In Australia you have to follow specific rules if you are going to register your business. Once you register your business you then have to stick to certain procedures and have certain offices always filled in order to stay in business.
Once you have your business running you still have to follow the rules of the ASIC, and you have to get yearly dues paid to the ASIC as well. For instance if there are any changes within your company like the office holders, people changing names (ex: marriage, divorce) or more people are appointed as stock holders you have to notify the ASIC usually within 28 days. If you don’t you can face late fees of up to $270.
A large part of correctly running a business is keeping within standards of the ASIC. They have several rules that must be adhered to by the director and secretary in order for the business to stay in good standings.
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