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If you need to notify the Australian Securities and Investments Commission (ASIC) of any changes to your company details, you will need to fill out ASIC form 484. While a paper form is available, you can also submit it through an online portal. ASIC Form 484 is now commonly known as ‘Changes to Company Details’. This article will explain the key information about form 484 and outline your requirements as a business owner.
Changes to Company Details
You must submit ASIC form 484 when you are:
- issuing or cancelling shares;
- appointing or removing a director or secretary; or
- changing the company’s address or other company details.
An online portal has replaced form 484. Therefore, you can make these changes in a relatively straightforward way. However, you must still correctly report the changes within ASIC’s guideline of 28 days. If you fail to do so, you might face some fines. These include having to pay:
- $76 if you are up to one month late; or
- $316 if you are over one month late.
While informing ASIC of company changes is one reporting obligation, ASIC does not check internal governance procedures. As such, the board or the shareholders of your company will need to make or ratify decisions. If you report a change to ASIC that has not been enacted properly within your company, you may face consequences that are as serious as failing to report a change that has occurred.
How to Submit a Form 484
Assuming that you have satisfied the correct internal procedure, you will need to follow the steps for reporting the change to ASIC. However, there are three things you require before you can start:
- a company’s corporate key: The corporate key is a unique eight-digit number that ASIC mailed to your registered office when the company was originally incorporated. The company’s annual statements will also contain this number. If you do not have your corporate key, you can request it from ASIC;
- registration for ASIC’s officeholder portal: If you have any difficulties following the steps on the portal, the first place to look is the ASIC guide; and
- your company’s ABN or ACN.
To log on, visit the ASIC website, click on Company Officeholder and click on the box to ‘Login to the officeholder portal’. Enter your company’s ACN or ABN and then click ‘Next’ and a popup box appears asking for your username and password (set out in step 2 above).
Once you access the portal, the menu on the left provides you with the options available for the various changes you may wish to make. It’s a good idea to print your forms before you submit them as they are only available online for a short period after you submit them (currently 90 days for most forms).Continue reading this article below the form
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Internal Governance Procedures
Many of the changes that can be made through ASIC’s online portal will often require an internal review of the:
- company’s constitution;
- shareholders agreement (if applicable); and
- Corporations Act 2001 (Cth).
Your company may need to pass a board or shareholders’ resolution (either by a majority resolution or special resolution). Your company should refer to its constitution for the correct procedure for undertaking this process. Various changes require different procedures.
Who Can Make Changes on Behalf of the Company?
Any officeholder of the company who has access to the company’s corporate key (the eight digit number) and has registered on the ASIC portal can make changes. As such, it is wise to make sure that you keep your corporate key secret. The only people you may wish to share your corporate key with are your advisers (for example, your lawyers or accountants) so that they can make changes on your behalf.
For some ASIC forms, you will need to authorise your adviser specifically as your company’s agent. This way, they can submit forms or make changes to your corporate records with ASIC.
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To update information about your company with ASIC, you will need to use form 484. You can either fill out the physical form or utilise the online portal. Here, you will need your company’s corporate key. If you fail to update ASIC or update the information incorrectly, you may face fines. You must also correctly follow your company’s internal legal process for updating the information. If you have any questions about changing your company details, contact LegalVision’s business lawyers on 1300 544 755 or fill out the form on this page.
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