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Beware of Unsolicited Business Name Renewal and Company Review Notices
Many Australian business owners are surprised to receive official-looking letters or emails requesting payment to renew their business name or complete a company annual review. While these notices may appear legitimate, it is important to understand that not all of them are issued by the Australian Securities and Investments Commission (ASIC).
ASIC has warned businesses to be vigilant when receiving unsolicited business name renewal and company review notices from third-party providers. These organisations often offer to complete ASIC-related transactions on behalf of business owners for an extra fee that is in addition to the official ASIC charge.
Understanding the Difference
Third-party service providers are generally permitted to offer administrative services such as renewing a business name or lodging company documents. However, business owners should be aware that:
- These providers are not ASIC.
- You are not required to use their services.
- The fees charged often include additional service costs.
- Many notices are designed to resemble official government correspondence.
- If we are your registered agent and you pay this amount, we cease to act for you.
Common Warning Signs
When reviewing a business name renewal notice or company review invoice, look for the following indicators:
- Higher-than-Expected Fees – compare the amount requested with ASIC’s official fees. Third-party providers typically charge a premium for acting on your behalf.
- GST Included – ASIC fees generally do not attract GST. If GST is added to the amount payable, it may indicate that the notice has been issued by a private service provider rather than ASIC.
- Invoice-Style Presentation – some notices are formatted to look like urgent invoices or payment demands, creating the impression that immediate action is required.
- Fine Print Disclosures – carefully review the document. Many third-party providers disclose, often in small print, that they are not affiliated with ASIC.
How to Protect Your Business
To avoid unnecessary costs and confusion:
- Keep your ASIC contact details up to date.
- Review all renewal notices carefully before making payment.
- Verify renewal requirements through ASIC’s official channels.
- Consult your accountant or registered agent if you are unsure about any correspondence received.
- Never make payment solely because a notice appears urgent or government-issued.
The Value of Professional Advice
Managing ASIC obligations is an important part of running a business. While some business owners prefer to handle renewals themselves, others engage their accountant to ensure compliance requirements are managed accurately and on time.
An accounting professional can help monitor important ASIC deadlines and ensure your business remains compliant.
Need Assistance?
If you have received a business name renewal notice, company review invoice, or any ASIC-related correspondence and are unsure whether it is legitimate, our team can help. We can review the notice, explain your obligations, and assist with any required ASIC lodgements.
For more information please contact our office or visit the ASIC website.