Business
Corporations Act 2001 administered nationally by ASIC
A single national corporations regime administered by ASIC under the Corporations Act 2001, built on a referral of state power. Incorporation is same-day online, and every director must now hold a director identification number.
Key rules
- Deadline — Annual review fee and solvency resolution due within two months of the company's review date
- Deadline — Changes to directors or registered office notified to ASIC within 28 days
Governing law
- Corporations Act 2001 (Cth) (s. 124)
- Australian Securities and Investments Commission Act 2001
- Competition and Consumer Act 2010, sch. 2Australian Consumer Law
- Business Names Registration Act 2011
In practice
The proprietary limited company (Pty Ltd) is the standard vehicle: one director resident in Australia is enough, there is no minimum capital, and registration is completed online through ASIC. Directors owe statutory duties of care, good faith and proper purpose under ss. 180-184, and the insolvent trading prohibition in s. 588G exposes a director to personal liability for debts incurred while the company is insolvent — the safe-harbour provisions in s. 588GA give limited protection where a restructuring plan is being pursued. Since 2021 all directors must verify identity and obtain a director identification number, which follows them across every company they serve.