Australia Corporations Act 2001 – Company Law
The Australia Corporations Act 2001 is the primary legislation governing the registration and operation of companies in Australia. Below are key extracts from the Act, along with a link to the full text.
Company Name
A company in Australia can have:
- An Available Name: A name not already in use.
- Australian Company Number (ACN): The expression “Australian Company Number” followed by the company’s ACN.
Registered Office
A company must have a registered office in Australia and must inform ASIC of the location of the office. The purpose of the registered office is to have a place where all communications and notices to the company may be sent.
If the company does not occupy the premises where its registered office is located, the occupier of the premises must agree in writing to having the company’s registered office located there.
A proprietary company is not required to open its registered office to the public but this does not affect its obligation to make documents available for inspection.
Certificate of Incorporation
Certificate of Incorporation certifying that a company is incorporated under the Associations Incorporated Act 1985 detailing:
- Company Name
- Date of Incorporation
- Company Number
Company Directors
Only an individual who is at least 18 years old can be a director. If a company has only 1 director, they must ordinarily reside in Australia. If a company has more than 1 director, at least 1 of the directors must ordinarily reside in Australia.
Shareholders
Requirements for Proprietary Companies: A proprietary company limited by shares must have share capital and at least one shareholder.
Ways to Become a Shareholder:
- Being listed as a shareholder in the company’s registration application.
- Receiving shares from the company’s issuance.
- Purchasing shares from an existing shareholder and having the transfer registered by the company.
For more detailed information, refer to the full Australia Corporations Act 2001.