Our practical tips for director changes, ASIC records and our bonus templates for your startup's use.
A director resigns, you need to add a new director either on an ongoing basis or for a specific time period, either way, you will need to record the change internally and you will need to let ASIC know. Here are our tips.
Too busy to read on? check out our 35 second summary video below.
Here’s what you need to know to make the changes.
You can change directors, appoint additional or alternate directors through ASIC's online portal.
You need to notify ASIC within 28 days of the date of the change so you can avoid penalty from ASIC.
You need consent from the prospective director. You can get formal consent using the complimentary template at the end of this article.
You need to keep a register of your current office holders for internal record keeping and also in case ASIC inspects your records. You can use the template at the end of this article.
A director must be at least 18 years old and your company must have at least one director that lives in Australia.
Below are some screenshots of the steps to make the changes. You will need your unique online portal access code, contact ASIC if you don’t have this. You can learn more about portal access here.
To record director changes with ASIC, you will need to access the online portal on the right hand side of the ASIC's homepage.
Next, you need to enter your Australian Company Number aka ACN.
Click 'start new form' on the right hand side of the screen.
You will find a list of all the forms that you can complete via the online portal.
To make director changes, click on form 484.
Do you need help from an Australian business lawyer for startups? Contact us today for help on email@example.com or 1300 478 278 Australia wide or on +61 2 9151 7233 from overseas. We are always glad to help.