Once the company registration process is completed the director(s) need to be aware of their duties. A director is responsible for keeping an eye on the affairs of the registered company. You need to make sure that the company is run in accordance with statutory obligations as per Corporations Act 2001. Even if the directors appoint a manager to run the operations the ultimate responsibility is with the director of the registered company.

Considering the company is registered in real-time as soon as your online application is submitted on https://company4me.com.au/Live1 the director needs to take on the responsibilities. You must keep yourself up to date with what the business is doing, check the financials, keep the ASIC details (Address, officeholder details, etc.) up to date and actively participate in director meetings.

As a director, you must be fully up-to-date on what your company is doing, including its financial position, question managers and staff about how the business is going, and take an active part in directors’ meetings.

Failure to comply can have civil and criminal legal consequences. A director of a registered Australian company should be fully aware of what is required by the law. Below we are sharing two resources to better understand the duties of a director:

  1. https://asic.gov.au/for-business/small-business/starting-a-company/small-business-company-directors
  2. https://www.intheblack.com/articles/2021/01/19/australian-boards-more-effective