As part of the 2020 Budget Digital Business Plan, the government announced the full implementation of the Modernising Business Registers (MBR) program.
The MBR program will establish the new Australian Business Registry Services (ABRS) and streamline how you register, view and maintain your business information with government.
The ABRS will:
- progressively roll out between 2021 and 2024
- introduce the director identification number (director ID) initiative
- bring together more than 30 ASIC registers and the Australian Business Register (ABR) in one place.
The MBR program is being implemented by the Australian Taxation Office (ATO).
The program aims to:
- make it easier for businesses to meet their registration obligations – giving them more time to focus on their customers and business operations
- make business information more trusted and valuable
- improve the efficiency of registry service transactions.
Director identification number
From November 2021, directors will need to verify their identity as part of a new director ID requirement.
A director ID is a unique identifier that a director will apply for once and keep forever.
This applies to directors if their organisation is a company, registered foreign company, registered Australian body or Aboriginal and Torres Strait Islander corporation.
Directors must apply for their director ID themselves because they will need to verify their identity. No one can apply on their behalf.
The ABRS is responsible for the implementation and administration of director ID. ASIC will be responsible for the enforcement of associated offences.