Summary
- An ASIC company extract contains current and historical information about a company, including details of officeholders, shareholders, and company structure.
- Companies must notify ASIC of certain changes, such as a change of directors or shareholders, within 28 days.
Obtaining an ASIC extract is particularly useful when transferring shares, appointing directors, or changing a company’s share structure. - This article is a plain-English guide to ASIC company extracts for Australian business owners operating under Australian corporate law.
- The content has been produced by LegalVision, a commercial law firm that specialises in advising clients on corporate governance and company compliance matters.
Tips for Businesses
Before making structural changes to your company, obtain a current ASIC company extract to verify officeholder and shareholder details. You can purchase one via the ASIC Connect website for $9. Ensure your company’s ASIC records are kept up to date, as inaccurate information may affect the validity of corporate transactions.
An Australian Securities and Investments Commission (ASIC) company extract is a document containing all of the current and historical information about a company. It includes details of the organisation and its officeholders, shareholding information and other basic information that the company provides to ASIC. Companies must notify ASIC of particular changes within a specific timeframe to ensure such information is up-to-date. For example, a company must notify ASIC of a change of shareholders or directors within 28 days of that decision being made. If a company does not accurately report changes in the company to ASIC, the extract may not be up to date. This article explains how you can obtain an ASIC company extract.
What Information Does an ASIC Extract Contain?
A current company extract includes the following details about the company:
- company name;
- Australian Company Number (ACN);
- date of registration as a company;
- current organisation details (including ABN, annual review date, status, and type of company);
- address details (including registered office address and principal place of business);
- officeholders (personal details of each director and secretary including name, address, birth date, date of appointment, and their role);
- any external administrators;
- appointed auditors;
- ultimate holding company;
- share information (which includes a breakdown of the share structure, the classes of shares, the number issued to each shareholder and the amount paid/unpaid);
- members details (including each shareholder’s name, address, and shares held); and
- any other documents and reports that are relevant to the Company.
If you request a current and historical company extract, it will include the above information and historical information. You can see an example of a current and historical extract on ASIC’s website.
Why Should I Obtain an ASIC Extract?
An ASIC company extract can be incredibly useful in providing an overview of a company structure and the people who make up its key officeholders and personnel. ASIC company extracts are particularly helpful for companies who intend on:
- transferring shares within the company;
- appointing or removing a director of the company;
- issuing new shares in the company; or
- changing the share structure.
When you carry out one of the above projects, it is important that you have accurate information about the company. An ASIC extract sets out all of the information you (or your lawyer) will need before commencing the process.
How Can I Obtain an ASIC Extract?
To obtain a company extract, you will need to:
- visit the ASIC Connect website;
- select “Organisation and Business Names” from the dropdown menu;
- search for the company you wish to obtain an extract for;
- select the company and review the company summary
- under the ‘Information for Purchase’ heading, select the desired company extract; and
- add it to your cart to purchase it.
After payment, ASIC will email you a PDF version of the ASIC extract.
You can buy a current company extract online for $9 (at the time of publishing this article). A current and historical company extract can be purchased online for $19. In most cases, a current company extract is sufficient to understand the basic details of the company.
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Key Takeaways
An ASIC company extract contains critical historical and current information about a company. Understanding such information is useful when carrying out corporate governance projects concerning a company. You can obtain an ASIC company extract via the ASIC Connect website. Once ASIC emails you the extract, you can examine it and confirm any relevant details.
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Frequently Asked Questions
An ASIC company extract is an official document containing current and historical information about a company, including its officeholders, shareholding details, and registration information.
A current company extract costs $9, whilst a current and historical extract costs $19. Both are available for purchase through the ASIC Connect website.
Once you have completed your purchase through ASIC Connect, ASIC will email you a PDF version of the extract promptly after payment.
Companies must notify ASIC of changes, such as new directors or shareholders, within 28 days. However, if a company fails to report changes accurately, the extract may not reflect the most up-to-date information.
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