Setting up company
 

Hello everyone

I,am here working on a 457 visa and my wife is thinking about setting a company here in Brisbane. Can anyone tell me is there any restrictions or requirements for doing this ? Any advice will be greatly appreciated.


Regards,

MDH
:fingerscrossed:

Re: Setting up company
 

Hi MDH.

No problems setting up a Pty Limited while you are Aus resident (all Aus limited companies must have at least one Aus resident director) - but are you sure this is the right business structure for you?

If you want to discuss feel able to call GM Tax on Brisbane number 07 3112 2925, and to ask for our SE Qld based director, Chrissy Hunt.

Best regards.

Re: Setting up company
 

What sort of work does she want to do? You can register for GST as a Sole Trader which enables you to offset the GST you pay to run your business against the GST you charge your customers (and have to pay to the ATO!) without all the legal hoo-hah of being a company. You get an Australian Business Number (ABN) without an ACN.

Re: Setting up company
 

Thanks for reply

She is looking to import and sell product to the mining industry

MDH

Re: Setting up company
 

Hi Alan

Thanks for reply she we looking into that

MDH

Re: Setting up company
 

There is some more detailed discussion on sole trader/company at: http://forums.whirlpool.net.au/archive/1068896

MDH, if you are looking to import and sell product to the mining industry, in Australia I would usually expect to see it done through a company. There might be some taxation twists (like a company acting as trustee for a trust), but it is less common to see it run as a sole trader even if the sole trader has an ABN and is GST registered. The process of getting onto the mining company's approved supplier list can be tortuous and sole traders don't always make it. Figure on about $A2000 to meet with a lawyer or accountant and to buy/set up the company (in OZ, you might simply buy a "shelf company"), and about $2500-$10000+ a year to run it (accountant, tax returns, ASIC fees, insurances, etc).