Meeting your ASIC Obligations

The Australian Securities and Investment Commission (ASIC) require “small” Corporations to meet certain obligations, the most common of which are as follows:

1. Annual Review

Every year on the anniversary of the Company’s establishment a company is required to verify certain details, such as:

• Addresses of the company;
• Director names and addresses;
• Shareholder names and addresses;
• Declare that the company is able to meet its debts as they fall due.

2. Reporting changes to the company within prescribed time periods, such as:

• Registered and business addresses of the company;
• Who is a Director or secretary of the company;
• What the addresses of the above officers are;
• Who are the Shareholders;
• The number of shares held by each shareholder;
• What the addresses of the shareholders are;

Note: A small company is any company that passes two out of three of the following tests:

• Gross Sales of less than $25 million
• Gross Assets of less than $12.5 million
• Less than 100 employees

Should your company not pass two of the above tests they will be considered to be a large company and subject to other reporting obligations.

At Bentleys we have a systemised Corporate Secretarial Service that will enable you to meet all of your obligations.