yes" using the drop-down menu  for “Add Director?”. By selecting "Yes" a new set of Director fields will be displayed.

1.6 Is this Sole Director also the Secretary?

If you select "No" from the drop-down menu, another field will be added which will require you to add the name of the secretary of the corporate shareholder.

Note: If the corporate shareholder does not have a secretary, enter the directors name as the secretary and complete the company registration. Once the company has been registered and the documents generated contact NowInfinity Support to have the documents amended to remove mention of secretary for the corporate shareholder.

1.7 Has this Shareholder consented to be a member of the company?

You can select from the drop-down either "Yes" or "No". 

2.    Individual Shareholder

2.1 First Name

You will be able to manually input the first name.

2.2 Middle Name

You will be able to manually input the middle name.

2.3 Last Name

You will be able to manually input the last name.

2.4 Residential Address

You can manually input the details. Several conditions apply for the residential address for individual shareholders:

  • PO Box is allowed for individual shareholder
  • Overseas is allowed for both corporate and individual shareholders

2.5 Add Joint Shareholder

Note : You can add multiple joint shareholders, including a combination of individual and corporate, 2 corporate or 2 or more individuals. However, the portal does not yet support the combination of joint individual and corporate, 2 corporate shareholders. You can only do joint individual shareholders.

You can select from the drop-down menu. By selecting "Yes", a new set of shareholder fields will be displayed. You can add more than 2 joint shareholders.

2.6 Has this Shareholder consented to be a member of the Company?

You can choose from the drop-down either "Yes" or "No". 

If "No" is selected from the drop-down menu, the field will be highlighted in red and you will not be able to continue. A shareholder should sign a written consent. The consent does not need to be forwarded to ASIC but needs to be kept for record keeping purposes. 

3.    Share Details

3.1 Share Class

A company may issue different types of share classes. The share class distinguishes between the different rights that may be assigned to different shares.

Most proprietary companies issue Ordinary Shares.

3.2 Total Number of Share Class

You can enter the number of shares manually. The number of shares the company issues represents the company’s capital.

The number and price of shares will be determined by the amount of capital needed by the company.

One shareholder can have several classes of shares with a different number of shares and price per share for each class.  A company can issue shares valued at $0 per share.

3.3 Total Number of Share Class

Shares can be beneficially held or non-beneficially held.

  • Beneficial Owning – means the shareholder owns the shares and gets the direct benefit from the shares.
  • Non-Beneficial Owning – shares are held by a person or entity on behalf of a trust, SMSF or another entity.

For more information on the rules for the above click here.

  Sample complete and valid form for a Shareholder

 

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