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Maintaining your company registration with ASIC

4-minute read

When running a company, you’ll need to ensure your company details are kept up to date and 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.

 

Key take-outs
  • ASIC issues an annual company statement. You must check the statement to ensure all details are correct. If there are any changes you must notify ASIC and pay the relevant fees to ASIC.
  • ASIC may deregister a company for several reasons, including when company review fees have not been paid. Information about the circumstances that may lead to ASIC deregistering a company can be found on the ASIC website.
  • To reinstate your company, you will need to visit the ASIC website.


What are my company registration obligations?

Businesses in Australia that trade as companies are required to be registered with the Australian Securities & Investments Commission (ASIC). As a director, you are responsible for ensuring that the company maintains its registration with ASIC. 

 

ASIC sends an annual statement shortly after the 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 with ASIC you must do the following:

  • Pay your annual company review fee.
  • Check and update your company details. 
  • Pass a solvency resolution.

How might my company become deregistered?

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:

  • The company can no longer do anything in its own right.
  • Property held by the company (other than trust property), including money in bank accounts, vests in ASIC.
  • Property held on trust by the company vests in the Commonwealth with ASIC as its representative. 

What if I no longer need my company?

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.

What is my bank obliged to do?

When we identify a company is deregistered, consistent with ASIC's guidance, we’ll 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, we may be required to:

  • Close the company’s accounts.
  • Apply any credit balance in the company’s accounts against any debts the company owed.
  • Pay any remaining credit balance to ASIC (subject to any security arrangements). 

The rightful owner may be able to claim credit balances that have been remitted to ASIC. 

What are my next steps?

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 1300 650 110. You’ll find information about the support we can provide on our Providing Financial Hardship Support page.

 

It’s important to make sure you’re going through the right steps, which include making sure your company is registered with ASIC.

Things you should know

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.