Directors are now required to verify their identity as part of a new director identification number requirement.
Director Identification Numbers (DIN) are a 15-digit unique identifier that a director applies for and keeps forever, even if they change companies, stop being a director, change their name, or move interstate or overseas. Applications must be made by the directors themselves as they will need to verify their own identity with the Australian Business Registry Services.
The requirement applies to all directors of companies, registered Australian bodies, registered foreign companies or Aboriginal and Torres Strait Islander corporations.
WHEN YOU NEED TO APPLY
When you must apply for your director ID depends on the date you become a director:
- If you became a director on or before 31 October 2021 you must apply by 30 November 2022;
- if you become a director between 1 November 2021 and 4 April 2022 you must apply within 28 days of appointment; and
- if you become a director from 5 April 2022 you must apply before appointment.
For Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act) directors:
- If you become a director on or before 31 October 2022 you must apply by 30 November 2023; and
- If you become a director from 1 November 2022 you must apply before appointment.
The fastest method to apply is online through the Australian Business Registry Services website, however you can also apply by phone or paper application to the Australian Business Registry Services.
Directors are required to provide:
· Tax file number;
· Residential address as held by the ATO; and
· Information from two documents to verify your identity.
ASIC is responsible for enforcing director ID offences set out in the Corporations Act 2001. Four new offences are:
1. Failure to have a director ID when required to do so.
2. Failure to apply for a director ID when directed by the Registrar.
3. Applying for multiple director IDs.
4. Misrepresenting director ID.
It is a criminal offence if you do not apply on time.
Riordan & Riordan can assist in navigating the new DIN regime.