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Registering with ASIC direct does not provide you with any company constitution documents. You may encounter problems with the bank getting finance (even personal finance as a director search will show up) because they often ask for these documents. Without a separate constitution, you are likely relying on the very limited set of governing measures in the Corporations Act referred to as “replaceable rules”. At the very least I would recommend paying the extra $100 and using a third-party service that provides you with these documents. Even better consider seeing an accountant to make sure a company is the best option.