Having previously ran a university club at my uni, I would like to talk about this. This will only describe the broad conditions in Australia for setting up clubs in major universities.
Firstly it is important to understand what the benefits of setting up a university club are. I have found that they will primarily be that you will be able to post up flyers and posters around campus, that you may get some black and white printing and depending on the body you affiliate to, you may get funding to subsidize travel to conferences and things. You will also get to set up a stall on campus as well, which can be a good way of meeting new people, but is also fairly exacting. There is a bit of an art that goes into making effective stalls.
Secondly, there are affiliation requirements. At most Australian Universities, there will be 2 bodies that you can affiliate to. One is typically the Student Representative Council, the other is a body that can be recognized for running the bar, clubs and most student activities. At UTS it is called Activate UTS. This body tends to control very strongly the club that is going on and will often suppress any kind of political activity (Amnesty international found that activate would not allow it to even hold human rights meetings about events in third world countries) The Student Representative Council by contrast is much less funded, but it will allow you to do what you want, and allow you to fund-raise if needed. At UTS, to affiliate to it you only need 5 members, the minutes of a founding meeting and a constitution, of which they provide a draft. To affiliate at other universities, particularly the University of Sydney it can be a bureaucratic nightmare, with more initial members and more stringent requirements (lots of paperwork). However this is also often attached to more funding.
Thirdly, about how to make them work. For a University club to work there must be a fun, social element to it, otherwise it will be a futile activity. Political groups tend to not be good at this, including the one i used to be in, and they were always wondering why they were not getting results. (Political baggage + serious propaganda outfit = poor results). By contrast the labor party club organizes around insane binge drinking every Friday and Saturday. There is a reason why former Australian PM Bob Hawke held the world record for beer sculling. Students on campus tend to be isolated,stressed and without social networks. Building a club that provides this is a really successful approach, and is the only approach that will achieve results.