Discover how an ASIC Registered Agent can help you navigate the regulatory requirements and compliance standards for your company in Australia.
One of the more frequent questions we are asked is ‘Do I need an ASIC Registered Agent?’
The follow up to this is usually ‘What do you do for the fee when I still have to pay the ASIC Filing Fees anyway?’ I’m sure that this question comes up because it can seem like an unnecessary fee for a relatively simple process, or is it?
ASIC registered agents act as the go-between for officeholders in Australian companies and ASIC. This helps officeholders more effectively meet their lodgement and compliance obligations. There is more to it than the once a year annual renewal and some of these are outlined on the ASIC Legal Requirements for Companies page.
As an ASIC Registered Agent we will:
- Receive your annual company statement and review it for currency against known officeholder information
- Prepare, organise for signature, and store your required annual company solvency minute.
- Follow up with you to encourage you to pay your company’s annual filing fee on time. This means no late payment penalties.
- Prepare ASIC forms and supporting documentation for company events and transactions. These forms are sent with sufficient time for signature to ensure lodgement within relevant timeframes.
- Retain a signed copy of your corporate register on file.
- Receive, pass on, and file any ASIC correspondence received on your company’s behalf.
- Liaise with ASIC in relation to any required changes to company or director personal details eg addresses or shareholdings.
We use online lodgement and ASIC management software to provide increased oversight for your company and to reduce the incidence of late lodgement penalties and fines.
We charge a fee for this service which s payable along with your annual company filing fee (paid directly to ASIC). Your ASIC payment can be settled via BPAY on the renewal notice and our invoice will be issued separately
What could go wrong?
Some of the issues we have seen when people have tried to manage ASIC themselves are:
- Annual review goes missing in the mail or forgotten and is paid late as a result. If you are even one day late in paying the filing fee, fines will apply. We receive everything electronically from ASIC and have visibility on when someone pays their ASIC renewal fee. We also follow up with reminders as the date draws near for the renewal fee payment.
- The director/s changes address and doesn’t notify ASIC. Paperwork isn’t forwarded to the Director’s new address and the company ends up deregistered as annual review fees and penalties have gone unpaid. This can be a major problem!
- A director fails to notify ASIC of a change to the company. There is a strict 28 day time frame for this. Changes can be to the business address, registered office address, director address, shareholder address, director appointment or resignation and changes in shareholder to name the more common ones.
- A director notifies ASIC of one address change and forgets one or more addresses in other companies that they are involved with. When this is eventually found, these subsequent lodgements have to reflect the first date notified. As we said, there is a 28 day time frame, anything after this will involve late fees.
- Annual solvency resolutions aren’t prepared leaving the company in contravention of the Corporations Act.
You’d be surprised at just how common it is for Australian company directors to accidentally miss paying their annual filing fees to ASIC. And as mentioned before ASIC are unforgiving with their late payment charges.
Deregistration for non-payment of fees …
And forget about just letting your ASIC de-registering your company to avoid paying ATO debts. With the massive debt collection push by the ATO there have been a number of moves in this space to issue Directors Penalty Notices (DPN) to deregistered companies.
With the government introduction of Directors Identification Numbers and more effective digital identity linking, enforcement action against Directors could become more common. This can include Director disqualification from being able to manage a corporation in the future.
Is a Registered Office important?
When we are the registered agent our address is also often used as the registered office address too. We don’t charge anything extra for this role. Having a Registered Office is a legal requirement under the Corporations Act.
The Registered Office is a place where all communications and notices issued to the company will be sent. It must be a fixed location (no PO Boxes are allowed). There are legal requirements for the opening hours of a Registered Office too.
When you have us as your Registered Office and something goes wrong, then we are served with official or legal documents, not you.
Can I do it myself?
Can you look after ASIC yourself? Yes of course you could. But just remember that there is a lot more that goes with it and if you’re in business, you’ve probably already got enough on your plate to have to worry about this too.
If you are super organised, tech savvy and have a great memory for due dates and changes, it can be pretty straight forward. If not or you don’t want the hassle, then let us help.
You should consider appointing us as your ASIC Registered Agent if you are:
- Struggling with complex ASIC compliance requirements
- Feeling a bit overwhelmed at the legal responsibilities of being a company owner
- Uncertain about what documents or forms are essential to keep in line with the law?
If you’re tired of navigating the complexities of ASIC compliance requirements or aren’t event sure what they are, then let us be your problem-solvers. The team at Bee Group Accountants will handle all the documentation, filings, and correspondence with ASIC, giving you peace of mind and allowing you to focus on running your business.
Our appointment as an ASIC Agent is a very straight forward process too and often done as part of our onboarding for new clients.
If you would like specific advice tailored to your business and situation, Bee Group Accountants offers affordable service packages where you can work with us one-on-one to help you get your business where you want it to be. Book your Discovery Call to find out more.
Disclaimer: This is general information only and is not advice of any sort. Please refer to our Terms and Conditions if in any doubt. No warranty or representation is provided by Bee Group Accountants as to the accuracy, currency or completeness of the information contained in this blog. Readers of this blog should not act or refrain from acting in reliance upon any information contained herein and must always obtain appropriate taxation and / or other advice as may be appropriate having regard to their particular circumstances.
