Tip of the day for directors and secretaries registering a new company
Directors, Secretaries….when registering a new company make sure you use your official legal name on the ASIC registration application. Write it exactly as it’s shown on your ID documents. Whilst ASIC does not verify your legal identify for new registrations, we encourage you to be diligent in ensuring you use your exact legal name.
If you engage a professional services firm to set up your company, make sure you advise them your full legal name and they reflect it correctly. If you don’t, you are creating a world of ambiguity, confusion and inconsistency for yourself that will eventually come home to roost.
It is astounding that in this day and age of ID verification processes and screening, ASIC does not verify the identity of proposed officeholders. Theoretically, you can register a company with an alias name, omit your middle name, use your shorter preferred name or accidently misspell it. ASIC does not require you to produce identification documents nor will anyone check you are who you say you are.
However, you won’t get very far with your new company the moment you need a bank account, TFN, ABN or other regulatory licences given these authorities do verify your identity. If your name recorded by ASIC as a director of the new company is a mismatch, you'll run into all sorts of complications.
Furthermore, make sure you also use the exact full legal name and personal details for all subsequent incorporations. Otherwise, you'll end up with multiple identities recorded on ASIC’s database.
If this resonates with you. If you or a client has their name or personal details inaccurately or inconsistently recorded by ASIC, CorpSec Services can rectify this.
Contact CorpSec Services at email@example.com for further information.