How much time, cost or administrative effort are you spending to keep on top of your ASIC corporate registry obligations? If you would prefer to focus on your organisation’s core work, it may be time to outsource your corporate registry maintenance to CoSec Partners.
ASIC and the law: what are your obligations?
ASIC requires every Australian company to maintain accurate and up-to-date statutory records relating to directors, shareholders and other corporate details. Companies must also review the annual company statement issued by ASIC to ensure the register matches current officeholder and shareholder information.
ASIC late fees and penalties
The Corporations Act requires most company changes to be lodged with ASIC within 28 days. ASIC applies strict lodgement deadlines and imposes significant penalties for late lodgement. Fees begin at $80 and can exceed $1,000 for continued non-compliance.
Outsourcing your ASIC compliance to CoSec Partners greatly reduces the risk of late lodgements and penalties, saving you time and helping you remain compliant.
How CoSec Partners can help
When you appoint CoSec Partners as your outsourced corporate secretarial provider, we act as the ASIC Registered Agent for your companies. There are no setup fees and no additional costs to become your agent.
As your ASIC agent, we:
- receive all ASIC correspondence, including annual reviews and fee notices
- forward ASIC invoices and alert you to any fees or late penalties
- provide complimentary ASIC searches and debt reports
- prepare annual review documentation and directors' solvency resolutions
- use ASIC EDGE-approved software, meaning you no longer need to manage Corporate Keys
- lodge ASIC forms on your behalf with proof of lodgement provided
We can also prepare and lodge all required ASIC forms, including:
- change of company addresses
- appointment and cessation of directors and secretaries
- adding or removing the ultimate holding company
- changes to share structure
- changes to officeholder details
- shareholder changes
- company resolutions, including name changes
Full benefits of outsourcing
Outsourcing your corporate registry work delivers significant advantages, including:
- the ability to focus on your organisation’s core activities
- access to expert support at cost-effective rates
- improved profitability through better allocation of staff resources
- continuity of compliance during staff turnover or leave
- high accuracy and reduced risk of ASIC errors or penalties
What are the costs involved?
CoSec Partners charges $330 per annum per company plus GST for complete corporate registry maintenance. This provides an efficient and cost-effective alternative to managing ASIC requirements in-house.
For accounting firms managing multiple client entities, we offer volume discounts, with pricing from as low as $99 per annum per company. Contact us for more information.
A client case study
One of our accounting partners recently forwarded a list of corporate changes relating to a client company. These included:
- appointment of a new director and secretary
- resignation of an existing secretary
- change of address for a director who is also a shareholder
- transfer of shares between officeholders
If handled in-house, the firm would have needed to lodge multiple ASIC forms, draft resolutions and prepare minutes, taking more than three hours. Instead, they simply forwarded the instructions to CoSec Partners. We prepared and lodged everything the same day and returned the updated documentation ready for signing. Both the accountant and their end client were satisfied with the speed and accuracy.
Phone 1300 226 226 to discuss how we can assist.
This article is for general information only and does not constitute legal advice. For specific guidance, please contact the team at contact@cosecpartners.com.au.