Tips for maintaining your company registration with ASIC
When running a company, you’ll need to ensure your company details are kept up to date and that the company remains registered with ASIC. It’s important you know that when a company is deregistered it ceases to exist as a legal entity, and we’re required to freeze its accounts. This may impact the company’s business operations.
Businesses in Australia that trade as companies are required to be registered with the Australian Securities & Investments Commission (ASIC). It’s your responsibility for ensuring that the company maintains its registration with ASIC by keeping your details up to date.
ASIC sends an annual statement shortly after ASIC’s annual review date of the company, which is generally the date the company was registered. The annual statement will include your company’s details and an invoice for the company annual review fee.
To ensure your company remains registered you’ll need to comply with the following:
ASIC may initiate the deregistration of a company for a number of reasons, including a company’s failure to pay an annual review fee or because it has ceased trading.
If ASIC initiates the deregistration process, it will update the company’s status on the register to display as ‘Strike off status’.
At the end of the strike-off process, the company may be deregistered and cease to exist as a legal entity. This means:
If you no longer need your company, consider applying to ASIC for voluntary deregistration. Before doing so, you should ensure that all financial products and services held in the company name are closed, and you may wish to seek advice from your accountant or financial adviser. Further information on how to deregister a company may be found on ASIC’s website.
When a company is deregistered, the bank may take steps to freeze any accounts held in the name of the deregistered company. This means you will not be able to access or transact on the accounts.
If the company is not reinstated, the bank may:
The rightful owner may be able to claim credit balances that have been remitted to ASIC.
Information on how to reinstate a company may be found on ASIC’s website.
If you are experiencing financial difficulty due to your company’s deregistration, or have any questions or concerns, please get in touch with our team on 1800 650 110. You’ll find information about the support we can provide on our website.
It’s important to make sure you’re going through the right steps, which include making sure your company remains registered with ASIC and your contact details remain up to date with us.
The information in this article is general in nature and does not take your objectives, financial situation or needs into account. Consider its appropriateness to these factors; and we recommend you seek independent professional legal and/or financial advice about your specific circumstances before making any decisions.