Registered agents are usually members of specific Industry Associations that recognise the qualifications of these individuals and firms. Often, they will be a Tax Agent or Solicitor.
ASIC Registered Agents act as intermediaries between officeholders of Australian companies and ASIC to help companies meet their lodgement obligations more efficiently. As the officeholders of an Australian company are ultimately responsible for the companies compliancy the benefits of using a Registered Agent is that as they handle a large volume of companies regularly they are more familiar with the requirements companies need to meet under the Corporations Act 2001 (the Act).
Registered Agents enable the companies they represent to meet compliance requirements by:
- downloading company annual statements from their EDGE or Online Mailbox with ASIC and ensuring officeholders are alerted as soon as possible after receipt of same to review the details and reminding when fees are due to avoid late payment penalties.
- meet ASIC requirements and reporting time frames with preparation of ASIC forms and supporting documentation for company transactions.
- Lodgement of most ASIC forms online from their EDGE or Online Mailbox with ASIC.
Online lodgements of transactions performed by ASIC Registered Agents reduce late lodgement penalties, fraudulent activity (by having an online authentication process) and also offer an increased convenience for those who wish to lodge documents for immediate company updates when company details are required for other purposes.
Finally, ASIC Registered Agents will usually offer their service to act as Registered Office of a company when representing as a Registered Agent. ASIC’s requirement to be a nominated Registered Office is that the address if not occupied by the company must have written consent to use the premises as its Registered Office. It must also be open between the nominated hours Monday to Friday stipulated with ASIC. The Registered Office must also retain up to date company register records and receive correspondence for and on behalf of the company represented and forward same onto the company officeholders when and as received.