Company bank account opening and KYC preparation

The complete original webpage has been extracted and saved as company-source.md. The page contains repetitions, internal inconsistencies and mixed-in British terminology. The final guide retains valid Australian business content rather than mechanically copying marketing rankings, unverified client numbers, bank ratings or claims of global services.

Update the mixed use of outdated ASIC figures such as AUD 611 or 597 for registration and AUD 329 or 312 for annual review: current fees are AUD 636 for registration with share capital, AUD 524 for a company limited by guarantee without share capital, AUD 342 for a standard Pty annual review, AUD 1,591 for a public company, AUD 1,583 for foreign company forms 405/406, and AUD 52 for voluntary deregistration. Verify against the current official JSON from ASIC.

Distinguish government fees from professional service fees; do not rely on the old AUD 99/413 figures as the penalty for all late filings. Different categories of lateness must not be conflated.

Correct the claim that each share must have a nominal value of AUD 1: shares under the Corporations Act have no par value, and an issue price of AUD 1 is simply an option. There is no uniform minimum share capital or net tangible asset threshold for ordinary companies; financial requirements for financial licences are separate.

Correct statements that ABRS has been integrated and will shortly take over all company registrations, and that ASIC Connect is the sole incorporation portal. Ordinary companies currently use BRS or a registered agent to connect to ASIC; Director ID is handled by ABRS.

A director ID application must be made by the individual. The current name is myID; overseas applicants must submit certified copies and must not send original identity documents. There is no guarantee of immediate issue online or by post.

Resident director status is based on the ordinary residence test; it cannot be replaced by citizenship or PR, borrowing an address or a nomination agreement. Director responsibilities cannot be removed through a nominee arrangement or indemnity agreement.

The 25% company tax rate requires both a turnover test and a passive income test. Aggregated turnover includes relevant foreign connected and affiliated entities, so it cannot be assessed by looking only at the Australian subsidiary; not all small companies automatically qualify for the 25% rate.

A large Pty company is classified by meeting at least two of the three criteria in the relevant financial year; the criteria do not need to be met in two consecutive financial years. The current thresholds remain revenue of 50 million, assets of 25 million and 100 employees; proposed increases have not taken effect.

For small and foreign-controlled Pty companies, check the triggers and relief conditions for financial statement audits; there is neither a universal exemption from lodgement nor no exemptions at all. Public, guarantee, ACNC charity and foreign registration reporting regimes are separate.

The ASIC annual review does not require Forms 484 and 492 to be lodged every year. A positive solvency resolution is generally retained internally; a negative resolution or failure to resolve in time involves Form 485 and notification within seven days. An exception applies if financial statements have been lodged in the previous twelve months.

Correct the conflation with UK LTD, PLC and RTI, the consecutive two-year small company test and mandatory digital BAS software: Australian proprietary companies, public companies, STP and BAS are governed by separate rules; for ordinary public AGM, the deadline is five months after the financial year-end, not six months.

The GST threshold is based on current and projected GST turnover, not profit or all global income. The second-quarter BAS is due on 28 February, not 28 days after the end of every quarter.

Remove statements giving a uniform annual company tax return date or wrongly calculating it as four months after the financial year. The actual timing depends on the ATO entity type, agent programme and account notification.

Payday Super has been in effect since 1 July 2026. The current rules are 12% of qualifying earnings, with funds generally required to receive payment within seven business days after payday; the former 9.5%, 11.5% and uniform quarterly contribution rules are no longer current.

Cross-border telegraphic transfers IFTI do not have an ordinary AUD 10,000 reporting threshold; the source confuses this with the cash threshold for transactions. The 25% beneficial ownership test also cannot rule out persons who exercise actual control while holding less than 25%.

Banking and fintech account opening, remote verification and completion times depend on product risk policies; no commitment is made to direct, easy or one hundred per cent remote processing. FCS must be checked on a consolidated basis against protected accounts and ADI.

The Australia–Hong Kong Free Trade Agreement is not a comprehensive income tax treaty; China’s mainland DTA does not automatically cover Hong Kong. Franking credits do not generally provide refunds to all overseas shareholders or eliminate all double taxation.

R&The R&D tax incentive is no longer summarised using fixed rates of 43.5% and 38.5%; it is calculated as the company tax rate plus the relevant premium. The 2026 Budget’s proposed 2028 reform has not been legislated. The Patent Box at 17% has not become a current concession; the official Budget stated that it would not proceed.

ESIC is an incentive for eligible investors in new shares. The 20% rate and AUD 200,000 cap, the AUD 50,000 limit for non-sophisticated investors, and the holding-period and capital-loss conditions must be explained in full. Do not promote all shares as tax-free.

A trust is not automatically tax-exempt or guaranteed to protect assets. Distributions, beneficiaries, non-residents, undistributed income and anti-avoidance rules are subject to exceptions; foreign individuals are not universally prohibited from operating as sole traders, and ABN and work rights should be assessed.

A foreign company's branch is not a new legal entity; its business liabilities are borne by the original legal entity. This does not mean that members of the original entity with limited liability all become members with unlimited liability. Changes to a foreign company's registration have deadlines of seven days, fourteen days or one month, not a uniform 28-day deadline.

Correct contradictory statements about transfer of registration and form numbers: an eligible existing body corporate may transfer to Australia under Part 5B.1 using Form 202 while retaining its legal identity, subject to conditions including authorisation in its place of origin; Form 401 is for a registrable Australian body, not a general application for transfer of registration.

FIRB updates the 2026 thresholds and distinguishes non-FTA, eligible direct FTA acquirers, sensitive businesses, national security, agriculture and foreign government investors. Do not state that all agricultural land and media have a zero threshold, or guarantee that SPV automatically qualifies for a higher threshold.

AUSTRAC’s expansion to new professional designated services has applied since 1 July 2026 and should no longer be described as not yet in force; company registration or reporting-entity enrolment does not amount to certification of business quality.

BIIP closed new applications on 31 July 2024. Remove the promotion suggesting that registering a new company leads to a new Subclass 188 investment migration visa; company shareholding, ABN and resident director arrangements do not grant a visa.

Retain the business manager's attribution, Drew Tang (Mr Tang/Drew), and Rengangyongsheng (Hong Kong) Limited; do not fabricate Australian tax agent, auditor, lawyer or regulatory-recognition credentials. Reserved professional work must be handled by appropriately registered professionals.