Need a resident director for your Australian business operations?
Finding an eligible Resident Director can often be an obstacle for overseas companies wanting to set up a subsidiary or branch office in Australia.
This is why, Penguin Management, in addition to its speciality in helping overseas companies set up business in Australia, offers Australian Resident Director services.
Penguin Management has nominee directors available to engage as your Australian resident director, in the event you cannot identify an appropriate Australian resident.
This service offered to our international clients is a cost-effective and agile solution to overcome the hurdle of appointing a resident director.
What is a resident director?
One of the requirements stipulated by ASIC when setting up a company in Australia is that all private companies registered in Australia must have a local Australian resident appointed as a director of the company at all times.
To be eligible to be a director of a company, you must:
- be at least 18 years of age
- ordinarily, reside in Australia
- consent to taking on the role and responsibilities of a director.
A proprietary company (Pty) must have at least one director.
A public company must have a minimum of three directors, with at least two of whom must ordinarily reside in Australia.
Can a non-resident be a director of an Australian company?
No, a resident director is one who normally resides in Australia and is either a permanent resident or Australian citizen.
Once a resident director has been appointed you can decide to appoint other directors of the company and they can be non-citizens.
Our Resident Director service includes:
- The provision of an accredited nominee to act as Australian resident director for your company.
- The Resident Director appointed will be in name only and will not have any business responsibilities.
- Liaising with regulatory authorities and financial institutions.
- Managing your annual compliance obligations.
Why choose Penguin Management as your Australian resident director?
- Add value to the business not just fill a legal requirement, such as CFO services, and provide ongoing accounting and tax advice.
- Gives you access to a wealth of practical business knowledge – knowledgeable in regulations and compliance requirements and access to a network of invaluable business contacts.
- A trusted service acting as Resident Director for many Australian subsidiaries with head offices in countries such as the UK, USA, Canada, Europe, China.
- Over 20 years’ experience providing resident director services
- All Penguin Management nominated directors have had background checks as well as credit and police checks.
- The maintenance of privacy and confidentiality at all times
- A professional name to represent your company
- Members of the Australian Institute of Company Directors, CPA and the Tax Institute
How to appoint an Australian Resident Director?
It is an important decision and even challenging to choose a Resident Director given the obligations that go the nomination. It is advised that you proceed with caution before appointing a nominee.
Thorough checks need to be made on both sides of the matter, because of the inherent risks, authorities, and obligations associated with directorship. Penguin Management sets out an Australian resident director agreement detailing the arrangement and essential legal protection.
Penguin Management can provide supporting documentation on our experience and track record as Resident Directors for many global corporations, including, testimonials and references are available on request.
From you, proof of identities, incorporation if already an established entity, letters of reference, proof of insurance held in place, and Deed of Indemnity will need to be provided. Penguin Management can help you with all the documentation.
Don’t forget you need to nominate a public officer as well!
Under Australian taxation law, every company carrying on business or deriving property income in Australia must, unless specifically exempt, appoint a public officer.
A public officer is the Company’s representative to the Australian Tax Office and is responsible for the Company’s obligations under the Income Tax Assessment Act 1936.
The public officer ensures that the Company complies with the act and are liable for any violations. Our blog What is a public officer? can help explain the role of the public officer and their legal duties and responsibilities.
Confused? Overwhelmed? Don’t be, Penguin Management is here to help with any questions you have about establishing a business in Australia. Call us on 02 8298 5308 or email email@example.com