What is ASIC Company Renewal - Everything to Know [Guide]

Got questions about what is ASIC Company Renewal and what is ASIC business name renewal? 

You’re not alone. Figuring out Australian corporate compliance can feel daunting at first, so let’s cut to the chase – this guide explains the ins and outs of annual reviews and business name renewals in clear terms. 

Skip the legalese and learn exactly how to keep your venture on track, sidestep penalties, and safeguard your brand.

What Is ASIC and Its Role

ASIC is the regulatory body responsible for:

• Registering companies and business names,

• Ensuring compliance with corporate and financial laws,

• Enforcing regulations to maintain market integrity, and

• Protecting consumers in financial markets.

For business owners, ASIC is most visible when it comes to registering (or renewing) company and business name information. 

Staying in ASIC’s good books is critical to remain legally compliant and to maintain the credibility of your venture.

What Is ASIC Company Renewal?

Annual Company Review

An ASIC company renewal typically refers to the annual review process of a registered company in Australia. 

Each year, on the anniversary of your company’s registration, ASIC will:

• Generate an annual statement that outlines your company details (e.g., company name, ACN, registered address, officeholders, share structure).

• Issue an invoice for the annual review fee.

You have two months from the annual review date to check the accuracy of your company details, make any necessary updates, and pay the annual review fee. 

Directors also need to pass a solvency resolution, confirming that the company can pay its debts as and when they become due.

Business Name Renewal vs. Company Renewal

If you’re not operating as a company but instead hold a business name (e.g., as a sole trader or partnership), you must still register that business name with ASIC. 

Business name registrations expire after either one year or three years, depending on the term you choose. 

ASIC will send you a renewal notice well before the expiry date, prompting you to pay the prescribed fee to maintain your business name registration.

❗ Key Point: Don’t confuse annual company reviews (for Pty Ltd or other company structures) with business name renewals. They are distinct processes, though both are managed by ASIC.

Why Is Renewal Mandatory?

Compliance with ASIC company renewal and ASIC company name renewal obligations is not optional. 

The major reasons to renew on time include:

1. Legal Requirement: ASIC operates under the Corporations Act 2001 and the Business Names Registration Act 2011. These acts mandate timely renewals.

2. Avoiding Late Fees or Deregistration: Missed deadlines can lead to late payment penalties, and chronic non-compliance may result in deregistration of the company or cancellation of the business name.

3. Protecting Your Brand: If you fail to renew a business name, it may become available to someone else, leading to confusion in the marketplace and a potential loss of brand equity.

4. Maintaining Credibility: Being in good standing with ASIC assures customers, creditors, and potential investors that you meet legal and financial obligations.

Key Steps in Renewing Your ASIC Company Registration

If you run an Australian company (e.g., a proprietary limited or public company), you’ll follow these general steps each year:

• Receive Your Annual Statement: Near the anniversary of your registration, ASIC sends out the annual statement package, often via email.

• Review and Update Details: Confirm that your registered office, principal place of business, share structure, and officeholders are correct. If anything has changed (such as a director resignation), lodge the appropriate form (e.g., previously Form 484, now Changes to company details).

• Pay the Annual Review Fee: This must be done within two months of your annual review date. Fees vary by company type and change periodically.

• Pass a Solvency Resolution: Directors are required to pass a solvency resolution within two months of the review date to confirm the company can pay its debts as they become due. Keep this resolution with your internal records; you typically don’t need to lodge it with ASIC (unless the company is insolvent).

• Retain Your Documents: Once you’ve completed all requirements, store the updated annual statement and solvency resolution in your company records.

How To Renew Your Business Name

For ASIC company name renewal (i.e., you’re simply registering a business name, not a company), the process differs from the annual company review. 

The key points include:

• You’ll receive a business name renewal notice at least 30 days before your renewal is due.

• You can renew for one year or three years.

• You can choose to handle everything yourself, directly through ASIC, or you can engage a private service provider (like an accountant or solicitor) who can handle the renewal on your behalf for an additional fee.

Below, we’ll detail two primary methods for renewing your business name: ‘Pay now’ and ASIC Connect.

How to Renew Using ‘Pay Now’

ASIC has introduced the ‘Pay now’ feature to streamline the renewal process.

If you want to renew quickly and have your credit card (Visa or MasterCard) ready, this is likely the simplest route. Here’s how it works:

1. Locate the ‘Pay now’ Link: On the ASIC website, navigate to the business name renewal page and select the ‘Pay now – business name renewal’ link. This takes you to ASIC’s secure online payment portal.

2. Enter Your Account Number or ABN: You’ll need the account number from your renewal notice. (You can also use your ABN if it’s properly registered against your business name on the Australian Business Register.)

3. Select the Business Name: You’ll see a list of results tied to the account number or ABN you’ve entered. Choose the business name you wish to renew.

4. Select Your Renewal Period: Decide whether you want to renew for one year or three years. Renewing for three years often costs less overall and cuts down on future administrative tasks.

5. Review Your Transaction and Declarations: Confirm that all details are correct. You’ll also be asked to declare that you’re authorised to renew this business name.

6. Make Payment: Pay your renewal fee using a credit card. Alternatively, you can request an invoice to pay later via BPAY or Australia Post.

7. Confirmation: Once the payment is processed, ASIC will update the Business Name Register with your new expiry date. You’ll also receive a confirmation message or email from ASIC.

What if I Don’t Renew on Time?

If you miss your renewal date, ASIC may cancel your business name. While there is sometimes a short window where you can reactivate it by paying additional fees, it’s best to renew promptly to avoid the risk of losing your name altogether.

How to Renew Using ASIC Connect

ASIC Connect is an online system that allows business owners to manage various aspects of their registrations, from updating contact details to lodging forms. 

If you also need to make changes to your business name information (e.g., change the principal place of business), ASIC Connect is your best bet. 

Here’s the step-by-step:

1. Log In to ASIC Connect: Go to the ASIC website, find the ASIC Connect portal, and log in. If it’s your first time, you’ll be guided to create an account and link your existing business name to that account.

2. Select the ‘Lodgements & Notifications’ Tab: Once you’re in, look for the ‘Lodgements & Notifications’ tab. You’ll see a list of all business names linked to your account.

3. Initiate the Renewal: Locate your business name, select ‘Renew business name’ in the transaction column, and then click ‘Go’ to start the renewal process.

4. Choose Your Renewal Period: As with ‘Pay now,’ you can opt for one year or three years.

5. Review and Update Details: Here’s your opportunity to update any information that needs changing. Make sure your address for service of documents, email, and principal place of business are all current.

5. Make Declarations: Read through the terms and conditions, and declare that you are authorised to renew on behalf of the business name holder.

6. Make Payment: Pay the renewal fee online (credit card, BPAY, or Australia Post). You can generate an invoice if you prefer to pay later via BPAY or in person at Australia Post.

7. Confirmation: ASIC will display a confirmation message and email once your payment is processed. The Business Name Register is then updated with the new renewal date.

Fees and Payment Options

Fee Schedules

ASIC fees for both company and business name renewals are subject to annual adjustments (typically every July 1). 

Below are ballpark figures for the 2024–25 period (always check the ASIC website for the latest):

• Annual Review Fee for Proprietary Companies: Approximately AUD 321 for a standard proprietary company, or around AUD 65 for a special purpose company (e.g., a charity).

• Business Name Renewal (1 Year): Around AUD 44.

• Business Name Renewal (3 Years): Around AUD 102.

Payment Methods

ASIC allows multiple payment options, such as:

• Credit Card (Online): The fastest method via ASIC Connect or ‘Pay now.’

• BPAY: If you have an Australian bank account with BPAY.

• Australia Post: If you receive an invoice, you can pay in person at a participating Australia Post office.

• Direct Debit (in some cases): Companies may set this up to streamline recurring payments.

Deadlines, Late Fees, and Potential Penalties

• Annual Review Deadline (for Companies): You have two months from the annual review date to pay your fee and ensure all details are correct. Late fees apply if you pay after the due date – these fees escalate if payment is more than a month late.

• Business Name Expiry Date: Shown on your renewal notice. If not renewed by this date, ASIC may cancel your business name.

• Deregistration: Repeated failure to meet annual company review obligations can lead to deregistration. Once deregistered, the company ceases to exist as a legal entity.

• Cancellation of Business Name: If your business name is canceled, it may become available for someone else to register after a short waiting period.

Best Practices for Seamless Renewals

• Use ASIC Connect: Create an account to manage your business name, update details, and pay fees online.

• Enable Digital Notifications: Ensure ASIC has your correct email address. This helps you get renewal alerts in a timely manner.

• Keep Corporate Records in Order: Maintain up-to-date records of directors, shareholders, and addresses to simplify annual reviews.

• Set Multiple Reminders: Use both digital calendars and personal diaries so you never miss a renewal deadline.

• Consider a Registered Agent: If you find compliance tasks overwhelming, a professional service like ANNA can manage renewals and keep you on track.

• Plan Financially: Budget for renewal fees well in advance. This is particularly important if you run multiple businesses or have several registrations.

• Read ASIC Updates: Fee schedules and regulations can change, so check the ASIC website periodically.

What Can ANNA Do for You?

ANNA is more than just a registration service. It’s a one-stop platform designed to help you start, run, and grow your Australian business with ease. 

If you’re looking for a hassle-free way to register a company, secure all the necessary business credentials, and manage your finances in one place, ANNA has you covered. 

Below are just some of the ways ANNA streamlines the entire process:

1. Free Company Registration

When you sign up for ANNA One, you can register a new Australian company at no extra cost – ANNA covers the ASIC fee on your behalf. 

Once you choose a unique company name and confirm the details of your director and shareholder(s), ANNA handles the paperwork behind the scenes, issuing you an Australian Company Number (ACN) and lodging all relevant documents with ASIC. 

You also have the option to register your Australian Business Number (ABN) and business name in a seamless, combined process.

2. Immediate Access to Key Business Registrations

Beyond the basic company setup, ANNA offers a quick path to other essential registrations:

• ABN Registration: Every active business in Australia needs an ABN. ANNA simplifies the application, so you don’t have to navigate government portals on your own.

• GST and Tax Filings: If you plan to register for GST or need help lodging your annual tax returns, ANNA integrates these services directly into your account.

By bundling these registrations, ANNA frees you from juggling multiple government websites or dealing with endless forms.

3. All-in-One Business Banking and Tax Management

What sets ANNA apart is its combined banking and accounting functionality. 

You can open a business account, track expenses, issue invoices, and manage receipts in the same platform.

For instance, ANNA automatically matches each receipt to the correct transaction and calculates GST on your behalf. This centralised approach ensures that:

• Invoicing: You can send professional-looking invoices in seconds, and ANNA automatically chases unpaid invoices so you get paid faster.

• Tax and Bookkeeping: Thanks to real-time expense categorisation, ANNA can give you a clear snapshot of what you owe in taxes. It even files your business activity statement (BAS) when you’re ready.

• Expense Tracking: No more hunting through drawers for receipts – just snap a picture, and the platform takes care of the rest.

Sign up today and instead of wrestling with multiple portals or chasing down separate tax services, devote your energy to refining your product, growing your customer base, and steering your new company toward success.