General Questions

Technical Questions

Professionals

Is the FACCS Company Formation site easy to use?

All elements of the FACCS site have been designed specifically for first time users. The forms are simple to complete. You don't need to be an Accountant, Solicitor or Financial Planner. If you are not sure of the answer, simply click on the help button button to view helpful information about the field you are completing.

If you are really stuck, you can Contact Us and we will be very pleased to assist you.to top

When will I get my company from FACCS?

Depending on the time of day the form is completed, generally you will receive a fax from FACCS with a copy of your Certificate of Registration within 1 working day. This will enable you to order stationery.

A Company Register folder with all the documentation you require will generally leave FACCS the day after your fax is sent and should be delivered throughout most of Australia within 1 or 2 additional working day(s). Generally it takes two days to produce a stamp with your Company Seal. to top

How good are the FACCS prices for Company Formation?

We believe that FACCS provides the best value-for-money offering in Australia with a service level second to none. The prices in the FACCS price list INCLUDE government charges, which in the case of a typical private company represent $800 - by far the most expensive part of the process.

Unlike some other on-line company formation providers, FACCS provides a complete solution for you. You do NOT need to print out forms on your own printer, post or lodge the necessary documents at the ASIC, bind and index the documents. And you don't need to understand the difference between having a Constitution and using the Replaceable Rules.

FACCS does all this for you. We also fax a copy of the Registration Certificate to you so that you can immediately order your stationery. Originals of your completed documentation will typically be with you within 48 hours, depending on Australia Post.

At your request FACCS will maintain in our database all details of your company and assist you with Record Maintenance and compliance management in the future. to top

 

What do I get from FACCS for my money?

Superior Company Formation includes:

  • All ASIC documents prepared and lodged
  • All incorporation fees paid to ASIC
  • Multiple (8) classes of shares
  • Up to four (4) Directors and or four (4) Shareholders included
  • Director's consent(s)
  • Secretary's consent (if applicable)
  • Occupiers consent for use of registered office (if applicable)
  • Member's consent
  • Agreement(s) to take up shares (if applicable)
  • Register of members
  • Your choice of name (subject to acceptance)
  • Initial minutes of Directors and Shareholders meetings
  • Company details stored in the FACCS secure database
  • Original Certificate of Incorporation included
  • Certificate of Incorporation faxed, copied and filed in binder
  • 3 stapled, bound and punched copies of your Company Constitution
  • Blank current ASIC forms for future records maintenance
  • High quality 3 ring control binder with your company name on the Spine
  • High quality tabbed index
  • Provision for future documentation filing
  • Common Seal
  • Express delivery of the Kit by Registered Mail or Overnight Post

Basic Company Formation includes:

  • All ASIC documents prepared and lodged
  • All incorporation fees paid to ASIC
  • Multiple (8) classes of shares
  • Up to four (4) Directors and or four (4) Shareholders included
  • Director's consent(s)
  • Secretary's consent (if applicable)
  • Occupiers consent for use of registered office (if applicable)
  • Member's consent
  • Agreement(s) to take up shares (if applicable)
  • Register of members
  • Your choice of name (subject to acceptance)
  • Initial minutes of Directors and Shareholders meetings
  • Company details stored in the FACCS secure database
  • Original Certificate of Incorporation included
  • Your Company Constitution
  • Convenient loose leaf format for your filing
  • Australia Post mailing

Emailed Company Formation includes:

  • ASIC documents prepared and lodged
  • All incorporation fees paid to ASIC
  • Multiple (8) classes of shares
  • Up to four (4) Directors and or four (4) Shareholders included
  • Director's consent(s)
  • Secretary's consent (if applicable)
  • Occupiers consent for use of registered office (if applicable)
  • Member's consent
  • Agreement(s) to take up shares (if applicable)
  • Register of members
  • Your choice of name (subject to acceptance)
  • Initial minutes of Directors and Shareholders meetings
  • Company details stored in the FACCS secure database
  • Original Certificate of Incorporation mailed via Australia Post
  • Your Company Constitution
  • Emailed to you for local printing

Additional Directors and/or Shareholders

The FACCS secure integrated system allows for up to 4 Shareholders or Directors or both. Additional Directors or Shareholders are handled as an expection and there is an additional fee for this service. When completing the Company Order Form, you need to do nothing differently. Simply continue to add Shareholders and/or Directors and the FACCS team will implement your instructions.

FACCS will bill you for the additional fees for the additional Shareholders or Directors.

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What are the Benefits of dealing with FACCS?

  • Immediate Result. In your own time, you simply complete the form on-line, and FACCS does the rest. Generally within one working day you will receive a fax to let you know your ACN so that you can order stationery and open a bank account. The original completed documentation will arrive generally within 3 working days with clear instructions as to actions you need to take.
  • Do it when you are ready. The FACCS site is open 24 hours per day, 7 days per week.
  • Completely Accurate. Our computer systems take your input and process it precisely as you instruct.
  • Always up to date. To ensure that the company complies with all current legislation a leading firm of solicitors constantly reviews FACCS companies.
  • Secure site. Your financial transactions are protected by the Thawte secure system operating within a Secure Sockets Layer (SSL).
  • Save Money. Buy at wholesale! Pay your professional advisors whatever you need for their intellectual advice, but don't pay them just to send FACCS an order form.
  • Brand New Companies. All FACCS companies are created as brand new companies. We are not a shelf-company supplier. You can rest assured that your company has never traded, is clean, has never had other shareholders and has never had other Directors.
  • Everything on the one site. You can order a company, a trust, tax forms, a business name, collect debts - all from the same site.
  • Ongoing Maintenance. FACCS offers a company maintenance service. Simply by instructing us to do so, we will to save all details of your company in our secure database. We can then assist you to register changes to your company records with ASIC and help to ensure that you meet your government compliance obligations. See our Record Maintenance area for details of this great offering.
  • Privacy & Confidentiality. FACCS has a strict privacy policy and will not disclose any information to anyone without your instructions. See also our Privacy area.
  • Time Saving. If you know what you want, then you have no need to spend time dealing with professionals. Simply complete the form, and let FACCS do the rest.
  • No acting as mail-boy. You don't have to mail or lodge any documentation at the ASIC. FACCS does this all for you.
  • You don't need to be a Company Secretarial expert. Simply follow the order form and FACCS will do the rest without any pressure being put on you. And FACCS can assist you into the future so that your company maintenance is on time, and you avoid fines and penalty fees.
  • Professionals available. FACCS is supported by some of the top professionals in law, accounting and financial planning. Let us know if you would like us to arrange an introduction. to top
 

I have a question that is not covered in this FAQ section.

Simply Contact Us and we will answer your question and consider it for future inclusion in the FAQ section. to top

 

TECHNICAL QUESTIONS

I've heard that I can have a "one person" company.

This is true since 1 July 1998. FACCS will form a one-person company for you. FACCS believes that there are many circumstances in the future growth of a company where the one-person company may grow into a multi-shareholder and/or multi-director company. As a result, all FACCS single person companies include full documentation. to top

 

I've heard that I don't need a Common Seal any more.

Under Section 123 (1) of the Corporations Act 2001, companies no longer require a common seal. Nonetheless some institutions may still request a common seal for certain documentation.to top

 

I've heard that I don't need a Constitution any more.

This is true. Under the Corporations Act 2001 Section 134 a Company Constitution is no longer required. Many company shareholders nonetheless prefer to have a Constitution that sets out the "contract" between the company and its members (shareholders), the company and each of the Directors, the company and the company secretaries (if any) and between each of the company members. Section 140 (1) covers the requirements of a Constitution.

All FACCS Company Folder documentation includes a Constitution.to top

 

What were the Memorandum and Articles of Association?

Memorandum and Articles of Association have been abolished for newly formed companies. (Part 2b.4) What were they?

Prior to July 1 1998, companies had to have:

  • A Memorandum of Association, which detailed certain of a companies characteristics.
  • Articles of Association, which governed the company's internal management.

They also had to lodge these with the forerunner to the ASIC (the ASC). Part 2b.4 abolished them. to top

 

What replaced the Memorandum & Articles of Association?

Under Section 134, newly formed companies are no longer required to have memorandums and articles of association. Instead a company's internal management may be governed by replaceable rules, by a constitution, or both.

Following are three different scenarios.

  1. A newly formed company's internal management may be governed by replaceable rules - which are certain sections of the Corporations Act 2001 which automatically apply to a company. (Except a company with the same person as its only director and shareholder.)
  2. A proprietary company with the same person as the sole director and the sole shareholder. In this scenario, there is no need for replaceable rules because there is no need to formalise the contract between the various parties because they are all the same person. Instead sections 201F and 198E automatically apply, and regulate matters such as the appointment of additional directors, and their powers and duties.
  3. By far the most common type of company is a proprietary company limited by shares. These companies are not required to lodge with the ASIC copies of any constitution they may adopt, unless they are proposing later to change to a public company.

All FACCS companies include a Constitution. to top

 

Can a FACCS created company act as Trustee of a Trust?

Yes.

When completing the FACCS trust documentation for either a Discretionary Trust or a Unit Trust or a Hybrid Trust or a Superannuation fund, insert the name, address and ACN of the company that is to act as the trustee at the appropriate position. If you are forming both the company and the trust with FACCS at the same time, and don't yet have the ACN of the company, don't worry, FACCS will manually solve this for you. to top

 

PROFESSIONALS

Why should a Solicitor deal with FACCS?

In every business or profession today, there is a drive to reduce costs of operation while providing an enhanced level of service to an increasingly demanding and sophisticated client base. FACCS can assist you to achieve both of these business elements. You can utilise your scarce resources to provide advice to clients, and permit FACCS to do the legwork under your instructions.

In addition to the benefits to your client of dealing with FACCS that are covered in the general FAQ, there are some benefits specific to Solicitors.

  • FACCS documentation is always up to date with current legislation. FACCS does this basic work rather than you.
  • FACCS companies are 100% clean and created new for your client.
  • The FACCS documentation is simple to complete and you could quite readily delegate this effort to your legal assistant. There is no need for paper forms, letters or faxes. All information required by FACCS to conduct the service and complete the documentation is entered on line.
  • Your assistant could actually complete the documentation while you are taking instructions from your client and have your instructions on the way to us before your client has even left your office.
  • FACCS documentation is designed so that at your option, your firm's name is displayed on the prepared documentation.
  • FACCS makes it easy for your client to effect changes and handle all the fiddly bits of Company Records Maintenance. With online changes to address, shareholders and Directors, you can be assured that FACCS will support your client to the highest standard.
  • Not only this, FACCS will also assist with annual compliance reporting, solvency declarations, and the increasing level of required reporting.
  • FACCS is user-friendly, fast, efficient and cost effective. to top
 

Why should an Accountant deal with FACCS?

Since the introduction of the New Tax System, many accountancy practices are pushed for resources to meet the increasing workload. Nonetheless clients are increasingly seeking more efficient ways to manage tax, protection and succession.

With the increasing compliance requirements, there is a steady flow of paper to and from the various government agencies.

In addition to the benefits to your client of dealing with FACCS that are covered in the general FAQ, there are some benefits specific to Accountants.

  • When you receive tax and succession planning instructions from your client you can immediately put them all into place from our FACCS site. There is no need to go through several different intermediaries with the resultant delays, cost and confusion.
  • You can work with your client to design the specific structure to suit your client's circumstances, including in the one session a company with multiple classes of shares, a discretionary or unit trust and an estate distribution plan.
  • You or your business clients can use the FACCS on-line, web-based Debt Collection process to speed debt collection at a reduced cost.
  • You can delegate most FACCS work to an assistant. The forms are simple to complete and extensive help text guides your assistant through any difficult areas.
  • Ensure that your client is being well looked after with compliance reporting without diverting scarce professional resources to mundane matters. Through the unique & secure FACCS database, records maintenance is transparent and streamlined for your client. You can do it yourself, or you can point your client to our site knowing that they will be looked after the way you want.
  • FACCS is accurate, comprehensive, and cost effective. to top
 

Why should a Financial Planner deal with FACCS?

  • With the sophisticated approaches required today for financial management, financial planners are increasingly called upon to recommend appropriate structures for clients. Whether this is completed in conjunction with external legal and accounting professionals or with in-house skills, there is a need to promptly and accurately implement decisions made.
  • No doubt you already use specialist organisations for the creation and management of Superannuation Trusts.
  • FACCS enables you to have the support of a highly professional organisation to implement company structures, Discretionary or Unit Trusts, and estate distribution planning.
  • FACCS provides an enhanced service to your clients by following your recommendations through to completion.
  • All FACCS on-line documentation is straightforward to complete, and almost certainly can be handled by your para-planner.
  • The FACCS Record Maintenance process provides your client with an easy and straightforward way to handle the myriad small changes that occur to most companies over time. FACCS will assist you and your clients to avoid the stress usually associated with maintaining an up-to-date compliance with ASIC reporting requirements. to top

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Testimonials

"I used FACCS when I decided to start working for myself. I'm a good carpenter, but I didn't know how to get a company or get an ABN for it. The FACCS website..." more Scott Tomlinson
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