The Role Of Australian Securities And Investments Commission

• Control: An S- Corporation only allowed a small number of shareholders and the shareholders must be

Learning Objective 1.2 ~ discuss the different types of companies which may be formed under the Corporations Act 2001

Limited Company – Organisations set up to run your business. They must adhere to legislation such as The Companies Act 2006. This act sets out duties the appointed director holds. For example, to ‘act within your power as a company director’. These businesses need to be registered with Companies House and must submit any important

All companies, including those operating in the multimedia industry are controlled and monitored by the Australian Securities and Investments Commission (ASIC). There are two type of companies, private companies and public companies. Each company has a management team called a board of directors. Usually, each director oversees and makes decisions for a section of a company, for instance a finance department. As companies have more shareholders/owners than unincorporated businesses, they are more accessible to capital to expand and upgrade, although there are strict legal requirements to protect shareholders.

For this task I have been asked to describe the legal and financial aspects that will affect start-up of the business

The Australian Securities and Investments Commission (ASIC) is an independent Australian government body that acts as Australia’s corporate regulator. They contribute to the economic reputation and wellbeing of Australia by ensuring that Australia’s financial markets are fair and transparent. The role of the ASIC is to enforce and regulate company and financial service laws and to protect Australian consumers, investors and creditors. ASIC’s priorities of promoting investor and financial consumer trust and confidence, ensuring faith, orderly and transparent markets and providing efficient and accessible registration, allow for the institution to fulfil their role. As an independent Commonwealth government body, the ASIC reports to the

In Australian, a proprietary company need to registered to start its business under corporation Act 2001. This is is a common wealth legislation administered by the ASIC. Normally, a corporation does not have a legal existence before the registration. Registration of a company makes it can be treated as a legal entity . The company can have its own name to hold its property, it can enter into a contract or rescind, also the company can be sued or sue the others. Registration is the most important but not the only thing to establish a business. Before the registration, a company may be have to entry into a contract. Before the pre-registration, the contract always void because the company is not a legal entity. So the pre-registration contracts cause many legal problems of the rights and responsibilities. The pre-registration contracts have different explains in the Australian legal system, the most important are the common law and the statute law.

Interacted with the Australian Securities and Investments Commission (ASIC) through CAS system to facilitate matters such as registering, deregistering and changing company details.

In Australia A range of legal requirements that may affect business. These are Business structure, Leasing premises, Intellectual property (IP), Employment, Risk management and Health, safety and the environment (HSE).The legal requirements must consider when starting a business. So one of the first things to find out when you 're starting out is what laws apply to your new business

Mr. Manzil Niroula is an Australian Citizen. He is working as a CPA Accountant in an Audit Firm as an Accountant and now having in touch personally and professionally with many clients he is keen on opening a business of his own. With proper experience with his work, he seems to be determined but Manzil has a lack of knowledge about the legal system of the business structure. So, in conversation with him, following are some answers that has been extracted form him regarding his venture.

The formal legal structure is essential for any organisation who wishes to use the community right to build.(as per localism act 2011).To become a corporate body there are certain rules .

All businesses have to consider the legal issues when setting up a business, some of the acts that they have to follow to be able to run as a successful business are; the Data Protection Act 1998, Freedom of Information Act 2000, Computer Misuse Act 1990 and the Copyright Law 1988. All these acts are designed for the welfare of the business if they come into any trouble.

Business regulations can explain how easy or difficult it is for an entrepreneur to open, run and sustain a small to medium-size business when complying with relevant regulations.

Australian Securities and Investment Commission (ASIC), an independent Commonwealth Government body, established under Australian Securities and Investments Commission Act 2001 (ASIC Act ) which sets out their powers and function. Their main purpose is to regulate financial services, corporate and markets with a majority of their work being under the Corporations Act 2001 (Corporations Act) and the National Consumer Credit Protection Act 2009 (National Credit Act). They have powers to protect consumers against deceptive or misleading and unconscionable conduct affecting all financial products and services including credit (ASIC 2015). Furthermore, they are empowered to investigate suspected breaches of the law, issue infringement notices and prohibit people from engaging in providing financial services or credit activities. Subsequently ASIC can seek civil penalties from the courts and commence prosecutions.

Entity structures are selected for a variety of purposes. However, the primary objectives are to minimize the tax burden, shield assets from liability, protect the shareholders from personal liability, and promote the ability to raise capital (Miller & Cross, 2011). The laws and corporate structures in Australia are slightly different from the USA, and they are managed by the government entity, the Australian Securities and Investment Commission (ASIC); whose function is very similar to the United States Securities and Exchange Commission (SEC) in its regulation of the capital markets (ACIS, nd). During the course of setting up our companies we had to sort through the myriad of regulations to ensure were legally compliant yet still strengthening our position as shareholders. In the end, we used a multiple entity configuration in Australia, which was duplicated more less when we opened a second facility in Fiji, except for bringing in an investor.