- Overview
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- FAQs
This type of proprietary limited (Pty Ltd) company is registered with ASIC as company whose sole purpose is to exist as a body corporate to administer a property. They involve a group of people (directors or members) who own or live in a block of flats or units. A reduced rate to the annual fee payable to ASIC is applicable to this type of company as long as:
- the company is the proprietor of land on which a building divided into separate residential areas and areas for common use is erected;
- the members of the company are entitled, because of the shares they hold in the company, to the exclusive occupation of 1 or more of the residential areas and to use of the common areas; and
- the company only operates to facilitate and enforce the rights of company members in relation to exclusive occupation of the residential areas and to maintain the common areas.
This company is registered to purchase property and act as a body corporate with a constitution containing relevant sections relating to specific aspects of the property such as the plans of the property, by-laws and lot entitlement tables. Shareholdings are split between “Share Groups” with each share group representing a specific apartment or unit.
Patricia Holdings makes setting up a Home Unit Pty Ltd company simple. This company type can be ordered online or by completing a manual order form and returning it to us by email.
What’s included?
- ASIC Certificate of Registration
- A complete and tailored suite of documents completing your company register, including:
- Company Constitution specific to the property
- Members resolution on incorporation
- Directors resolution on incorporation
- Register of directors, secretaries & members
- Officeholder consents
- Members consents and applications
- Letter to the ATO appointing a public officer
- Allotment journal
- Share Certificates
- A helpful instruction letter
We also provide blank registers (including option & debenture holders) as well as meeting and consent templates to help you keep your register up to date.
If you order our full service courier delivered product you will receive your documents bound in a professional folder which includes indexed tabs separating the documents and 2 copies of your constitution (1 bound and 1 hole punched).
PDF email Delivery
Service Courier delivery
How long does it take to register a Home Unit Company (Company Title Property)?
Normally, ASIC will issue the ACN and Certificate of Registration within a few minutes.
How long until I receive my documents?
The constitution of a Home Unit Company is tailored to the specifics of the property and so delivery of the company register takes slightly longer than for a standard proprietary company.
We are able to deliver our full service couriered product to the Sydney metropolitan area within about 5 hours of receiving an order. Orders received before 12 midday are usually delivered the same day. Documents being sent to Brisbane and Melbourne will be sent by overnight courier or express post for next day delivery (order must be received by 1pm for delivery the next day) and within a couple of days to Perth and regional areas.
We aim to have PDF documents delivered to your nominated email address within 2 hours of you placing your order, during business hours.
This company is registered to purchase property under a Company Title ownership scheme, with a constitution that contains relevant sections relating to specific aspects of the property such as the plans of the property, by-laws and lot entitlement tables.
The Constitution defines a ‘Share group’ as a group of ordinary shares, consecutively numbered, which give the associated Share Group Holder the rights and obligations in relation to a Lot.
In order to draft a compliant Home Unit Company constitution we will need the following information:
Building – The Address of the Property
Home Unit – The Lot Numbers
Land – The Folio Identifier (found on DA approved plans)
Plans – DA Approved Plans
Unit Entitlements (as percentages)
These five items are inserted into our Home Unit Company constitution which is then adopted by the members of the company (or the unit owners) as the company’s constitution. You will also have the option to use your own constitution. We are able to incorporate your Home Unit Company before the abovementioned five items have been provided to us however, it will not be governed by a compliant constitution until these items have been included.
Share Classes
Shares in a home unit company work slightly different to that of a standard pty ltd company. Shares in a home unit company represent the flats or units within the block and are generally split into different “share groups”. The unit entitlements are expressed as a percentage and the share groups denote a particular lot or unit to which the shareholders are entitled to.
Constitution
Generally speaking, a company constitution is a document that specifies the rules governing the relationship between, and activities of, the company and its shareholders. Patricia Holdings’ constitutions are expertly drafted and regularly reviewed by a top tier law firm to maximise good governance and effectiveness. They comply with ASIC’s special purpose regulations ensuring the company will be eligible for the reduced ASIC annual review fee.
Consent Forms
Per Section 117 of the Corporations Act 2001 (Cth), a company is required to maintain written consents and agreements of its officeholders and members as part of its record keeping responsibilities.
You can print off consent templates here. Please ensure these are completed prior to incorporating your company and keep them for filing your company register. You do not need to provide these to us.
- Consent to act as Director
- Consent to act as Member – Company Member
- Consent to act as Member – Individual Member
- Consent to act as Public Officer
- Consent to act as Secretary
Questions or Further Information
If you have questions please visit our Help Centre. If you would prefer, our friendly business support team can be contacted during business hours via live chat, email or by phoning 02 9953 2399
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