Proprietary Company Requirements
Proprietary companies, commonly known as Pty Ltd companies, are one of the most used structures for a business. To qualify as a proprietary company, specific
To change an entity’s company type, there are three steps you must complete in accordance with sections 162 and 162 of the Corporations Act 2001 (Cth) (“Corporations Act”):
Pass a special resolution
Lodge form 205 with ASIC
Lodge form 206 with ASIC
Step 1: Pass a Special Resolution
Shareholders must approve the change of the company type by passing a special resolution, which generally requires at least 75% of votes casted in favour of the change. The resolution must clearly state the proposed new company type.
Step 2: Lodge Form 205: Notification of Resolution
Once the special resolution is passed, the company must lodge Form 205 to notify ASIC of the resolution.
Generally, this form must be lodged within fourteen (14) days of the resolution being passed to avoid late fees. This can be lodged by email or post. A lodgement fee (currently $98) applies.
Step 3: Lodge Form 206: Application for Change of Company Type
The company must then Form 206 to formally apply to ASIC for the change of company type.
The change of company type takes effect one (1) month after ASIC publishes a notice in the Commonwealth of Australia ASIC Gazette stating the company’s intended change of company type.
Further information:
Can an entity change their company type?Proprietary companies, commonly known as Pty Ltd companies, are one of the most used structures for a business. To qualify as a proprietary company, specific
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