Coming soon: One-stop-shop for business registration

The federal government has announced details on a new business registry that will see 31 different systems and 7 entry points amalgamated into one platform.

Financial services and the digital economy Minister Jane Hume. Picture: Gary Ramage

Business registration is set for a major shake-up after the government announced it would amalgamate 31 different business registers under one roof.

The new Australian Business Registry Services, announced by the government on Tuesday, is the next step in the government’s plans to modernise business and directorial registrations.

The new registry service will bring together 31 business registers currently held by The Australian Securities and Investments Commission and put them under the purview of the Australian Taxation Office.

The new system is aimed at streamlining the platforms businesses are required to use when engaging with the arms of government.

Businesses are currently required to use up to seven entry points for various business registry interactions needed to establish a business.

The Registrar of the new platform will have the power to update and respond to changes in technology to improve user experience and interactions with the new business registry.

The updated one-stop registry will be rolled out by the ATO progressively between 2021 and 2024.

In addition to current ASIC business registries joining the platform, the current Australian Business Number registry and professional and historical registries will also be uploaded.

ASIC staff currently maintaining registries at the regulator will join the ATO as part of the move.

Financial services and the digital economy Minister Jane Hume said the new registry was a significant move towards a digital first approach by the government.

“Efficient, online government services will help make it cheaper, faster and easier to start and run a business in Australia,” she said.

“Modernising business registers with a one-stop-shop, replacing the current 31 registers, is part of our Government’s commitment to Australia becoming a leading digital economy and society by 2030.”

The new registry will cover the more than 2.7m registered companies currently on the Australian Company Register and the almost 224,000 new companies registered each year.

The government set aside $419.9m last year to fund the full implementation of the new registry program.

The long awaited director Identification numbers scheme, set to brand each company director with a unique identifier, will be the first function to be added to the registry later this year.

New director ID’s will travel with all Australian company directors even when they cease to be a director, change names, or move interstate or overseas.

The move was announced as part of measures by the government to stamp out illegal phoenixing.

The new director ID scheme will begin beta testing in the coming months.