How To Renew a Company in Australia: Annual Review, Fees, Compliance

Searching “renew company” usually means one of two things: renewing a business name, or renewing a company with ASIC. In Australia, companies don’t technically “expire”, but you do have to complete an annual review and pay your ASIC annual review fee to keep your company registered and in good standing.

If you’re running a small business through a company, staying on top of this process is essential. The good news is that it’s straightforward once you know what to do and when to do it.

Below, we’ll step through what “renewing a company” really means, how the annual review works, key deadlines and fees, what to update and file, and the practical legal housekeeping that helps your company stay compliant year after year.

What Does “Renew Company” Mean In Australia?

When people talk about renewing a company in Australia, they’re usually referring to the ASIC annual review process. Every year, ASIC sends your company an annual statement on the anniversary of your registration date. To keep your company on the register, you need to confirm your details are correct, pass a solvency resolution, and pay the annual review fee.

This is different from renewing a business name. If you operate under a business name, that name registration has its own renewal cycle (1 or 3 years). Your company registration is separate and is maintained via the annual review.

If you don’t complete the annual review or don’t pay the fee, late fees apply and, ultimately, ASIC can deregister the company. That can cause serious issues for your business, so it’s worth setting reminders and having a simple internal checklist.

How The Annual Review Works (Step By Step)

1) Receive Your Annual Statement

ASIC emails (or posts) your annual statement to the company’s registered office around the anniversary of registration. Make sure your registered office details and contact email are current, or you might miss it. If your office details change, update them promptly through ASIC-this is commonly done using ASIC Form 484 (or the corresponding online lodgement).

2) Check And Confirm Company Details

Review the statement carefully. Confirm the company’s name, ACN, registered office and principal place of business, director and secretary details, and shareholder details. If anything is out of date-like an old address or a director who has resigned-update it with ASIC. Many changes must be lodged within set timeframes, so don’t put it off.

As part of good governance, you might also take this moment to ensure your Company Constitution reflects how you operate and that any changes in shareholdings or rules are properly documented.

3) Pass A Solvency Resolution

Directors must pass a solvency resolution each year stating whether, in their opinion, the company will be able to pay its debts when they become due. This is a formal step in the annual review process and a critical director duty. You can read more about what this involves in our guide to the solvency resolution requirement.

If you’re the only director, it’s still a formal process-our explainer on how a sole director resolution works covers how to minute and sign decisions properly.

4) Pay The Annual Review Fee

Pay the fee by the due date shown on your statement. Be mindful of penalties for late payment; ASIC late fees can add up quickly. For context, ASIC periodically adjusts charges-you can keep an eye on changes with updates like our note on the recent ASIC fee increase.

5) File Any Required ASIC Forms

If you changed company details during the year or discovered something in the statement that needs correcting, lodge the relevant form (commonly Form 484) within the required timeframe. Keeping ASIC’s record accurate is part of maintaining your company’s good standing.

Key Deadlines, Fees And Late Consequences

ASIC’s deadlines are tight, so it’s worth diarising a few dates around your company’s anniversary:

• Annual statement issued: Around the anniversary of registration.
• Solvency resolution: Typically within two months of the review date.
• Annual review fee due: On the due date in your statement (late fees apply immediately after).

If you miss the fee deadline, ASIC applies escalating late fees. Continued non-compliance can lead to ASIC initiating deregistration. Reinstating a deregistered company is possible, but it’s time-consuming and costly-far better to stay current.

What Company Details Should You Review Or Update?

Your annual review is a handy trigger to do broader compliance housekeeping. Consider a short internal checklist covering:

• Registered office and principal place of business: Confirm addresses are correct in ASIC’s records. If you’ve been using a home address, revisit whether that still suits your needs given privacy and accessibility considerations-see our guide to using residential addresses for company registration.
• Directors and secretaries: Check appointments, resignations and personal details are current.
• Shareholders and share classes: Confirm the register matches reality, including recent transfers or issues.
• Constitution and governance: Ensure your Company Constitution aligns with how decisions are actually made.
• Board records: Minute the solvency resolution and any other decisions. If you’re a sole director, use a clear, signed resolution-our article on sole director resolutions explains the essentials.

Common Scenarios When “Renew Company” Needs Extra Attention

You’ve Changed Directors Or Shareholders

Changes to officeholders or members often require lodgements to ASIC within specific timeframes. If the change hasn’t been notified yet, include it with your annual housekeeping. Use the correct form (for many updates, Form 484) and keep your internal registers up to date.

You’re Expanding Or Restructuring

Growth can make your original governance settings outdated. If you’re issuing new shares, adding co-founders or planning an investment round, it’s wise to formalise things with a Shareholders Agreement that outlines decision-making, exits and dispute processes.

Your Registered Office Or Place Of Business Has Moved

ASIC needs your current addresses. Updating them quickly ensures you receive critical notices like the annual statement and avoid missing a payment deadline. If your company uses a residential address, weigh that against privacy, mail reliability and operational needs-our article on using residential addresses for company registration covers the trade-offs.

You Didn’t Receive The Annual Statement

First, confirm your contact details and registered office are current. Then obtain a copy via ASIC’s online portal. Consider setting calendar reminders for the anniversary each year, regardless of whether the statement arrives, to stay ahead of deadlines.

Your Company Was Deregistered

If the company has been deregistered, you can apply to reinstate it, but you’ll need to fix outstanding issues and fees. This is where tailored legal help pays off-reinstatement is more complex than the everyday annual review process.

Director Duties During Renewal: Keep It Simple And Compliant

Directors must act in the best interests of the company and ensure it can pay its debts. The annual solvency resolution is not a box-tick-it’s a moment to look at your company’s financial health honestly. If cash flow is tight, document your plan to manage debts, cut costs or raise capital, and seek professional advice early.

Minute your decisions clearly. If there’s a board, circulate and approve draft minutes promptly. If you’re on your own, a short, signed resolution is usually enough-our guide to sole director resolutions explains how to do it properly.

Fees: What To Expect And How To Avoid Penalties

ASIC’s annual review fee varies by company type and is reviewed periodically. Late fees are imposed immediately after the due date and increase the longer payment is overdue. Budget ahead and set automated reminders. If ASIC updates its charges, resources like our note on the ASIC fee increase can keep you informed.

“Renew Company” Vs. “Renew Business Name”: What’s The Difference?

Your company registration and your business name registration are separate. The company is your legal entity (it owns assets and enters contracts). The business name is the trading name customers see.

• Company “renewal”: Complete the annual review steps with ASIC and pay the annual review fee.
• Business name renewal: Renew the business name for 1 or 3 years on its own cycle.

It’s common to have both. If you operate only under the company’s exact name, you may not need a business name, but many businesses use a distinct brand and therefore renew both.

Legal Housekeeping To Pair With Your Annual Review

The annual review is a great reminder to tidy up your broader legal foundations. Consider making these checks part of your yearly routine:

• Constitution: Ensure your Company Constitution and any special rights (like different share classes) match your current structure.
• Shareholders Agreement: If you have multiple owners, a Shareholders Agreement sets expectations for decisions, dividends, exits and dispute resolution.
• Registers: Keep your register of members and option holders accurate. Check share certificates and any deeds affecting shares are properly executed.
• Resolutions And Minutes: File and store director and member resolutions systematically. If relevant, use a consistent board calendar for recurring decisions like the solvency resolution.
• Key Contracts: Review major supplier, customer and finance agreements. Note any renewals or notice periods tied to your financial year.
• ASIC Record: Reconfirm that contact details, addresses and officeholder information in ASIC’s database are up to date via the correct ASIC lodgement (often Form 484 or online updates).

Practical Tips To Make Renewal Easy Every Year

• Set Reminders: Diarise the anniversary date, solvency resolution deadline and fee due date. Add a follow-up reminder one week before each deadline.
• Centralise Documents: Keep ASIC statements, minutes, registers and receipts in a single, secure folder with clear naming (year-month-topic).
• Use A Checklist: An internal annual review checklist reduces the risk of missed steps, especially if responsibilities are shared in your team.
• Align With Your Financial Cycle: If your accountant prepares end-of-year reports, coordinate so directors have current financials before signing the solvency resolution.
• Review Governance After Changes: Whenever you add directors, bring in investors or change your operating model, revisit your constitution and owner arrangements.

Frequently Asked Questions About Renewing A Company

Do I need to “renew” my company every year?

You don’t re-register from scratch, but you must complete the annual review steps (confirm details, pass a solvency resolution and pay the fee) to keep the company active.

What happens if I miss the due date?

ASIC applies late fees immediately after the due date. Continued non-compliance can lead to deregistration. Act quickly if you’ve missed a payment-pay the fee, rectify any outstanding lodgements, and keep proof of payment.

Can I use my home as the registered office?

Yes, but think about privacy and practicality. If you use a home address, ensure you can reliably receive ASIC mail and consider the privacy impacts-our guidance on using residential addresses for company registration sets out the key considerations.

Do I have to lodge the solvency resolution with ASIC?

Directors must pass a solvency resolution and keep records, but you generally don’t lodge it unless ASIC asks. Still, treat it as a formal decision and minute it properly. For single-director companies, see how a sole director resolution should be documented.

Key Takeaways

• “Renew company” in Australia means completing your ASIC annual review: confirm details, pass a solvency resolution and pay the annual review fee on time.
• Keep ASIC records current during the year-use the correct lodgement (often Form 484) for changes to addresses, officeholders or shareholdings.
• Directors must consider solvency each year; document the decision properly and maintain clear board records.
• Late payment triggers penalties and can lead to deregistration-set reminders and budget for the fee, noting periodic adjustments like any ASIC fee increase.
• Use the annual review as a governance check-up: make sure your Company Constitution, registers and owner arrangements (including any Shareholders Agreement) reflect how you actually operate.
• If something’s changed or you’ve missed a step, act quickly-keeping your company compliant is far easier than fixing a problem after the fact.

If you’d like a consultation on renewing your company and staying ASIC-compliant, you can reach us at 1800 730 617 or team@sprintlaw.com.au for a free, no-obligations chat.