Are you a Company Director? Or do you intend to become a Company Director? You MUST now have a director company identification number.
The director identification number
From 1 November 2021 all directors are required to have their own director ID. If you are an existing director, you must apply for your director ID by 30 November 2022. If you are a new director, you must apply for your director ID within 28 days of your appointment as a director.
There are heavy penalties for failing to have a director ID.
What is it?
A director identification number (director ID) is a unique identifier you will keep forever. Its purpose is to help to prevent the use of false or fraudulent director identities.
The director ID is the director’s 15-digit identifier. Directors will only ever have one director ID. They’ll keep it forever even if they change companies, stop being a director, change their name, move interstate or overseas.
Verification of identity
All directors are required by law to verify their identity with the authority before receiving a director ID. This will help to prevent the use of false or fraudulent director identities, make it easier for external administrators and regulators to trace directors’ relationships with companies over time, and identify and eliminate director involvement in unlawful activity, such as illegal phoenix activity.
How do I apply?
To apply for the director ID you should make the application online using the myGovID app (you will probably be familiar with this app from the COVID-19 Certificate requirements). You should go to the Australian Business Registry Services website and follow the prompts.
For any more information, contact Peter Capuano.
Author: Frank Lynch