
Equity crowdfunding explained
In this article, we look at how startups can raise capital through Equity crowdfunding
26 October 2021
From November 2021, directors will need to verify their identity with the newly established Australian Business Registry Services (ABRS) as part of a new requirement to obtain a unique director identification number (director ID).
This requirement will apply to directors of companies, registered foreign companies, registered Australian bodies and Aboriginal and Torres Strait Islander corporations.
The deadline to apply for a director ID will depend on the date you become a director.
The deadline to apply for a director ID differ for directors of Aboriginal and Torres Strait Islander corporations.
If you are planning on becoming a director, you can apply for a director ID in advance.
A director ID is a unique 15-digit identifier given to a director (or someone who intends to become a director) who has verified their identity with the ABRS.
A director ID:
A director will only ever have one director ID. You will keep it forever even if you:
You will need a director ID if you are a director of:
You will not need a director ID if you are:
Australian resident directors will be able to apply for a director ID online by:
Australian resident directors will also be able to apply for a director ID via phone.
Foreign directors located outside of Australia and unable to apply for a my GovID account will need to apply for a director ID by submitting a paper form together with certified copies of one primary document and one secondary document from the below lists. The paper form will be available through the ABRS website from 1 November 2021.
Director IDs will not be publicly searchable, and the ABRS cannot disclose a director ID without the director’s consent. Director IDs, however, will not be governed by the same laws that apply to a tax file numbers. You should, therefore, keep your director ID private.
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