What are the requirements to form a proprietary company under the Australian Corporations Act, 2001 ?

A proprietary company is a company that is registered as, or converts to, a proprietary company under the Australian Corporations Act, 2001. A proprietary company limited by shares must have at least one shareholder and must have at least one director. That director must ordinarily reside in Australia. A proprietary company must: be limited by shares or be an unlimited company with a share capital; have no more than 50 non-employee shareholders; and not do anything that would require disclosure to investors under the Chapter 6D of the Act (except in limited circumstances).