Definition of an Incorporated Association
•A group of persons who have agreed to join together in pursuit of one or more common objectives. •Is incorporated in accordance with an Australian State or Territory legislation or an overseas body. •May be a strata plan for real estate which is registered with a State or Territory Land Office and where the registration of the strata plan leads to the creation of a strata plan body corporate.
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Definition of a Domestic Proprietary Company
•Incorporated in Australia and limited by share capital. •Membership is limited to 50 non-employee shareholders. •Is prohibited from offering invitations to the public to subscribe to its shares or debentures.
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Definition of a Domestic Public Company
•Incorporated in Australia. •Entitled to raise funds by offering securities in itself to the public.
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Definition of a Foreign Company Registered in Australia
•A foreign company registered in Australia by the Australian Securities and Investment Commission (ASIC). •May be a foreign public company - a company incorporated outside of Australia entitled to raise funds offering securities in itself to the public. •May be a foreign proprietary company - a company incorporated outside of Australia which is a private/proprietary or other type of company in accordance with the requirements of the jurisdiction in which it is incorporated.
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Definition of a Foreign Company NOT Registered in Australia
•A foreign company NOT registered in Australia by the Australian Securities and Investment Commission (ASIC). •May be a foreign public company - a company incorporated outside of Australia entitled to raise funds offering securities in itself to the public. •May be a foreign proprietary company - a company incorporated outside of Australia which is a private/proprietary or other type of company in accordance with the requirements of the jurisdiction in which it is incorporated.
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Definition of an Australian Government Body
Can be either: •an agency/department or an authority of the Commonwealth, •a State or a Territory, or •a local government council of a State or Territory.
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Definition of a Non Sole Trader
A natural person (non-corporate) of any nationality, including: •individuals who are customers •individuals acting as a signatory for an organisation •individuals acting as agents on behalf of an organisation
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Definition of a Sole Trader
•A natural person (non-corporate) who trades in their own legal right without the use of a company structure, incorporation or partners. •Who, alone, has full liability for the activities of the business. •Can operate under their own name or a registered business name.
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Definition of a Regulated Partnership
•A relationship that exists between persons/organisations (the partners) carrying on business in common with a view to profit. •The rights of the partners between themselves are governed by a partnership agreement. •Is registered as a member of a professional association (e.g. a State/Territory law society, real estate institute, institute of chartered accountants).
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Definition of a Unregulated Partnership
•A relationship that exists between persons/organisations (the partners) carrying on business in common with a view to profit (including limited partnerships). •The rights of the partners between themselves are governed by a partnership agreement. •Is NOT registered as a member of any professional association (e.g. a State/Territory law society, real estate institute, institute of chartered accountants).
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Definition of a Registered Co-operative •A legal entity owned and controlled by the people for whom it was established and who benefit from using its services. •May be set up for a very wide range of social and economic activities, such as retailing, agriculture, manufacturing, child care, housing, marketing, arts and crafts and taxi services. •May be registered by a relevant State, Territory or overseas body.
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Definition of a Standard Trust
•A fund, property or other assets are held or administered (by a trustee) for the benefit of others (beneficiaries). •Includes testamentary trusts, unit trusts, discretionary trusts (including family trusts) and unregistered managed investment schemes. •The trustee can be an individual, group of individuals, a company, group of companies or a combination of individuals and companies.
Examples of the Legal Entity Name for a Trust
•ABC Pty Ltd ATF ABC Unit Trust •XYZ Pty Ltd ACF ABC Pty Ltd ATF ABC Unit Trust
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Definition of a Trust other than Standard Trust
All trusts other than standard trusts, including: •Self-managed Super Fund (SMSF) – a trust structure that can be used to manage retirement savings on behalf of its members and is regulated by the Australian Taxation Office (ATO). •Registered Managed Investment Scheme – a scheme registered with ASIC to which people make contributions and in return acquire rights to benefits produced by the scheme, where the contributions are to be pooled, or used in a common enterprise, to produce financial benefits for the people who hold interests in the scheme. All registered managed investment schemes must hold an Australian Registered Scheme Number (ARSN) issued by ASIC. •APRA Regulated Trust – a trust that is licensed and subject to regulatory oversight by the Australian Prudential Regulation Authority (APRA), in relation to its activities as a trust. •Government Superannuation Fund – a trust that is a superannuation fund for Government employees established by legislation often referred to as public sector superannuation funds.
Examples of the Legal Entity Name for a Trust
•ABC Pty Ltd ARE for ABC Managed Investment Scheme •XYZ Pty Ltd ACF ABC Pty Ltd ATF ABC Unit Trust
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Definition of an Incorporated Joint Venture
•An arrangement between two or more legal persons (which may include individuals, companies or other legal entities, for example limited partnerships). •A separate company is established by the joint venture as the project vehicle and the company’s constitution (often supplemented by a shareholder’s agreement) determines the respective rights of the joint venturers in controlling the activities of the project vehicle.
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Definition of an Unincorporated Joint Venture
•An arrangement between two or more legal persons (which may include individuals, companies or other legal entities, for example limited partnerships) that is detailed in a joint venture agreement. •The agreement characterises the participants relationship (e.g. as a purely contractual NOT fiduciary relationship, provides for sharing of expenses, holding or property for tenants in common). •The agreement confirms that the joint venturers do NOT share in revenues but rather take the product of the joint venture and sell it to their own account, this is important in distinguishing a joint venture from a partnership.
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Definition of an Escrow Agent
An escrow agent is an entity that performs escrow services for other entities.The new entity name should include the escrow agent and all the entities receiving escrow services.Examples of the Legal Entity Name for an Escrow Agent •Perpetual Corp Limited as escrow agent for ABC Pty Ltd and DEF Pty Ltd •Perpetual Corp Limited AEAF ABC Pty Ltd and DEF Pty Ltd
The name MUST match the customer name to be entered in CIS.
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Definition of a Non Partnership Joint Account
A non partnership joint account is a joint account between two or more entities where there is no formal partnership. If the joint account will be connected with a lending facility, then select the sub type: Lending. A CIS key will be created for the entity name. If the joint account will NOT be connected with a lending facility, then select the sub type: Transactional. A CIS key will NOT be created for the entity name. Examples of the Entity Name for an Non Partnership Joint Account •ABC Pty Ltd and DEF Pty Ltd •ABC Pty Ltd ATF ABC Unit trust, DEF Pty Ltd and John Citizen
The name MUST match the customer name to be entered in CIS.
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Definition of a Non Partnership Joint Account
A non partnership joint account is a joint account between two or more entities where there is no formal partnership. If the joint account will be connected with a lending facility, then select the sub type: Lending. A CIS key will be created for the entity name. If the joint account will NOT be connected with a lending facility, then select the sub type: Transactional. A CIS key will NOT be created for the entity name. Examples of the Entity Name for an Non Partnership Joint Account •ABC Pty Ltd and DEF Pty Ltd •ABC Pty Ltd ATF ABC Unit trust, DEF Pty Ltd and John Citizen
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Definition of an Unincorporated Association •A group of persons who have agreed to join together in pursuit of one or more common objectives. •Is NOT incorporated.
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Definition of a Foreign Government Body
Can be either: • a government of a foreign country, •an agency or authority of the government of a foreign country, •a government of part of a foreign country, or •an agency or authority of the government of part of a foreign country.
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