What is a special purpose company?
A company can have its constitution or internal operating rules state that it has been created for a specific purpose. ASIC allows the following special purposes to be nominated for a company to entitle it to a lower annual fee:
- Superannuation Trustee Company – Sole purpose is to act as the trustee of a regulated superannuation fund within the meaning of s19 of the Superannuation Industry (Supervision) Act 1993.
- Home Unit Company – This type of company consists of a number of persons (directors and/or members) who own or reside in a block of flats or similar housing. The company exists as a body corporate to administer the property. Only proprietary companies can be home unit companies.
- Not-for-profit Company This company is for charitable purposes only.
Requirements for a special purpose company
A special purpose company must have a constitution that satisfies the appropriate requirements under Regulation 3, Corporations (Review Fees) Regulations 2003 and have signed a declaration of special purpose. Each type of special purpose has its own requirements for the constitution and for the declaration.
If you wish to register a special purpose company make sure that the provider is offering a compliant solution. Most will let you nominate a special purpose but not provide you with the relevant declaration and constitution.
eCompanies has a compliant special purpose Superannuation Corporate Trustee offering.
Company Registration FAQs
Need more info? Check out our frequently asked questions page.
