CoSec Consulting: Compliance solutions to benefit the Australian biotech sector

CoSec aims to build the Australian Biotech and Tech industry through providing compliance solutions in a 'one-stop-shop' format.

CoSec Consulting is a firm of experienced governance professionals, offering end-to-end corporate, compliance and statutory secretarial services, with a focus on biotechnology. CoSec works collaboratively with CROs and biotech industry associations, facilitating foreign investment into the Australian biotech industry.

The Australian Government and AusIndustry have developed key initiatives that have been implemented to attract R&D investment in Australia by both domestic and offshore companies. While significant incentives exist (e.g. the R&D Tax Incentive), there is a web of compliance activities which must be undertaken by inbound companies which can pose a significant barrier to entry for a lean, cash conscious biotechnology company.

CoSec's Biotech Package is designed to be a simple, comprehensive service offering that provided clarity around cost and peace of mind in a one-stop-shop for compliance. The full-service package covers the critical aspects of the Australian compliance framework, including:

  • Company Incorporation including Legal Agreements and Bank Account
  • Key registrations with ASIC and ATO (ABN, TFN, GST)
  • Resident Director (an ASIC Requirement)
  • Registered Office (an ASIC Requirement)
  • Outsourced CFO (including tax lodgements, payroll, accounting and annual financials)
  • R&D Advisory (including registration with AusIndustry, R&D Tax Incentive Applications)
  • Ongoing ASIC Compliance

A critical component of CoSec's service offering is the Resident Director service. All Australian companies require a director who is an Australian resident (public companies require two resident directors). Finding the right mix of skills and experience in a Resident Director can be a challenge for many inbound entities. In response to this, CoSec launched CoSec Directors - a panel of resident directors with interdisciplinary skills and experience covering law, technology and finance, in QLD, NSW, VIC and SA. Clients are matched with the director most suitable to their planned operations in Australia.

Since launching the Biotech Package and CoSec Directors in 2016, CoSec have assisted 15 biotech clients set up in Australia, with a significant number of interested parties looking to follow suit. Most of these companies will commence Phase 1 clinical trials in Australia, with approximately $23m of funding allocated to these trials. This provides several benefits to the Australian economy, including:

  • supporting the growth of the biotech sector in Australia
  • creating jobs in the biotech industry in Australia
  • strengthening Australia's biotechnology credentials as an attractive place to undertake clinical trials

"Since launching our full-service Biotech Package and our panel of CoSec Directors, we have assisted numerous companies to enter the Australian market to invest in clinical trials. We are excited for the prospects of the biotechnology industry in our country and are grateful to be able to contribute to that growth."

- Blair Lucas, Managing Partner

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