Modernising Business Registers and Director Identification Numbers
As part of the new Deregulation Agenda, the Government has announced the Modernising Business Registers (MBR) Program to support businesses in an evolving digital economy.
The MBR Program will unify the Australian Business Register (ABR) and 31 registers administered by the Australian Securities and Investments Commission (ASIC) on a contemporary, digital registry system. This includes the registers for companies, business names, Australian business numbers (ABN) and others.
The unified Commonwealth business registers will be operated by the Australian Business Register, and:
- make it easier for businesses to meet their registration obligations – leaving them with more time to focus on their customers and business operations
- make business information more trusted and valuable
- improve the efficiency of registry service transactions.
The MBR Program will also include the introduction of a Director Identification Number (Director ID) – a unique identifier that a director will keep forever. The Director ID will prevent the appointment of fictitious directors, and facilitate traceability of their profile and relationships with companies over time.
These are proposed changes that are subject to parliamentary processes, and may be altered. They are not yet law.
The ABR and existing ASIC registers will continue to operate as per normal, until the new registry service is in place.
The ATO will work in partnership with Treasury, ASIC, Department of Industry, Innovation and Science and the Digital Transformation Agency to deliver the MBR Program.