Registering a company or business means to send an application with information about your business or company’s basics. But why do people register their companies and what is the procedure? To answer the first part, registering a company allows attracting investors and makes money-raising easier. For the second part, we shall see how to register a company in NSW.
Registering a company in NSW
In order to register a private or public company (unlimited) in NSW, you must apply by filling the company registration form. There is a set of information that you’ll need beforehand in order to register a company. Few of these include the below which must be filled for these people.
- For secretaries and directors: Full name, place of birth and full residential address of each person
- For the shareholders: Full name, number, and address of each shareholder.
- Information in general: address of business principal place and address of the office that is registered.
The process of registration in NSW
Obtaining Digital Signature and DIN (director identification number)
The first things that you’ll need to obtain are the Direct identification number and the digital signature of proposed directors and the directors of the company respectively.
Applying for the name of your company
You need a suitable name for your company which can be proposed by the promoters giving you the option to choose a good one. For this to happen, some things need to be noted:
- The company name cannot be similar to any registered trademark or company
- The name you choose cannot be prohibited under the act Emblems and names Act.
- The company name must have the suffix “Private company limited”
Once your name is selected, the company registrar will approve it which usually takes about 3-5 days.
Filing the documents
Once your company name is approved, promoters should be prepared for the next step which is to provide the prescribed fee, application, and some documents as follows:
- Association articles
- Memorandum association
- Directors declaration
- Directors affidavits
These things need to be compiled and the declaration is needed to be signed a supreme court advocate, pleader or attorney. Apart from this, the company should provide related information concerning its registered office within 15 days of filing the documents.
Subscription to the PLC (private limited company)
The subscribers must be subscribed and have their names signed to the company’s shares incorporated. Each subscriber, thus, must have at least one company share. In the presence of a witness, the subscriber should sign the memorandum and state:
- Subscribed share numbers
- Personal description
- The nature of the share
Incorporation certificate (Samples available with Business Brokers Sydney)
Once you have filled the above requirements i.e. fee and documentation, registrar of the company will issue your company corporation certificate. Once this is done, your company becomes legal, separate from its other members.
The process is sometimes time taking and complex, so you need to make sure that you approach the right people to come to your help, so it makes your registration in NSW easy!