Registering a Foreign Canadian Company with ASIC in Australia. This is a crucial step for foreign businesses looking to establish a presence and do business in Australia.
*This case study is based on an actual event, but all names, client details, and other identifiable information have been changed to maintain confidentiality. Any resemblance to actual individuals, companies, or events is intentional only in the context of the case study itself, while all specific details have been altered for privacy reasons.
Background
BV3, a Canadian company that manufactures and distributes pet products globally, sought to expand its operations into the Australian market. To comply with Australian company regulations, BV3 needed to register as a foreign company with the Australian Securities and Investments Commission (ASIC). Patricia Holdings, with its extensive expertise in company registration and business services, was engaged in facilitating this complex process.
Foreign Company Registration Process
Patricia Holdings guided BV3 through the entire registration process, ensuring all necessary steps were taken to meet ASIC's rigorous requirements.
- Company Name Availability and Reservation
We verified that the desired company name was available in the ASIC register and reserved it to prevent other entities from using it during the registration period. - Preparation of Company Application Forms and Documents
We assisted BV3 in preparing the necessary ASIC forms and gathering the required register documents, including certified copies of its incorporation certificate, company constitution, and other relevant papers. We ensured that all documents were accurately filled out and compliant with ASIC’s regulations. - Lodgement with ASIC
The completed ASIC company registration form and supporting documents were submitted to ASIC, along with the prescribed fee. Our team ensured that the application was processed efficiently, typically within 28 days.
Post-Registration Services
Once BV3 was successfully registered and received its Australian Registered Body Number (ARBN), Patricia Holdings continued to provide essential services to ensure ongoing ASIC compliance for Foreign companies in Australia.
Registered Office Address in Sydney
We provided a registered office address in Sydney, which is open during business hours as required by ASIC. This office serves as the official address for BV3 in Australia, ensuring compliance with regulatory standards.
Local Agent Services
As the appointed local agent, Patricia Holdings is responsible for:
- Representing BV3 to ensure compliance with Australian legislative requirements.
- Liaising with regulatory authorities, including ASIC.
- Maintaining foreign business compliance requirements in Australia.
- Registering any changes to company details and lodge complying company documents with ASIC.
- Maintaining statutory registers.
- Optionally, planning and managing local board meetings.
Annual Compliance and Financial Statements
We ensure that BV3 complies with all ongoing obligations for registered Foreign company in Australia, including the lodgement of annual financial statements. This involves:
- Liaising with their financial auditing provider and lodging the annual financial statements, which include a balance sheet, profit and loss statement, and cash flow statement, using the appropriate forms (Form 405 or Form 406).
- Ensuring these statements are audited if required and accompanied by an audit report.
- Submitting these documents to ASIC within the specified timeframe to avoid late fees and penalties.
- Notifying ASIC of any changes, such as changes in the company name, constitution, or registered office address.
Our Expertise and Value-Added Services
At Patricia Holdings, we bring a profound understanding of Australian company regulations and a commitment to excellence in our services. Here’s how we added value to BV3’s registration process:
- Comprehensive Company Registration Services: We handled the entire registration process, from initial name checks to the final lodgement with ASIC.
- Registered Office Provision: Our Sydney office address ensured BV3 met the regulatory requirement for a registered office in Australia.
- Local Agent Responsibilities: Our team acted as the local agent, managing all compliance and regulatory requirements, liaising with ASIC, and maintaining statutory registers.
- ASIC Compliance Management: We ensured all annual financial statements and other required documents were lodged with ASIC on time and notified ASIC of any changes to the company’s details.
- Information Services: We provided general information on the Australian company regime and helped navigate any complexities or changes in regulations.
Conclusion
Through Patricia Holdings' expertise and comprehensive services, BV3 successfully registered as a foreign company in Australia with ASIC. Our registered office address in Sydney and local agent services ensured that BV3 is fully compliant with all Australian regulatory requirements. This seamless process has enabled BV3 to establish a strong presence in the Australian market without the need to incorporate a separate Australian entity. Patricia Holdings continues to manage BV3's ASIC compliance, allowing the company to focus on its business operations in Australia. For more information on how we can assist your foreign company in registering and complying with ASIC regulations, please get in touch with us. Our team provides the highest level of service and ensures your business operates smoothly in Australia.
