Company Regulation

Australian Securities and Investments Commission (ASIC)

ASIC is the Government body which regulates Australian companies, financial markets, financial services organisations and professionals who deal and advise in financial products.

ASIC works to ensure that our financial markets are fair and transparent, and supported by confident and informed investors and consumers.

If you wish to run a company or provide financial products, you need to be registered or licensed with ASIC.

Starting a company

If you would like to start a company in Australia, you must register it with ASIC and obtain an Australian Company Number (ACN). The ACN is a unique number that will identify your company. By setting up and registering a company you are creating a legal entity for which you are responsible.

As a company officeholder, you have certain duties and responsibilities including notifying ASIC of changes to company details and reviewing annual statements. The obligations you will have will depend on the type of company you choose to create.

Using a business name

If you would like to trade under a name other than your own, you will need to register a business name. Registering a business name is not the same as registering a company.

Currently you need to register a business name in each Australian state or territory(s) that you intend to operate in. A new national business name registration system is expected to begin operating in mid 2012. Under the new system, you will only need to register your business name once, with ASIC, and the registered name can then be used throughout Australia.

Providing financial services and credit

Providing financial services and consumer credit is a vital part of the Australian economy. If you wish to provide these kinds of products and services it is likely that you will need to be licensed by ASIC. You will also need to meet certain obligations and requirements.

ASIC’s other responsibilities

ASIC also registers company auditors and liquidators. Both of these professions play an important role in maintaining and promoting confidence and integrity in Australia’s financial markets.

Consumer and investor information

ASIC also helps consumers and investors with information, tools and guidance on financial issues. ASIC’s MoneySmart website (www.moneysmart.gov.au) has help on topics like banking, insurance, credit, investing and superannuation (retirement savings).The website also has publications in a range of languages.

Before dealing with any company or financial product provider, you can search to check they are appropriately registered. See www.asic.gov.au.

Further resources

For more information about the obligations of companies and licence holders, you can visit the ASIC website, www.asic.gov.au. The website provides helpful information on a range of topics, including information about:

• registering a company
• your obligations as a company officeholder
• dealing with companies, and
• obtaining an Australian financial services licence or Australian credit licence.

Alternatively, you can also call ASIC on 1300 300 630 or ask a question online at www.asic.gov.au/question.

For information about establishing and operating a financial services business in Australia, visit www.austrade.gov.au/Gateway/.

You can also visit the MoneySmart website, www.moneysmart.gov.au for free, independent guidance so you can make the best choices for your money.