InFocus February 2024 - Volume 33 Issue 1
- Keep corporate keys secure!
- New infographic on how to apply for a director ID online!
- Don't let your business name be cancelled.
The corporate key is an eight-digit security number uniquely associated with a company that is used to keep company information secure. Your company has only one corporate key.
Why do I need a corporate key?
The corporate key is used to:
- nominate or cease a registered agent or contact address,
- notify of changes in officeholders, and
- notify of changes in addresses for a company.
Where can I find my corporate key?
The corporate key is issued via letter to the company’s registered office address, two business days after registration. The corporate key is also located on the top right corner of the annual statement.
A company officeholder, registered agent, liquidator or administrator may request a new corporate key to be sent to an alternate contact address or an officeholder’s residential address. The corporate key can be found in the contents of the letter.
If you request a new corporate key, any previous corporate keys issued to the company will become invalid.
How can I keep my corporate key secure?
Treat the corporate key the same way as a personal identification number (PIN) for a bank account.
Ensure all documents containing corporate keys are kept secure and your company details are kept up to date to ensure your corporate key is sent to the correct address.
If you believe an unauthorised person has access to the corporate key and company details, a new one can be requested by applying online.
Learn more about the corporate key on our website.
It is an easy way to talk them through:
- what to do before applying
- how to apply
- where to get more information
How you can help:
Are you meeting with directors regarding an annual review statement or any other company obligations?
You can help by asking ‘have you applied for a director ID?’.
If they haven’t, you can send them the infographic on how to apply for a director ID online.
Can’t apply online?
Directors living in Australia, who are unable to apply online or over the phone, will need to complete a paper application form - Application for a director identification number – for people living in Australia.
Directors who live outside Australia and can’t apply online, will need to complete a paper application form – Application for a director identification number - for people living outside Australia.
For more information about who needs a director ID and how to apply, visit ABRS.gov.au.
As the holder of a business name, it’s important to ensure that your registration is current, and your details are up-to-date to avoid possible cancellation.
Two common reasons we may initiate cancellation of a business name include:
- the business name renewal has not been paid, or
- the business name holder is a company that has been deregistered.
If we don't have an email address for your business name, notification of intention to cancel your business name will be sent to the address for service of documents.
Taking prompt action when you receive notifications relating to your business name will help to prevent unwanted cancellation.
More information on when and how ASIC may cancel your business name can be found on our website.
One of the most common questions we're asked is 'what do officeholders need to do before closing their company?'. To keep it simple, here are the three key things:
- Ensure your company has no outstanding fees
If your company has any outstanding fees, we'll automatically reject your deregistration application. You can check your account balance online by accessing ASIC’s online services.
- Ensure your company meets all the criteria for deregistration
Your company must meet the deregistration criteria including all members agreeing to deregister and the company's assets totalling less than $1000. Visit voluntary deregistration for the full criteria.
- Apply for deregistration at least two weeks before your annual review fee due date
Finally, you should apply for deregistration at least two weeks before your annual review fee is due for payment to allow time for processing and approval of your application. If you don’t, your annual review fee will be payable and you will need to pay it before your company can be deregistered.
For more information about closing your company and what you need to do, visit our deregistration page.
In Australia, natural disasters such as floods and fire can strike without warning, so it’s important to make sure your business is resilient in times of crisis.
Make sure your business is prepared and know what to do in an emergency situation. Find out more at business.gov.au.