4 things an ASIC extract can tell you

There are many different things an ASIC extract can tell you about a company.

1. The organisation details

An ASIC extract, either current or current & historical will always have the document number – the unique identifying number that is allocated to each document received by ASIC as well as the Australian Business Number (ABN). The ABN is a unique identifier issued by the Australian Business Register which is operated by the Australian Taxation Office.

Amongst other things, the company status is also shown on the extract which enables you to identify if an organisation or business name is currently registered.

2. The address details

The extract will have a registered office address – an address that Australian companies, registered foreign companies and registered Australian bodies must provide for the receipt of communications and notices. Additionally, the principal place of business is shown – the principal place of business address is the place where the organisation or business name carries out business, performs an activity or delivers a service and any historical address details.

3. The officeholders’ details

One of the most important things to look at on an ASIC company extract is the directors. A director is someone who guides and controls a company. There may be one or many directors, depending on the type of company being searched. The extract will also show any previous directors.

As well as the directors, the secretaries of the company will also be listed on the extract. A secretary is a person employed by an organisation to keep records, write letters, and do other office work. Appointment of a secretary is optional. In the event no secretary is appointed, the director(s) assume the responsibilities under the law. If there are previously registered people who were secretaries, these would be shown below this section in the same manner as for Previous Directors section.

4. The company share information

The share structure will be different depending on the type of company. A proprietary company must be limited by shares or be an unlimited company that has a share capital and have no more than 50 nonemployee members. The previous share structure will show all changes to the share structure throughout the life of the company.

Further to the share structure, the extract will show members who own shares in a company. The member is not liable for company debt. Their only financial obligation is to pay any amount unpaid on their shares if they are called to do so. Previous shareholders/members of the company are also shown.