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Frequently asked questions

FAQs - General

What type of companies does Legal E Docs set up?

LED only sets up simple Proprietary Limited companies, that is companies with the conventional suffix of “Pty Ltd”.

Propriety Limited companies are the only type of company suited to an electronic set up process.

LED does not set up other types of companies, such as Public Companies.

If you wish to set up a Public Company or some other type of company please contact us for recommendations on how to do so.

Who can set up a Propriety Limited company?

Anyone can set up a Propriety Limited company.

There are no Australian residency requirements other than the requirement that at least one director has an Australian address.

All directors must have a Director ID. The rules for a Director ID are explained here: Australian Business Registry Director ID rules.

What is a Director’s ID?

A Director’s ID is a unique 15 digit identification number used to validate the identify of each person acting as a director of an Australian company.

Does Legal E Docs apply for my Director’s ID?

No. LED does not apply for your Director’s ID.

Only you can apply for your Director’s ID. No one else can do it for you.

The rules for a Director ID are explained here: Australian Business Registry Director ID rules.

Where can I get a Director ID?

The simplest way to get a Director ID is on-line at the Australian Business Registry Services website.

You can use this link: ABRS Director Identity Number.

How many people are needed to form a company?

Only one person is needed to form a company. This person can be the sole director and the sole shareholder.

One person companies are very common.

Does my new company come with a tax file number?

No. Your new company does not come with a TFN. You have to apply to the Australian Taxation Office for a TFN.

LED can do this for you for a small fee. Contact us for assistance.

Does my new company come with an Australian Business Number?

No. Your new company does not come with an ABN. You have to apply to the Australian Taxation Office for an ABN. 

 

LED can do this for you for a small fee. Contact us for assistance.

What is the difference between an Australian Business Number and an Australian Company Number?

The ACN is a nine digit unique number issued by ASIC on the formation of a new company.  It is used by ASIC and others to identify the company.

The ABN is issued by the Australian Taxation Office and is not limited to companies: it is used to identify all types of taxpayers engaged in business or similar activity including individuals, partnerships, trusts and SMSFs as well as companies.

How long does it take to set my new company up?

The company set up is usually almost immediate.

However, some set ups take longer. For example, if you set up a company with a name not using common words, such as “Finnes Majic Pty Ltd” the set up will take longer because ASIC will manually review the application to make sure all is in order.

Can I check with ASIC to make sure my preferred company name is available?

Yes, you can check with ASIC to make sure your preferred company name is available.

You can do this using ASIC’s “Connect on-line service”. This can be accessed here: Search company name.

Can I choose any name I want?

No, you cannot use any name you want.

ASIC has detailed rules prohibiting what are generally called “Undesirable Business Names”. These are names which are offensive or suggest a false connection or characteristic.

For example, you cannot set up a company called “Royalty Comes to You Pty Ltd”. This is because this name suggests a false connection with Royal Patronage.

You can read the rules on undesirable names here: ASIC's rules on undesirable names.

How are my documents delivered?

Your documents are delivered on-line in PDF format.

How do I pay Legal E Docs?

You pay on-line at the time you order your company or other service.

How do I open a company bank account?

The simplest way to open a bank account is to visit your nearest branch and follow the prescribed process.

You will usually need:

  1. a certificate of incorporation
  2. identity documents for directors and shareholders
  3. an Australian Business Number
  4. the company’s constitution
  5. the Director’s Identification Number.

What is an ASIC Corporate Key?

The ASIC Corporate Key is a unique eight digit code that allows you to access your company records on-line as well as up-date your information and lodge forms with ASIC.

ASIC will create and post your ASIC Corporate Key to the company’s registered office within a few days of registration

If for any reason your ASIC Corporate Key does not arrive or you lose it you can apply for a Corporate Key on line at ASIC this link: ASIC Corporate Key.

Can I change my company’s name once it is set up?

Yes, you can. But company name changes are expensive: they cost almost as much as a new company. So we recommend you take care with your company name initial selection.  

Make sure you get it right the first time!

Can I change my company’s details once it is set up?

Yes, you can.

Changes of directors and shareholders are common and are usually completed by the accountant. Legal E Docs can prepare the relevant documents for you at a small fee if you prefer.

More significant changes, such as inserting a new power into a company’s constitution to satisfy a bank’s lending rules, can also be handled by Legal E Doc’s consultant lawyers.

Can I register a company name which is identical to my registered business name?

Yes, as you are the holder of the business name, you can entirely use that name to register for a company. However ASIC regulates the position of business name holders in the new company to meet the ASIC requirements for registrations, for example where the business name holder is an individual, the name is only available to the preferred company name if that individual is a preferred company director or member.

You can find out further instructions from ASIC here: ASIC Choosing a company name.