Investment Commission (ASIC) has introduced new identification requirements for
directors. A director identification number (director ID) is a unique
identifier you will keep forever. It will help to prevent the use of false or
fraudulent director identities. Effective 1 November 2021, company directors
will need to verify their identity and will be issued a director ID.
You need a director ID if you’re an eligible
officer of:
- a company, a registered Australian body or a registered
foreign company under the Corporations Act 2001 (Corporations Act) - an Aboriginal and Torres Strait Islander corporation
registered under the Corporations (Aboriginal and Torres Strait Islander)
Act 2006 (CATSI Act). An eligible officer is a person who is appointed as: - a director
- an alternate director who is acting in that capacity.
When you need to apply:
Corporations Act Directors
|
Date you become a director |
Date you must apply |
|
On or before 31 October 2021 |
By 30 November 2022 |
|
Between 1 Nov 2021 and 4 April 2022 |
Within 28 days of appointment |
|
From 5 April 2022 |
Before appointment |
CATSI Act Directors
|
Date you become a director |
Date you must apply |
|
On or before 31 October 2022 |
By 30 November 2023 |
|
From 1 Nov 2022 |
Before appointment |
Important information:
- you must apply for your own director ID, we cannot do
this on your behalf, but we can assist you - you can complete an online or paper application
- to apply, you must firstly verify your identity
- the application process is administered by the
Australian Business Registry Services (ABRS) - compliance with these requirements is managed by ASIC
- if you do not meet requirements, you may be issued with
an infringement notice, and there may be civil or criminal penalties. - Go to https://www.abrs.gov.au/director-identification-number for
detailed information on completing your registration
Please contact our office if you have any
questions, or require assistance navigating this process.
“Liability limited by a scheme approved under Professional Standards Legislation.” This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial advice prior to acting on this information.
