As of April 5 2022 ASIC requires all intending directors to apply for a director’s ID prior to their appointment. This step marks the end of the transitional period for the rollout of this new requirement, intended to increase corporate transparency and fairness.
To learn more about what director ID’s are and your obligations read our article here.
All intending directors or alternate-directors bear the onus of applying for a director ID through the Australian Business Registry Services. Failure to obtain a director ID leaves persons open to a $13,200 criminal penalty or a court may impose a civil penalty of up to $1,100,000.
If you are stepping into the position of director for a company after April 5 2022 ensure you have successfully applied for a director ID.
If you have any questions or concerns do not hesitate to contact the Harris Freidman office to help walk you through the process and further discuss your legal obligations.