Office Holders/Shareholders

ADD INDIVIDUAL OFFICEHOLDER/SHAREHOLDER

An Individual can act as a director, shareholder or Secretary. The company needs at least 1 director and 1 shareholder with secretary position being optional. Same person can fulfill all three responsibilities as a director, shareholder or Secretary. You can tick one or all the boxes for an individual.

DIRECTORS

Directors are expected to:

  • guide and monitor the management of the company
  • always act in the company's best interests
  • ensure the company complies with its legal requirements.

To be a director, a person must:

  • have agreed in writing to be a company director
  • be at least 18 years of age.

A director's appointment is effective on the day the company is successfully registered.

Who can't be a director?

Unless a court allows it, a person must not be a director if they:

  • are bankrupt
  • are in debt and have an agreement with creditors to manage the debt
  • have been convicted of offences such as fraud or offences under the Corporations Act 2001
  • have been disqualified from managing companies.

SECRETARY

The day-to-day responsibilities of company secretaries may include:

  • letting ASIC know about changes to company details (such as changes to the registered office address, secretaries or directors)
  • lodging the company's financial reports
  • ensuring the company meets its legal requirements.

To be a secretary, a person must:

  • have agreed in writing to be a company secretary
  • be at least 18 years of age.

A secretary's appointment is effective on the day the company is successfully registered

Who can't be a secretary?

Unless a court allows it, a person must not be a secretary if they:

  • are bankrupt
  • are in debt and have an agreement with creditors to manage the debt
  • have been convicted of offences such as fraud or offences under the Corporations Act 2001.

SHAREHOLDER

Shareholders are also known as members. Together, they own the company by owning shares in the company.

Remember, however, that the company is a separate legal entity, so the company's assets belong to the company, not the shareholders.

Shareholders can be individuals or companies. Company law doesn't set out a minimum age requirement for shareholders, but a company can make rules about this if they like.

The residential address of the following business associates will be available to the public in the company register:

  • individual shareholders in the top 20 of each share class (based on shareholdings)
  • officeholders (directors and secretaries).

CORPORATE SHAREHOLDER

A corporate (existing company- Australian or Overseas) can act only as a shareholder and not as a director or secretary. You can not allocate shares to the company you are setting up.

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