ASIC & Corporate Governance Glossary

An 11-digit identifier issued by the Australian Business Register (ABR) to entities carrying on a business in Australia. Required for GST registration, invoicing, and dealings with government. The ABN incorporates the ACN for companies.

A unique nine-digit identifier assigned by ASIC to every company registered in Australia. The ACN must appear on all public documents issued by the company. It is used to identify and track the company on the ASIC register.

The regulatory framework requiring reporting entities to identify, mitigate, and manage money laundering and terrorism financing risks. In Australia, governed by the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and administered by AUSTRAC.

A yearly obligation for Australian companies to confirm their details with ASIC. Companies receive an annual review statement and have 28 days to verify or update their details and pay the annual review fee. Failure to do so can result in late fees and eventually deregistration.

A unique nine-digit identifier assigned by ASIC to foreign companies registered to carry on business in Australia under Part 5B.2 of the Corporations Act 2001.

The Australian Securities and Investments Commission — Australia's corporate, markets, financial services, and consumer credit regulator. ASIC maintains the national register of companies, managed investment schemes, and business names. All Australian companies must lodge forms, annual reviews, and notifications of changes with ASIC.

The Australian Transaction Reports and Analysis Centre — Australia's financial intelligence agency and AML/CTF regulator. AUSTRAC receives reports from reporting entities and analyses them to identify money laundering, terrorism financing, and other serious financial crimes.

A record of the natural persons who ultimately own or control a company. Australia is implementing mandatory beneficial ownership registers for companies registered with ASIC, aligning with international transparency standards set by FATF.

A formal decision made by the board of directors, documented in writing. Resolutions can be passed at a board meeting or as a circular resolution (signed by all directors without a meeting). Common resolutions include appointing officers, approving share transfers, and declaring dividends.

The process of collecting and verifying information about customers and beneficial owners to assess and manage risks. Enhanced CDD is required for higher-risk customers. In Australia, CDD obligations are set out in the AML/CTF Act and Rules.

An officer of a company responsible for ensuring the company complies with the Corporations Act 2001 and its constitution. Public companies must have at least one secretary; proprietary companies may have one but are not required to. The secretary maintains registers, lodges forms, and manages governance processes.

A company's governing document that sets out the rules for its internal management. It covers matters such as the issue and transfer of shares, appointment of directors, conduct of meetings, and distribution of profits. If a company does not adopt a constitution, the replaceable rules in the Corporations Act apply.

The system of rules, practices, and processes by which a company is directed and controlled. Good corporate governance ensures accountability, fairness, transparency, and responsibility in a company's relationship with its stakeholders. In Australia, governance standards are set by the ASX Corporate Governance Council and the Corporations Act.

A trust structure where the trustee has absolute discretion over how income and capital are distributed among beneficiaries. Commonly used in Australia for asset protection, tax planning, and intergenerational wealth transfer. The trust deed defines the class of beneficiaries.

An entity authorised by ASIC to lodge documents electronically on behalf of companies. DSP access enables direct API integration with ASIC's systems for automated form lodgement, eliminating manual PDF submission.

Experience, Expertise, Authoritativeness, and Trustworthiness — a framework used by Google to evaluate the quality of web content. For entity management software, demonstrating ASIC agent registration, industry expertise, and verifiable compliance credentials strengthens E-E-A-T signals.

Software that serves as the system of record for corporate entities — tracking registration details, officers, shareholders, compliance obligations, documents, and ownership structures. Modern entity management platforms like EntityFlo replace spreadsheets and shared drives with AI-verified, audit-ready governance infrastructure.

The ASIC application form to register a company in Australia. Includes details of proposed company name, type, registered office, directors, secretary, shareholders, share structure, and governing rules.

Application to voluntarily deregister an Australian company. A company can only be deregistered if all members agree, it is not carrying on business, its assets are worth less than $1,000, it has no outstanding fees or penalties, and it is not a party to any legal proceedings.

An ASIC form used to notify changes to company details including changes to officeholders (directors, secretaries), share structure, registered office address, principal place of business, and ultimate holding company. Must be lodged within 28 days of the change occurring to avoid late fees.

The process of verifying the identity of a customer or beneficial owner before establishing a business relationship. KYC requirements under Australian AML/CTF legislation include collecting identification documents, verifying identity against reliable sources, and ongoing customer due diligence.

The official record of all proceedings and resolutions of a company's board and shareholder meetings. Australian companies are required to maintain minutes of all meetings. A digital minute book replaces physical binders with searchable, version-controlled records.

The main location where a company carries on its business activities. This may differ from the registered office. Changes must be notified to ASIC within 28 days via Form 484.

The most common company type in Australia. A proprietary company is limited by shares, can have no more than 50 non-employee shareholders, and cannot raise funds from the public. It must have at least one director who ordinarily resides in Australia.

An Australian company that can have an unlimited number of shareholders and may raise funds from the public. Must have at least three directors (two of whom ordinarily reside in Australia) and at least one company secretary.

The official address of a company registered with ASIC. All formal correspondence from ASIC and legal service of documents is directed to this address. It must be a physical address (not a PO Box) and be open to the public during specified hours.

A self-managed superannuation fund regulated by the ATO with up to six members, all of whom must be trustees (or directors of the corporate trustee). SMSFs must comply with the Superannuation Industry (Supervision) Act 1993 (SIS Act) and lodge annual returns.

A resolution by the directors of a company declaring that the company is solvent — that it is able to pay its debts as and when they become due and payable. Required as part of the annual review process for proprietary companies under Section 347A of the Corporations Act 2001.

A legal entity created for a specific, narrow purpose — typically to isolate financial risk. SPVs are commonly used in property development, structured finance, and joint ventures. Each SPV is a separate company or trust with its own ASIC obligations.

The natural person(s) who ultimately owns or controls an entity, directly or indirectly. In Australia, a UBO is generally someone who holds 25% or more of the ownership interest or voting rights, or who exercises significant influence or control. UBO identification is required under AML/CTF legislation.

A trust structure where the beneficial interest is divided into defined units. Each unit holder has a fixed entitlement to income and capital in proportion to their unit holding. Commonly used for property investment and joint ventures in Australia.