ASIC Compliance can strike fear in the heart of many business owners. Company documents, annual company statements, declarations, forms, regulations, and general company housekeeping…….all of this can be mind-boggling to business owners. It can all feel overwhelming and will often be the last thing a business owner wants to deal with. However, failure to ensure your business is compliant has serious repercussions. The penalty for late lodgement begins at $80, with failure to lodge documents with the Commission upwards of $1,000 or even three months imprisonment. So…..do I have your attention now?
Exactly who/what is ASIC? ASIC is Australia’s integrated corporate, markets, financial services, and consumer credit regulator. They are an independent Commonwealth Government body responsible for administering the Australian Securities and Investments Commission Act 2001 (ASIC Act) and carry out most of their work under the Corporations Act 2001 (Corporations Act).
Outsourcing of corporate registry maintenance is an important business decision as it directly impacts on the service you provide to your end clients and the allocation of resources within your business. In this blog, I am going to go through 5 reasons why working with an ASIC Agent can save you time, money and stress.
- Reduced fraudulent activity and lodgement penalties
Online lodgements of transactions performed by ASIC Registered Agents reduce late lodgement penalties, fraudulent activity (by having an online authentication process).
2. More familiar with the requirements companies need to meet
As an officeholder of an Australian company, you are ultimately responsible for the company’s compliance. The benefits of using a Registered Agent is that they handle a large volume of companies regularly and are more familiar with the requirements companies need to meet under the Corporations Act 2001 (the Act).
3. Increased convenience
ASIC Agents can offer increased convenience for those who wish to lodge documents for immediate company updates when company details are required for other purposes.
4. Registered Company Office
They can act as the Registered Office of your company. They will maintain up to date company registration records. They will receive correspondence for and on behalf of your company, forwarding onto the officeholders when and as received.
5. You can focus on your organisation’s core activities
By using an ASIC Agent, you can focus on your business and let them take care of all the compliance for you. Imagine your valuable time trying to meet all your ASIC compliance or using that time to improve profitability for your business.
I bet you’re now asking what an ASIC Agent is…….well let me tell you. An ASIC agent is a registered person or company that is authorised to lodge company-related documents with ASIC on behalf of a third party, your company! The agent acts as an intermediary and usually helps a company meet its lodgement obligations. In other words, your business angel!
So having an ASIC agent sounds great…right? Now you want to know where you can find an ASIC Agent. Safety In Numbers is an ASIC Agent. You can find out more in about our services here….. Services