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 the event. However, if a company does not accurately report changes to ASIC, the extract may not be accurate.
What Does an ASIC Extract Contain?
A current company extract includes the following details about the company:
- Company name;
- Current organisation details (including ABN, registration details, review date, status, type, and class);
- Address details (including registered office address and principal place of business);
- Officeholders (personal details of each officeholder 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 class, the number issued and the amount paid/unpaid);
- Members (including member name, address, and shares held); and
- Any other documents and reports as relevant
If you request a current and historical company extract, it will include the above information and historical information. You can see a sample of a such an extract here.
Why Should I Obtain an ASIC Extract?
It is essential to obtain an ASIC company extract when dealing with a company, including when:
- buying shares in a company or investing in a company; and
- dealing with a company (e.g. as a creditor, supplier, etc.).
In both of these scenarios, it is essential to understand the basic information about the company that you are dealing with. It is important to know the details of the company and its shares, in addition to its directors and members.
How Can I Obtain an ASIC Extract?
To obtain a company extract, you will need to visit the ASIC Connect website and search for the company you wish to obtain an extract for. Once on the company details page, you will see the company summary and more information. Under the ‘Information for Purchase’ heading, you can select the desired company extract, add it to your cart, and then purchase it. After payment, ASIC will email you a PDF version of the extract.
When purchased online, a current company extract is $9 (at time of publishing this article). A current and historical company extract acquired online is $19. In most cases, a current company extract is sufficient to understand the basic details of the company.
An ASIC company extract contains critical historical and current information about a company. Understanding such information is useful when interacting with a company. You can obtain an ASIC company extract via the ASIC Connect website. Once ASIC emails you the extract you can then examine it and confirm any relevant details. If you have any questions about ASIC company extracts or need assistance in obtaining one, get in touch with one of LegalVision’s business lawyers on 1300 544 755.
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