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The Long Awaited Director ID is now in place
For years, the Australian Securities and Investments Commisison (ASIC) has talked about introducing Director ID to all company directors and it will now finally be rolled out as at November 2021.
What is a Director ID?
A Director ID is a unique identifier given to a director or someone who intends to become a director of a company. This is a one and forever ID and is used to prevent false and/or fraudulent identities and to prevent director involvement in unlawful activities such as phoenixing.
Who needs to apply and when?
You will need a director ID if you are going to be or already are a director of a:
- Company
- Aboriginal and Torres Strait Islander corporation
- Corporate trustee
- Charity or not-for-profit organisation that is a company or Aboriginal and Torres Strait Islander corporation
- Registered Australian body, for example, an incorporated association that is registered with ASIC and trades outside the state or territory in which it is incorporated
- Foreign company registered with ASIC and carrying on business in Australia (regardless of where you live)
- You will not need a Director ID if you’re:
- A company secretary but not a director
- Acting as an external administrator of a company
- Running a business as a sole trader or partnership
- Referred to as a ‘director’ in your job title but have not been appointed as a director under the Corporations Act or the CATSI Act
- A director of a registered charity with an organisation type that is not registered with ASIC to operate throughout Australia
- An officer of an unincorporated association, cooperative or incorporated association establish under the state or territory legislation, unless the organisation is also a registered Australian body
For further details, including how to apply and other obligations – visit Director ID – Need to Know
