• New Company Registration - FAQs

    How do I choose a company name?

    You can only choose a company name that is not already registered to a company or business. You can go to the ASIC website and the “Check Name Availability” function to confirm whether your proposed name is identical or similar to another name already registered.

    Certain words and phrases must be approved by a specified Minister or government agency before being used, for example names including: ‘building society', 'trust', 'university', 'chamber of commerce' and 'chartered’.

    You also cannot use words suggesting a misleading connection with government, the Royal Family or an ex-servicemen's organisation. These restrictions ensure that a company's name does not mislead people about its activities.

    ASIC may also refuse to register certain names if they are considered offensive or suggest illegal activity.

    Can I change the company name in future?

    The members of the company can change the name in future by passing a special resolution and notifying ASIC of the change.

    ASIC charges a fee of $366 to change a company name.

    When do I get issued with a Certificate of Registration?

    When ASIC receives the completed application for registration with the correct fee it will:

    • give the company an Australian Company Number (ACN);
    • register the company (a company comes into existence as a body corporate at the beginning of the day on which ASIC registers it and remains in existence until it is deregistered); and
    • issue a Certificate of Registration.
    Is the Certificate of Registration sufficient evidence for a bank to establish the company bank account?

    The Certificate of Registration that MYOB receives electronically from ASIC and provides to you electronically is the original Certificate of Registration (hardcopies are not issued).

    The standard Certificate of Registration is sufficient for a company to open a bank account.

    Does MYOB organise the ABN and TFN?

    The Australian Tax Office requires each company to obtain a tax file number. MYOB does not arrange this.

    A tax file number can be obtained by applying to the tax office at https://www.ato.gov.au/Forms/TFN-application-for-companies---other-organisations/.

    When should the company apply for an ABN?

    ABNs are not compulsory. However, the company needs one before it can trade. You also need an ABN to register for GST.

    More information and registration of an ABN can be found at http://www.abr.gov.au.

    Can a trust be a member?

    No. A trust cannot own shares in a company because a trust is a relationship - not a separate legal entity or person.

    However, the trustee of a trust, in his, her or its capacity as trustee, is capable of owning shares and other property on behalf of the trust - see next question.

    Can a trustee be a member?

    Yes, a trustee can own shares in a company - as long as you include the trustee's name and their capacity. For example:

    ‘Gina Doe in her capacity as the trustee of the Doe Family Trust'.

    In this case, the trustee holds the shares in the company on trust for the beneficiaries of the trust. (As noted above, the trust itself cannot own shares as it is not a legal entity).

    Can a corporate trustee be a member?
    Can the company act as a trustee of a trust?
    Can the company be the trustee of my self-managed superannuation fund?
    Can the company change its constitution in the future?
    If I want to issue more shares in the future, do I need to create them now?
    Can I issue preference shares under the Constitution?
    What is the benefit of having different classes of shares?
    Can I transfer my shares in the company?
    What is a corporate key?
    What is a subsidiary?
    What is an ultimate holding company?
    Can a proprietary company raise money from the public?
    How many directors must a proprietary company limited by shares have?
    Who can be a director?
    Does a director have to be a member?
    How can directors be added or removed?
    What are directors required to do?
    What is a director’s interest?
    How can a sole director execute documents?
    Does a company need a seal?
    Does a proprietary company limited by shares need a company secretary?
    What is a Public Officer?
    Do I need to prepare a financial report each financial year?
    Who needs an auditor?
    Can a proprietary limited company be a not-for-profit company?
    What is a Registered Office?
    What characters are accepted in the password field of CompanyDocs Sign-up page?
  • Company Constitution - FAQs

    When can a company adopt a new constitution?
    How can a company change or update its constitution?
  • SMSF Setup

    Who can have an SMSF?
    What is the minimum amount required to set up an SMSF?
    Who establishes the SMSF?
    What documents will I receive when I buy the SMSF product?
    Who are the parties to the SMSF trust deed?
    What conditions must the Fund meet to be a complying SMSF?

    Trustees

    Who does the trustee have to be?
    What if I want to use an existing company to be the corporate trustee?
    How does a company become the trustee?
    How does the SMSF change from having a corporate trustee to individual trustees or vice versa?

    Members

    How many people can I accept as members of my SMSF?
    Can I have a single member SMSF?
    Can someone under the age of 18 years be a member?
    Can someone with a legal disability be a member?
    Do members have to give their tax file number (TFN) to the SMSF?

    Trust Deed

    What is the date of the trust deed establishing the SMSF?
    Is the trust deed subject to stamp duty upon execution?
    Is the employer-sponsor's consent required to update the trust deed?
    Can the terms in the trust deed be amended?
    Is the trust deed subject to stamp duty if it is varied?

    Employers

    Is the corporate trustee and the employer-sponsor the same thing?
    What is the difference between an employer-sponsor and a participating employer?
    Does the SMSF need to have an employer-sponsor or participating employer?

    Beneficiaries

    Is a death benefit nomination or agreement like a will?
    What happens if I sign and submit to the trustee all 3 of a Death Benefit Agreement, Binding Death Benefit Nomination and Indicative Death Benefit Nomination – but nominate different beneficiaries in each document?
    Can I nominate anyone as the beneficiary to my superannuation benefits?
    Must I sign one of a Death Benefit Agreement, Binding Death Benefit Nomination and Indicative Death Benefit Nomination as soon as I become a member? What if I don’t know who to make my beneficiary?

    Rollovers

    How can I roll over my benefits from my existing super fund?

    Other

    Does the SMSF have to be audited?
    Who is an approved auditor for an SMSF?
    Is the SMSF a company?
    Does the SMSF have to apply for an ABN and TFN?