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Does anyone have experience in forming a company online? It costs about $500 compared to $1000 for a solicitor to do it for us. Any pitfalls? Thanks - appreciate any help.
Answer: Hi Liz,
Setting up a company involves a fair amount of legal and taxation obligations so sometimes it's just easier to go with a solicitor who can guide you through the process. If you're new to starting up a business, it's just easier to get some expert help to ensure you've got everything covered.
All the best!
Answer: Hi Liz,
This is a really common question. I hope I can help clear this up for you.
You can register quite easily yourself online using the Australian Government website or something like eCompanies to register. There are plenty of other online companies that offer company registration as well – a quick Google search will bring those up. The main difference between those two options is that DIY online with ASIC is the cheapest- government fees apply only and you can pay online and register within about 5 minutes BUT it’s for company registration only (no associated documents that you need, like officeholder consents), whereas DIY online with eCompanies comes at a slightly higher price but they supply standard documents (like officeholder consents, a Constitution and company minutes).
The big difference between the DIY options and hiring a solicitor is that the DIY options are software based - you don't get to speak to an actual lawyer and get legal advice about whether a company is right for you, the best way to set it up (for example, whether you need a company Constitution or shareholders' agreement) and what you'll need to do and comply with before and after registration. A solicitor can also put together customised documents for you – not just generic templates. They should be able to produce documents written in everyday English that have been written just for your business. A solicitor familiar with company law knows the Corporations Act inside and out and can give you all the advice you need and help you set up the company, so you're confident it's set up correctly, is just right for your individual circumstances and that you can manage it into the future (without having to call a solicitor every time you need to file a form with ASIC).
Best of luck on your journey!
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