As you may be aware, no Australian residents are not allowed to setup companies or purchase certain types of assets. Corporations act 2001 requires that at least one of the director or company secretary need to be Australian resident to set up a company in AU. This is my thought: to set up a company with an Australian resident as company secretary and use that company to acquire assets (e.g. real estate) that foreigners would otherwise be barred from. To achieve maximum asset protection, the company then can be the trustee of a discretionary trust and acquire assets on behalf of the trust. Please let me know if the above is workable... thanks in advance for your replies.
Who controls the company? Where does the money come from to purchase assets? Who are the beneficiaries?
1. The directors would be foreign residents with the company secretary being the AU resident. 2. Money will come from overseas which will not be too much of a problem. 3. Beneficiaries, I am thinking that probably (most likely) will be the individual what other options are there? Thanks R
A proprietary company must have a minimum of 1 director (resident in Australia). The offi ce of secretary is optional, but if appointed one must reside in Australia.
You need to check whether you are now a financial provider, like a managed investmet scheme, along with all its attendant legislation. Cheers, Rob
