The Director ID has been talked about by politicians and regulators for a long time. It has now officially been introduced. But what is it?
What is a Director ID?
A Director ID is a 15 digit unique number that a company director will be assigned for life, even as they move between companies, roles or countries.
Why are they being introduced?
Director IDs will assist with the identification of directors as each ID is unique. However, the main intention of the Director ID is to prevent illegal activities such as “phoenixing” by making it easier for government regulators to trace a director’s relationship with companies over time.
When does this apply?
The date to apply for a new Director ID depends on the date of the director’s appointment.
- If you are currently a director or will be acting as a director in the future, you must apply for the Director ID by 30 November 2022.
- If appointed as a director between 1 November 2021 and 4 April 2022, you must apply within 28 days of that appointment.
- If you are appointed as a director from 5 April 2022, you must apply prior to appointment.
What do I need to do by those dates?
- To apply you need to download the myGovID app and set up an account. This can be done via the Australian Business Registry Service website here. (Please note that this is separate to your myGov account).
- Once you have set up a myGovID account, the application should take less than five minutes.
- Your Director ID will then be issued immediately.
If you have more questions about Director IDs, please contact our team on 9523 5535.
Disclaimer: The information contained in this article is provided as general information only. It is not intended to be legal advice and it should not be used or relied on as legal or professional advice.