Why you need a resident director to start a business in Australia

Posted by Azure Group on 05-Dec-2014 15:03:00

Making the decision to setup a subsidiary of your business in Australia is an exciting prospect. It’s also a very confusing one. Our regulatory bodies don’t make it easy to piece together everything you need to make it happen.

While there are a number of items you’ll need to check off your ‘to do list’ to start the process of officially registering your business, this blog post is focusing purely on the role of a Resident Director. 

What is a Resident Director?

Put plainly, a required director of your company on the ground and residing in Australia.

Why and when do I need a Resident Director?

According to Corporation Acts Requirements, proprietary companies must have at least one director of which at least one must be an Australia resident director, while public companies must have at least three directors of which at least two must be Australian resident directors.

This has to occur at the time of registration so should be addressed quite early on.

How can Azure Group help?

In acting in the capacity of Resident Director, Azure Group can arrange:

  • Incorporation of Australian Entity, including managing the setup of Australian Tax Office (ATO) & Australian Securities and Investments Commission (ASIC) regulatory requirements
  • Provide appropriate indemnities to protect the resident director and ensure non-resident directors have complete control over the Australian operations
  • Arrange for your Australian operations to have a substituted year-end in line with head office operations
  • Arrange, if necessary, your Australian operations to be exempt from audit
  • Implement financial control and systems to manage the accounting affairs of the Australian operations in line with the reporting requirements of your head office operations
  • Provide our outsourced accounting expertise to manage the day-to-day accounting needs of the Australian operations
  • Manage the ongoing financial reporting and tax compliance needs of the Australian operations to ensure the company’s affairs are accurate and lodged on time to the necessary regulatory bodies
  • Provide consultative advice and support for the successful growth of the Australian operations

Contact us at ourteam@azuregroup.com.au for more information.

Topics: Business Growth & Cashflow