Can you issue shares for no value?

We are wanting to register a new company where the shares are allotted at a discount. For example, 400 shares with a par value of $2.00 and the total consideration will be $0.00. The shares will be considered fully paid with ASIC.
Is this possible?

Hi - par value went out as a concept in 1998. Can you provide some context of what they are trying to achieve with the share structure?

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I’m not sure it’s legally acceptable to have nil consideration paid on shares issued. I looked at this a while back and can’t quite remember where I landed on it. So that’s my first point. Is it legal to have nil consideration?

I don’t quite understand how the shares can be considered fully paid if they are issued at $2 per share and the full $2 per share isn’t paid. As a minimum, I would think they were partly paid shares, with the uppaid portion payable to the company when and if called.
So 400 shares issued at $2 per share, partly paid. In your case it’s unpaid to $2 per share.

Oh I just saw the title of the thread. My reply is, why would you?

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If you register the company as suggested, the shares will show as unpaid with ASIC.