Setting up company
Oct 1st 2012 | 10:01 pm
#1
Thread Starter
Just Joined
Joined: Nov 2011
Posts: 15
From: Brisbane
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
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
Oct 2nd 2012 | 1:12 pm
#2
Migration Agent
Joined: May 2002
Posts: 6,462
From: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
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.
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.
Oct 2nd 2012 | 1:42 pm
#3
Almost more Oz than Pom
Joined: Aug 2010
Posts: 1,154
From: Brisbane northern suburbs
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.
Oct 2nd 2012 | 9:45 pm
#4
Thread Starter
Just Joined
Joined: Nov 2011
Posts: 15
From: Brisbane
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.
She is looking to import and sell product to the mining industry
MDH
Oct 2nd 2012 | 9:47 pm
#5
Thread Starter
Just Joined
Joined: Nov 2011
Posts: 15
From: Brisbane
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.
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.
Thanks for reply she we looking into that
MDH
Oct 6th 2012 | 12:46 pm
#6
Just Joined
Joined: Oct 2012
Posts: 19
From: Perth, Australia
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).
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).
