New ID requirement for directors

From 1 November 2021 company directors need to verify their identity as part of a new director identification number (director ID) requirement. A director ID is a unique identifier that a director will apply for once and keep forever - which will help prevent the use of false or fraudulent director identities. All directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation will need a director ID.

Directors will need to go through the ABRS web page and also have a MyGovID presence (different to MyGov) to register the DIN in the most efficient manner.

Unfortunately this is not something we, as ASIC Agent, nor you, as Accountants/Lawyers can assist your clients with, nor apply on their behalf, as each director needs to verify their own identity as part of the application process.

Once the DIN is received by the director it will need to be quoted in the future for new company registrations and for new director appointments. We have already created a secure field for its safe storage.

In summary - 1 November 2021

*     Company directors need to verify their identity as part of a new director identification number (director ID) requirement
*     A director ID is a unique identifier that a director will apply for once and keep forever.
*     When you must apply depends on when you were appointed as a director.

Corporations Act directors

When you must apply depends on when you were appointed as a director:

*     Existing directors have until 30 November 2022 to apply.
*     Directors appointed between 1 November 2021 and 4 April 2022 must apply within 28 days of their appointment.
*     From 5 April 2022, intending directors must apply before being appointed.

The new Australian Business Registry Services (ABRS) is responsible for administering the director ID initiative.

ASIC is responsible for enforcing director ID offences set out in the Corporations Act 2001. It is a criminal offence if you do not apply on time.

Click here to apply for your director ID.

Visit the ABRS website for more information about director ID.