An ASIC company extract is a document containing all the relevant details about your company.
If you are about to deal with a company in any way, it’s highly recommended that you do your research so you can be in the best position to make any decisions. Company extracts are one of the key documents you will require when studying a company.
In this article, we’ll take a closer look at company extracts and how they can be used. We’ll discuss:
- What a company extract is
- What an ASIC extract includes
- In what scenario it is appropriate to view a company extract
- Accessing a company extract and any associated fees
- What happens when a company changes their details
What Is An ASIC Company Extract?
An ASIC company extract provides important information on a particular company.
You can obtain a current company extract which gives you the most recently updated details of the company or a historical extract. A historical extract gives some background on how the company used to look and operate, allowing you to form a better understanding of how it has performed.
The document can be useful in finding out more about a company and making decisions related to it. In fact, if you are doing your research on a company, there are multiple different kinds of ‘company extracts’ that can be accessed to gain more understanding about the company.
This includes, but is not limited to:
- Relationship and registration extracts
- Current managed investment scheme extracts
- Current Australian registered body extracts
The full list can be accessed here.
Some of these may not apply to your particular research, so if you have any questions, don’t hesitate to reach out to us!
For the purpose of this article, we’ll continue discussing ASIC company extracts. Read on to learn more.
Why Should I View A Company Extract?
As we mentioned, company extracts provide a good amount of detailed information on individual companies. If you are thinking of engaging with a company in any way, then it’s important to do your due diligence and get to know everything you can about it.
This way, you can avoid any potential issues by being aware of relevant details.
Maria is an investor and has recently been looking to grow her investment portfolio further.
Richard is exiting a company as a shareholder and offers to sell his shares to Maria. Intrigued, Maria tells Richard she will consider it and begins doing her research on that company.
A part of Maria’s research includes looking up the current and historical company extract to gain a better understanding of the company before placing her funds with it. This way, she can make an informed decision before her investment.
How Do I Access An ASIC Company Extract?
The company extract can be accessed online through ASIC Connect. On the website, you can look up the company you are interested in learning about.
Once you have selected the right company, the website allows you to access and purchase information. Follow the relevant prompts to access the company extract.
Do I Need To Pay Any Fees?
Yes, once you have found the company extract you would like to access, you are required to purchase it. This can be done online and you can opt to have an electronic copy. Another option is to have the company extract mailed to you directly, however, this would come at a slightly higher cost.
Changing Company Details
A company is required to let ASIC know of any changes, usually within 28 days of the change taking place to avoid any penalty fees. This is also important as your company extract should reflect your company details accurately.
A coffee brewery company decides to change the location of their main office, closer to their warehouse a few suburbs over. As the address of the main office is the company’s official address registered with ASIC, they are required to let ASIC know within 28 days of the change in location.
Details are required to be updated online however, it can be a tedious task to consistently deal with ASIC. Many companies are starting to use an agent to complete these tasks for them so they don’t have to worry about it.
At Sprintlaw, we offer a CoSec package where we handle all of the ASIC requirements for companies – contact us to find out more.
What Does An ASIC Extract Include?
An ASIC extract includes the most fundamental details about a company. It’s important to keep in mind that while a company extract provides some useful information about a company you may wish to associate with, it cannot tell you everything.
Therefore, it is highly recommended that a company extract be only one of multiple sources used to research a company.
ASIC extracts generally include the following details and more:
- Company type
- Names of directors, secretaries and shareholders
- Registered office address
- Registration details
- Administrators and auditors
- Contact details of the company
- ABN and ACN information
We’ve broken down why a few of these may be important when researching a company.
The Corporations Act
It’s essential for all companies to be compliant with the Corporations Act 2001. Taking a look at the company extract can aid in discerning whether the company is dutifully meeting all their legal obligations or not.
After all, you don’t want to invest in a company that ends up falling apart later down the track. So, assessing their company extract is the best way to determine whether it’s the best decision to make, and ultimately decide if they are compliant with the Corporations Act.
Company Name Or Business Name
When conducting research, it’s important to be mindful of the difference between a company name and a business name. A company name and a business name are not mutually exclusive.
As a company is a legal entity, it has a registered legal name known as the company name. The business name, however, is usually what the company is known by publicly.
The company name and business name can be different. For example, ‘Goodnight Lamps Pty Ltd’ can be a company name, but the business can simply be, ‘Night Lamps’.
When you are looking for a company name, ensure you have received all the correct details, as you don’t want to be purchasing the information of the wrong company.
An ASIC company extract is a useful document to have around when you’re thinking of associating with a particular company. To summarise what we’ve looked at in this article:
- A current or historical company extract can give useful details or background about a company
- The extract contains important information relating to registration, documentation, officeholders and legal obligations
- A company extract can be accessed online and purchased for a fee
If you would like a consultation or have any questions around compliance with ASIC, or you have other questions around your business legals, you can reach us at 1800 730 617 or email@example.com for a free, no-obligations chat.
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