ASIC – New ID requirement for directors – applications open

Company directors will need to verify their identity as part of a new director identification number (director ID) requirement.

Director ID applications opened on Monday 1 November 2021 via the new Australian Business Registry Services (ABRS).

A director ID is a unique identifier that a director will apply for once and keep forever – which will help prevent the use of false or fraudulent director identities.

All directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation will need a director ID.

In regard to directors of companies registered under the Corporations Act – the date people must apply for their director ID will depend on when they become a director:

• Existing directors have until 30 November 2022 to apply,
• New directors appointed between 1 November 2021 and 4 April 2022 must apply within 28 days of their appointment, and
• From 5 April 2022, intending directors must apply before they are appointed.

The ABRS is responsible for administering director ID.  ASIC is responsible for enforcing four new director ID offences under the Corporations Act 2001.

The ABRS will provide support and guidance to directors to assist them to understand and meet their director ID obligation. Please visit their website for more information about director ID.