Once a new company has completed its initial IT company registration it still has a number of ongoing obligations and requirements to remain compliant with the Australian Securities and Investments Commission (ASIC), the government body responsible for all companies registered in Australia.
When applying to ASIC for a new company registration, the owners of a business need to abide by certain legislation, as outlined in the Corporations Act 2001, and its internal management rules which the company and its Officer must comply. Each company may decide to adopt the internal management rules that are set out in this Act. Or establish its own Company Constitution or a mixture of both. Clearly, keeping up to date with current legislation and remaining adherent to the company rules is critical to ensuring ongoing compliance.
After the company registration, the officers of the company are required to advise ASIC of any changes in company details; such as, change in company officers (directors, secretaries and alternate directors), change of members or share structure, change of registered office or change of principal place of business. ASIC has strict requirements on how and when these changes are to be notified. When ASIC receives notice of these changes, they are update in their public records.
In relation to company registration changes, the common challenge small business operators often face is knowing which forms need to completed and submitted to ASIC. Once the company has the correct form/s it is important to compete them accurately, including all relevant information. And then ensuring that they are lodge on time to avoid late-lodgement penalties.
Some key changes to any company that requires a notification to sent to ASIC are:
- Change in company name (to be notified within 14 days)
- Change in company type (to be notified within 14 days)
- Change in company location (to be notified within 7 days)
- Change of registered office or principal place of business (to be notified within 28 days)
- Change of director, alternate director or company secretary (to be notified within 28 days)
- Change in the name or address of company officers (to be notified within 28 days)
- Shares issued, transferred or cancelled (to be notified within 28 days)
- Registered charges (to be notified within 45 days)
It is also important to ensure that the company register is continually keep up to date. This register is a living document that needs to reviewed and updated whenever a change occurs. While ASIC maintains company details of a business since company registration. It is expect that the business also holds a comprehensive and detailed register.