Home – New Forums Starting your journey Company set-up without an office

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  • #988917
    estelica
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    Hi,

    I am a home-based business retailing natural skincare products.

    I am conflicted over my business structure, people suggested that I should set up a company to protect my assets – problem is I don’t have an office!

    Any way to go about setting up a company without an office? I am trying to minimise my startup cost, so going through an accountant/lawyer to start up a company is not my preferred option.

    Any suggestions would be greatly appreciated. I thought about cosharing an office, what do you guys think?

    Cheers guys :)

    #1169588
    MissSassy
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    You can still have a company structure without a office away from home, so that really is not an issue.

    Having a company does not always guarantee the protection of your assets.

    This is why it is important to have a lawyer or accountant look at your personal circumstances. You may be able to just have a sole trader status as you starting point and as business grows look at changing to a company or trust.

    Without knowing your full story it is difficult to advise but I would suggest that you make the proper enquiries surrounding your insurance as a main priority along with your structure.

    #1169590
    NickKaro
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    My understanding is that the open to public requirement is only for public companies. The OP appears to be referring to starting a private company.

    #1169592
    adrian
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    My company ‘office’ is at my accountants. Literally, they are the registered office… If you want to save costs, I’m not sure setting up a shared office is going to work out a cheaper option. There should be some local small business office near you (maybe like these guys – http://www.becaustralia.org.au/) you can talk to for advise on the legalities.

    #1169593
    bb1
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    Check with ASIC, but most people use there own home as the registered office, dont spend money on these other offices unless you really have to, its money you can use for other more important things,

    #1169594
    estelica
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    Hey everyone, ok, I just spoke to Bret from ASIC – Yes you can use private residential address as ‘registered office’ address when setting up a Pty Ltd company.

    Hope that helps anyone looking to start up a company.

    Cheers!

    #1169596
    estelica
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    Starting and running a small business is hard work! I chose to go down this path because it’s been difficult finding a job! Living off my savings and taking a risk, etc, that’s all very real – thank god I do not have mortgage or kids.

    #1169599
    PRO
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    We setup companies every day of the week. Registered office is fine to use your home address. BUT it means anyone can spend $16 and find out where you live.

    Some accountants charge nothing to be your registered office if they do your accounts.

    #1169600
    Anonymous
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    Hi Estelica, bb1 and all,

    Just a quick note to let you know that to avoid confusion some posts in this thread have been removed or edited to remove the reference to the post containing the incorrect information.

    This is also in line with our forum guidelines, as follows:

    Quote:
    Despite their best endeavours, any business can attract complaints from time to time. There are ample public spaces online to air grievances, and Flying Solo is not one of them. Trying to judge the validity of public complaints is a role Flying Solo has no intention of playing. It is our policy not to get involved, and any such discussions may be edited to remove names, or more likely deleted.

    Thanks for your understanding,
    Jayne

    #1169601
    elliottbailey
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    You can actually just register it yourself online. I think mine was about $650 or something a few years ago. I forget which site I used but but it wasn’t too hard – just took a night and a few Google questions to work out the answers.

    #1169602
    PRO
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    elliottbailey, post: 196805 wrote:
    You can actually just register it yourself online. I think mine was about $650 or something a few years ago. I forget which site I used but but it wasn’t too hard – just took a night and a few Google questions to work out the answers.

    Problem is Elliot, if you get it wrong it can costs you tens of thousands.

    Companies are not so bad, trusts are much worse. Regularly have to fix people’s problems on those and it can cost a whole lot of transfer duty and tax.

    Also, is your company worth anything? Are the shares in your name? They are an asset, that your creditors can take. Lawyer might charge $1000 to setup including ASIC fees to make sure you get it right v $650 with the chance of stuffing it up. Or $1500 inc a discretionary trust. There are some out there who charge a fortune but then there are others who would see a trust and company

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