Earlier this year ASIC introduced the requirement for all company directors to hold a director identification number (director ID). From next month directors will need to verify their identity as part of the new requirements.
What is a director ID number?
A director ID is a unique identifier given to a director who has verified their identity with the Australian Business Registry Services (ABRS).
Do I need one?
If you are a director of an Australian corporation you will need a director ID. A ‘director’ includes an alternate director who is acting in that capacity.
When do I need to apply?
This will depend on when you become a director. The transitional arrangements for existing and new directors are set out below.
|DATE YOU BECAME A DIRECTOR||DATE YOU MUST APPLY|
|On or before 31 October 2021||By 30 November 2022|
|Between 1 November 2021 and 4 April 2022||Within 28 days of appointment|
|From 5 April 2022||Before appointment|
How do I apply for a director ID?
You will need to set up a myGovID account which you will use to verify your identify at https://www.mygovid.gov.au/set-up. (Please note it is imperative you set up myGovID properly first)
This will save you time when you go to verify your identification via ABRS.
As one client said “once myGovID was set up it only took 5 minutes”
Once you’ve verified your identity, you need to apply for a director ID via the ABRS website from November 2021.
Setting your myGovID, verifying your identity and applying for your director ID must be done by you. We are unable to do this on your behalf.
Do I need to let Indigo Financial know my director ID?
If we (Indigo Financial) are your ASIC agent, we will contact you to get your director ID and also ask that you provide us with the director ID of all directors of the company. We will store these to ensure we can support future director appointments.
We ask that you notify all directors of the new requirement and the need to apply for a director ID.Back to News Page