If you are a foreign business owner looking to establish your company in Australia, it is a regulatory requirement to have at least one director who is an Australia resident. XO Accounting can provide this to some of our international clients and support you by providing the necessary guidance.
How Can XO Accounting Help Establish Your Business in Australia?
- XO will recommend and establish the appropriate legal structure
- We will assist you with all registration requirements with the Australian Tax Office (ATO)
- We will establish Australian Bank Accounts with the pre-requisite signatories
- XO will register the Australian operation to have a substituted tax year-end in line with head office operations if required
- We will apply to Australian Securities and Investment Commission to be exempt for the annual audit requirement for foreign owned companies
What Conditions Must be Satisfied Before a Resident Director can be Established?
In order for XO Accounting to establish itself as the Resident Director, you as a business owner need to meet the following conditions/criteria:
- Proof of your identity and proof of address of the beneficial owner – a scanned copy can be presented to start the process but we will require a certified original within two weeks
- Proof of incorporation and, details or officer and shareholders of incorporated entity (if incorporated)
- A letter of reference from your bank, employer, accountant OR solicitor who has know you for at least two or more years
- The reason you require a nominee director and the nature of your business
- The Australian Company must agree to use our Accounting and Tax services through our Business Accounting Package
- The company’s registered office will be XO Accounting’s office
- Appropriate insurance coverage shall be taken our (or proof that such coverage is already in place), such as
- Directors and Officers Insurance
- Workers Compensation Insurance as mandated by each state or territory
- Other business insurance as required by the nature of the business
Cost of the Resident Director Package
- Standard Company* WITH Employees – $825 per month
- Standard Company* NO Employees – $550 per month
- Non Standard Company – POA
*Business with a turnover less than $5M and minimal business risk
** Business with a turnover greater than $5M and operational business risk that is higher than normal
If you are interested in establishing XO Accounting as a Resident Director of your foreign business, get in touch with us now by calling 1800 106 141