In another positive development on the Corporate Affairs side, the federal government has now released a draft legislation intending to implement a Director Identification Number (DIN) under Australia Corporations Law. The DIN will enhance the integrity of company formation and acquisitions by allowing regulators to confirm the identity of company directors.
This means that, as a director of a company registered in Australia, one will be required to obtain a DIN. This DIN will be a unique identifier and each person will only have one for their entire life as a director.
All current directors will have 15 months from the date of royal assent to obtain a DIN.
At this stage, no action is required of you. Please stay tuned to our monthly newsletter as we will keep you informed of any developments and provide assistance as and when required.
Source: Modernising Business Registers and Director Identification Numbers –Australia Government The Treasury
https://treasury.gov.au/consultation/mbr/
