When establishing a new business in Australia there are numerous matters to consider. The most practical options are to set up either a branch office or a local company/subsidiary of your parent UK company.  The decision on this will depend on many factors including your overall global strategy and how you have set up in other foreign jurisdictions to date.

In either case, Australia’s corporate law requires the appointment of a local resident to act as either a local agent/officer for the branch, or a director for the company. This requirement can be a significant hurdle if you have no contacts in Australia willing to take on this role.

Most offshore companies setting up here opt for a local company, as the establishment process and ongoing reporting are less onerous than for a branch office.

RESIDENT DIRECTOR SERVICES

The scope of Resident Director services is limited to what is required under the law for the resident director position, including:

  • Ensure that all of the Corporate Law and related regulatory reporting and lodgement obligations of the Australian Company are fulfilled annually on behalf of the Overseas Parent Company (the Parent)
  • Ensure that all common law duties are carried out on behalf of the Parent
  • Advise the Parent of options available to minimise regulatory reporting and lodgement requirements where requested and appropriate (e.g. possible audit exemption)
  • Provide strategic advice and support for the successful growth of the Australian operations where requested and appropriate
  • Provide independent and unbiased feedback to the Parent on the performance of the local business and employees where requested and appropriate
  • Do everything reasonably possible to ensure that non-resident directors have complete control over the Australian operations, subject to the agreed/executed Deed of Indemnity
It is important to select an experienced and pragmatic adviser who has experience in setting up the right structure for your operations in Australia and who can advise you on the complex legislative requirements which your business must meet.

Additional Services

The ideal adviser will offer an add-on to the resident directorship; assisting you in the full business lifecycle, providing tax, accounting, and related business services.

Tax & Accounting services

Tax & Accounting services

Taxation and accounting services could include:

  • Setting up your accounting systems and processes.
  • Providing advice on your monthly/quarterly/annual tax and accounting compliance and reporting obligations and manage these on your behalf.
  • Providing full outsourced payroll, accounts payable/receivable services.
Outsourced CFO Services

Outsourced CFO Services

Accurate and timely financial reporting is key to the success of any business. Key services may include:

  • Preparation and analysis of comprehensive financial forecasts to predict profitability and cash flow.
  • Preparation of reporting packs.
  • Monthly management accounting.
Bookkeeping services

Bookkeeping services

Bookkeeping needs will vary, depending on the size of a business, but can include:

  • Debtors and creditors reporting.
  • Payroll management.
  • Monthly profit and loss analysis.
  • Bank and credit card reconciliations.
Company secretarial services

Company secretarial services

  • Preparing and lodging forms with the Australian Securities and Investments Commission (ASIC).
  • Review of Annual Company Statements.
  • Provision of a registered office address.
  • Providing governance and compliance advice.
For further information, don’t hesitate to contact us now!