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Criteria for setting up a Public Company

Jamie Z 2024-02-12

The process and criteria for setting up a public company in Queensland, Australia, are governed by the Australian Securities and Investments Commission (ASIC) and the Corporations Act 2001. Keep in mind that regulations may have changed, so it's essential to check the latest information from official sources. Here is a general overview:

  1. Name Reservation:
    • Choose a unique and appropriate name for your company.
    • Check the availability of the chosen name and reserve it through ASIC.
  2. Constitution:
    • Draft a constitution for the company, which outlines the rules and internal management structure.
  3. Directors and Secretary:
    • Appoint at least three directors. At least two of them must be Australian residents.
    • Appoint a secretary who must be an Australian resident.
  4. Share Capital:
    • Decide on the share structure of the company.
    • Issue shares and determine the initial share capital.
  5. Registered Office:
    • Have a registered office in Queensland where official documents can be sent and served.
  6. ASIC Lodgments:
    • Lodge the required documents with ASIC, including the application form, the constitution, and details about directors and secretary.
  7. Compliance:
    • Ensure compliance with the Corporations Act and other relevant laws.
  8. Financial Statements:
    • Prepare and submit financial statements to ASIC annually.
  9. Shareholders:
    • Hold an Annual General Meeting (AGM) and report on the company's financial performance to shareholders.
  10. Continuous Disclosure:
    • Comply with the continuous disclosure obligations outlined in the Corporations Act.
  11. Listing (if applicable):
    • If the company intends to be listed on a stock exchange, additional requirements and processes will apply.

It's crucial to consult with legal and financial professionals to ensure compliance with all regulatory requirements. Additionally, always refer to the latest guidelines and regulations provided by ASIC for the most accurate and current information.

  • Australian Securities and Investments Commission (ASIC):
    • ASIC is the primary regulatory body overseeing companies in Australia. Their website provides comprehensive information and resources for setting up and managing a company.
    • ASIC Website: https://www.asic.gov.au/
  • Queensland Government Business and Industry Portal:
    • The Queensland Government's business portal may have specific information and resources for starting a company in the state.
    • Business and Industry Portal