InFocus December 2018 - Volume 27 Issue 11
- The year in review - Rosanne Bell, Senior Executive Leader, Registry
- ASIC Registered Agent Terms and Conditions - respond by 14 December 2018
- Consultation - Registry fees
- Consultation - Financial reporting for proprietary companies
- Industry funding update - make sure your address details are correct!
- Asia Region Funds Passport launching on 1 February 2019
- ASIC Annual Report 2017-18 now available
- Interim Report for the Financial Services Royal Commission - ASIC's response
2018 was another busy year for the ASIC Registry team. Our largest register of companies now holds the details of over 2.6 million companies and the second largest register of Business Names holds over 2.3 million registered business names.
Our registry services are receiving more traffic than ever before. In the 11 months to the end of November, we’ve had more than 200,000 new companies registered and over 320,000 business names registered. Our customers are also interested in the wide range of data that our registers hold; across all our registers, over 128 million free searches have been conducted this calendar year an increase of 37% over the same period last year.
We’ve continued to work with Government and other agents in supporting legislative reforms and making it easier to do business. The new Business Registration Service (BRS), available through register.business.gov.au, gives business intenders the ability to apply for a business name, a company, an Australian Business Number (ABN), and Goods and Services (GST) tax status, all in one place. If you want to get your business started, the BRS is the simplest way to do it. This is the first time ASIC has offered a direct website-based service to register a company.
We’ve also worked on a number of initiatives throughout the year to improve our services for Australian businesses. Highlights include our extended online invoicing service for companies and registered agents that lets them view and print invoices through their online account. We’ve also increased the frequency of updates to key datasets on data.gov.au.
2019 will be an important year as we work with Government and stakeholders to progress proposals for modernising Government business registers, including the ASIC registers. We’ll also be supporting a range of upcoming Government reforms impacting our registry. Most importantly, we’ll be continuing to focus on maintaining our customer services, and on pursuing opportunities to improve our efficiency and accessibility.
From everyone at ASIC, we hope you have a safe and happy holiday season!
If you are an ASIC registered agent and wish to continue in that role, you need to respond to the ASIC Registered Agent Terms and Conditions (T&Cs) by 14 December 2018.
It’s a simple process and should only take a few minutes.
For more information, and to read and agree to the T&Cs, visit our website.
In July 2018, the Government released a discussion paper on modernising business registers, which included consideration of whether to apply the Government’s Charging Framework for the use of IT infrastructure to sustainably fund the registry infrastructure into the future.
Following the feedback received as part of that consultation process, Treasury is inviting stakeholder views on the role of registry fees more broadly in a modernised registry system.
The consultation period closes on 21 December 2018
The Government has released for public consultation exposure draft regulations and an explanatory statement containing proposals to reduce the financial reporting burden for some proprietary companies.
The consultation period closes on 14 December 2018.
A reminder to organisations and individuals that are subject to industry funding to ensure that their address details are correct. In January 2019, invoices for industry funding will be issued to an address on our register, so make sure that all details are current. Invoices are payable within 30 business days.
We encourage all entities to register for an ASIC Regulatory Portal account (if they haven’t already). We will notify registered portal users via email when their invoice is ready for payment in the portal.
We have recently published its regulatory costs for the 2017-18 financial year. Levies payable by industry to recover these costs will be published on our website.
If you were subject to industry funding, you would have received a letter in July 2018 at your registered office address, outlining your obligations and what you need to do.
To check and update your address details, select the relevant link below:
The Asia Region Funds Passport (ARFP) will provide a multilaterally agreed framework to facilitate the cross-border marketing of managed funds across participating economies in the Asia region.
Participating countries include Australia, New Zealand, Thailand, Japan and South Korea.
The ARFP framework aims to provide significant benefits to investors through enabling greater fund choice, while maintaining effective legal and regulatory arrangements for investor protection.
The ARFP will launch on 1 February 2019. For more information, visit http://fundspassport.apec.org/
We have recently published our Annual Report for 2017-18. The report is a record of our activities and performance for the previous financial year.
Our response to the Interim Report of the Financial Services Royal Commission is now available from the Commission’s website.