Public Companies (For Profit)
Public Companies (For Profit)
Minimum Requirements
NUMBER OF DIRECTORS:
Three, of which at least two must be an Australian resident.
NUMBER OF MEMBERS:
One. There is no maximum number of members.
SECRETARY:
One, of which one must be an Australian resident.
AUDITOR:
Must be appointed within one month of registration.
CAPITAL
It is possible to have different classes of shares, partly paid up shares, redeemable preference shares, etc. Some of these options are not available for a company intending to list.
CONTROLS ON TRANSFER OF SHARES
Directors may, if you wish, have the power to refuse to register transfers of shares.
ROTATION OF DIRECTORS
Directors may, if you wish, be on rotation (3 years is common but not essential). Alternatively, directors may simply resign or be removed by the members.
Miscellaneous Information
AUTHORISED CAPITAL:
No longer applies.
CONSTITUTION:
If the Company decides to list, wholesale changes will need to be made to the Company's Constitution to ensure the Constitution complies with the ASX Listing Rules. Whilst the Company is not contemplating a public listing, it would be better to use a standard Constitution for a public company so as to avoid the restrictions imposed by the ASX requirements. We normally supply 10 copies of the Constitution for all public companies, 9 of which will be bound; the remaining copy will be unbound to facilitate taking additional copies.
ANNUAL EVENTS:
The Company will be required to hold an AGM within 5 months of its balance date. Audited accounts will need to be lodged with ASIC by the end of October in each year.