Fixing mistakes in a new company. ASIC Form 492 – Request for correction

 

Fixing mistakes in a new company. ASIC Form 492 – Request for correction

If you make a mistake on a form that you have already lodged with ASIC, you can lodge an amendment. This is by preparing and lodging a Form 492 – Request for correction. Use this form if you or your adviser finds a mistake on the form and wants to notify ASIC to correct the mistake. (ASIC stands for the Australian Securities and Investments Commission.)

This link allows you to download Form 492 – Request for Correction.

For example, use Form 492 if you have newly incorporated a company: Form 201 “Application for Registration as an Australian Company”. This is if you find:

• • that you put incorrect information on your application for a new company;
  • ASIC has not understood what you wanted; or
  • ASIC made a mistake.

Can I telephone ASIC and correct the mistake?

If you notice a mistake in your new company within 24 hours of its registration, you may be able to rectify the error by contacting ASIC on 1300 300 630 or +61 3 5177 5407 (outside Australia).

But, in most cases, a Form 492 – Mistake Correction form is required.

Further, generally, only typographical errors or misspelled words are accepted over the telephone. In particular, corrections to dates are not accepted over the telephone. This is because they require supporting documents.

Fixing a spelling error in the new company name

Telephone ASIC, and find out the best way to proceed. ASIC may allow a Form 492 to be lodged to correct this.

However, usually, a Change of Name is required. Unfortunately, ASIC charges an additional fee to change a company name.

Examples of common mistakes when registering a new company

For a new company, Form 492 can be used to fix things like:

• Address discrepancies
• Incorrect name spellings (e.g. correction of shareholder name)
• birth date details

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ASIC’s Form 492 is used to correct errors or make changes to previously lodged documents with the Australian Securities and Investments Commission. The form allows companies to rectify mistakes in their submissions, ensuring that their official records are accurate and up-to-date.

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It does not matter who made the error on the ASIC Form 201

Form 492 is required regardless of whether the ‘error’ is made by:

• the company (ie, the person or adviser completing the original Form 201 “Application for Registration as an Australian Company”); or
• ASIC in transcribing it onto its own database.

What does ASIC Form 492 require?

The ASIC Form 492 requires:

• • Company name / ACN (“Australian Company Number”)
  • Lodging party details
  • Details of the original document – form number, e.g. Form 201, if a new company and date
  • Details of correction
  • dated and signed by a director or Company Secretary

Can Form 492 be lodged ‘electronically’ to fix Form 201 for a new company?

Normally, Form 492 can be lodged manually or electronically.

However, Form 494 cannot be lodged electronically if it is being used to correct details for Form 201, “Application for Registration as an Australian Company”. In that case, it is lodged manually.

A new company is incorporated via Form 201 (to start a new company). Forms 201 are lodged electronically. However, Form 492 must still be lodged manually even though Form 201 is lodged electronically!

Once you have completed the form, print the signed documents and mail or courier them to:

Australian Securities and Investments Commission
Post Office Box 4000
Gippsland Mail Centre VIC 3841

Form 492 cannot be used to fix ‘omitted’ events

Form 492 cannot be used to notify of ‘omitted’ events. For example, you forgot to name all the directors. In those cases, a new document advising the change is lodged. This is done electronically. But, for a new company, this is after you get the ASIC Corporate Key posted to you by ASIC. You need the ASIC Corporate Key so you can log on and make those changes.

What is an “ASIC Corporate key”?

The ASIC Corporate key is not a key. It is merely a 12-digit number. The ASIC Corporate Key is a unique identification number assigned to every new company in Australia.

The ASIC Corporate Key is a crucial reference identifier for companies. It enables access to the Australian Securities and Investments Commission’s (ASIC) online services. It plays a significant role in ASIC’s efforts to streamline and improve service delivery. The purpose of the Corporate Key is to simplify the process for companies to manage their transactions and meet regulatory requirements through the online portal, ensuring a more efficient and user-friendly experience for business owners.

What benefits does the ASIC Corporate Key provide:

• Uniqueness: Each company is assigned a unique Corporate Key. This ensures that every business or organisation has its distinct identifier, reducing the potential for confusion or errors in transactions and regulatory filings.
• Online Transactions: The ASIC Corporate Key is used primarily for online transactions with ASIC. It provides a secure way for the company to access ASIC’s online services, submit various forms and documents and perform administrative tasks electronically.
• Authentication and Security: The Corporate Key helps authenticate businesses when they access ASIC’s systems. It is a security measure to ensure that only authorised individuals within a registered entity can access and manage the organisation’s details and transactions.
• Updating Information: Companies use the Corporate Key to update their details with ASIC, including changes to company addresses, directors, shareholders, and other relevant information. This helps keep ASIC’s records accurate and up to date.

Why does ASIC give you a Corporate Key?

Your ASIC Corporate Key is your company’s digital password. This unique number gives you secure online access. You use it to change your company’s information on the ASIC portal.

ASIC continues to reduce non-online communications and actions. It seems ASIC wants you to do everything online and leave them in peace!

The key is essential. You need it to update officeholder details. You use it to change the company’s address. You also use it to lodge forms. Without your Corporate Key, you cannot manage your company’s details online. This causes delays and compliance issues.

How long does it take to receive a Corporate Key?

When you register a company, ASIC posts the Corporate Key. It sends the key to the company’s registered office address. ASIC supposedly sends the letter within two business days. However, from bitter experience, it can take up to a week for its ‘automatic’ system to post it. Australia Post’s delivery times then determine the final arrival date.

Since 1988, when we first started incorporating companies, we have seen that it can take up to 15 working days to receive your Corporate Key via Australia Post.

From a survey we did of our clients recently, these are the current estimated delivery times for Australian capital cities for mail coming from ASIC:

• Sydney: Expect your Corporate Key to arrive within 2-4 business days.

• Melbourne: The delivery timeframe is usually between 2-4 business days.

• Brisbane: You can expect delivery within 3-5 business days.

• Canberra: The Corporate Key commonly arrives in 2-4 business days.

• Adelaide: Delivery to Adelaide is typically between 4-6 business days.

• Perth: Expect the Corporate Key to arrive within 5-7 business days.

• Hobart: For Hobart, the estimated delivery time is 5-7 business days.

• Darwin: The delivery timeframe is approximately 6-8 business days.

Delivery to addresses outside these capital cities often takes longer.

What if I never get a Corporate Key in the post?

Your company’s corporate key also appears on other ASIC documents. For example, you can find it in the top right corner of your latest company’s annual statement.

This creates a problem. You generally need the corporate key to log in to the ASIC portal and obtain a copy of the annual statement!

If you are worried, contact ASIC by telephone. Ask them to confirm the date they posted the Corporate Key.

No lodgement fee for a Form 492

There is generally no lodgement fee for Form 492.

To correct a mistake in a “date” for the new company

Appropriate supporting documents are required to correct an incorrect date.

“Documents” may include:

• an email from a client to the adviser
• a copy of any company record (minutes, resolution, file note, memorandum, letter, etc) evidencing the company’s decision for the corrected date.

The copy of the information provided as evidence to support the correction to a date is duly authorised by a director or Company Secretary of the company.

How do I correct a Director’s date of birth for a newly incorporated company?

If the change relates to a director’s date of birth, a certified copy of the birth certificate must be lodged together with Form 492.

How do I correct the Registered Office address for a newly formed company?

To correct the date on which the company’s Registered Office changed, Form 492 is used. It is accompanied by an extract from the relevant board minutes where it was resolved to relocate the Registered Office.

Can ASIC refuse to act on the Form 492 to fix the mistake?

Of course. ASIC can decline to act on your Form 492. There is no guarantee that ASIC will accept or act to correct the mistake. Be polite and respectful in your dealings with ASIC.

Summary of how to correct a new company with ASIC

If you need to correct a mistake on your ASIC Form 492 (Request for Correction), you send a written request to the Australian Securities and Investments Commission (ASIC). The request includes the details of the correction needed and any supporting documents.

There may be fees involved in correcting, and the time it takes for the correction to be processed depends on the nature and complexity of the correction.