Run your business efficiently with
our resident company officers.
Leverage our years of experience in the market to achieve compliance for your business. No matter your company’s size, we can support and guide you in protecting your business interests.
Acting in good faith
Our appointees always have the best interests of your company at heart, and understand clearly that they are merely representatives of the shareholders when liaising with regulatory authorities.
Our appointees are experts on the Australian corporate, legal, and financial landscape, and so are well placed to offer advice on governance and compliance.
According to the Corporations Act 2001, all companies in Australia, both public (ending with “Ltd” or “Limited”) or private (ending in “Pty Ltd”) require one or more directors who “ordinarily reside” in Australia.
Private Companies require a minimum of one director, including at least one who must be a Resident Director (s201A(1)). There is no requirement for a Company Secretary in a private company, though if one has been appointed, they must also be a resident of Australia (s204A(1)).
Public Companies require a minimum of three directors, two of whom must ordinarily reside in Australia (s201A(2)). Public companies are also required to appoint at least one Company Secretary who must reside in Australia (s204A(2)).
- The person must be over 18 years of age, and they must provide their consent
- A private company or proprietary company will need to have at least one director who must ordinarily reside in Australia
The law does not allow you to a director of a company (without court consent) if:
- You are currently bankrupt
- You are still subject to a personal insolvency agreement or composition under the Bankruptcy Act 1966
- Have been convicted of offences like fraud or breaching your duties as an officeholder
Yes, a foreign tax resident can be a director of an Australian company provided that they fulfil all the eligibility requirements for directorship, and that the company also has a resident director appointed.
If a company does not have the requisite number of resident directors, it will be in breach of the Corporations Act 2001. This could result in the company paying penalties or being prosecuted for not meeting its statutory obligations.
From on 1 November 2021, new legislation mandates that all company directors must apply for and hold a valid ‘Director Identification Number’— otherwise known as a Director ID.
Company directors are required by law to apply for a director identification number (director ID).
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.
When you must apply depends on when you were appointed as a director:
- New directors appointed for the first time between 1 November 2021 and 4 April 2022 must apply within 28 days of their appointment
- From 5 April 2022, intending new directors must apply before being appointed
- Directors appointed before 1 November 2021 have until 30 November 2022 to apply
Shareholders, employees, creditors, consumers, external administrators and regulators are entitled to know the names and certain details of the directors of a company.
All directors are required by law to verify their identity with us before receiving a director ID. This is important because it will help to:
- Prevent the use of false or fraudulent director identities
- Make it easier for external administrators and regulators to trace directors’ relationships with companies over time
- Identify and eliminate director involvement in unlawful activity, such as illegal phoenix activity.
Illegal phoenix activity is when a company is liquidated, wound up or abandoned to avoid paying its debts. A new company is then started to continue the same business activities without the debt. When this happens:
- Employees miss out on wages, superannuation and entitlements
- Suppliers or sub-contractors are left unpaid
- Other businesses are put at a competitive disadvantage
- The community misses out on revenue that could have contributed to community services