If you wish to start your own business in Australia then it’s essential to consider various compliance requirements. Keeping with each compliance is challenging which is why you will need a regulatory compliance monitoring software to ensure business compliance requirements. Here are some legal compliances set out by the Australian Securities and Investments Commission (ASIC) that you must follow if you wish to conduct business in Australia.
Principal Place of Business
The first compliance requirement is to have a principal place of business. If you wish to operate from various locations other than your headquarters then you will need to register the principal place of business with Australian Securities and Investments Commission (ASIC) and any other locations. ASIC must be aware of the branches or chains that you plan to open in designated locations.
Another essential legal business compliance in Australia is to have your own registered office in Australia. As the owner of the company, you will be liable to inform ASCI of the location of your physical office. If you wish to change your office address to a new location, informing ASIC is mandatory so that future communication is sent to the updated address.
Submit the List of Directors and Other Officers
Disclosing information about your employees, particularly senior C-Suite is one of the most crucial step in ensuring complete business compliance with Federal Government and ASIC. ASIC requires businesses to submit the director’s names, residential addresses, and date of birth. Similarly, company secretary and other top management employees must be mentioned in the formal documents along with their names, DOB and addresses. Supplying a post office address or a principal place of business address for directors is not acceptable.
Provide Updated Information
When you are a business owner in Australia, it is essential to keep all information about your business updated. If you wish to make any changes to the name, directors, location or policy you have to send the information to ASIC. From major changes to minor ones like changing your official email address requires businesses to notify ASIC.
Pay All the Fees
Before starting your business in Australia, you will be required to submit a plethora of applications and permits. Many of these applications require businesses to pay a fee. For example when you register your company, you will need to pay the registration fee along with submitting your annual incomes statement. Add all your important dates such as tax returns to your official calendar for convenience. Please stay tuned to ASCI website to get more information on your fees and tax returns.
The Bottom Line
Without legal compliance in Australia, businesses are not allowed to operate. To ensure smooth business operations it’s essential for business owners to consider all the legal requirements. Mention all the locations for your business including your principal place of business and the address, which is used for registration and communication.