If a company is recognized and certified as a good standing company, it means that the company is incorporated and authorized to continue its operations in a specific state.
A certificate of good standing also confirms the following important things about the entity management of any particular company.
- The continuous existence of a company since its incorporation
- None of the current actions are directed for the removal of the company from the register of companies.
The certificate of good standing includes the name and number of the company, company’s date of incorporation, and statements regarding the continuous existence of the company, a statement declaring that the company is not in liquidation and a statement claiming that no action is being taken to strike of the company from the register of companies.
Annual Requirements of ASIC
The following points briefly describe the annual requirements of ASIC in regards to a Pvt. Ltd. Company. These common legal requirements should be met by the company.
- There should be a registered office of the company in Australia and ASIC should be aware of its location. The ASIC will communicate to this office if and when required.
- If the operations of the company are conducted from another location, apart from its registered office, ASIC should be informed about it.
- ASIC should be informed about the personal details such as name, address, and date of birth of the directors as well as their private contact information. A post office box can neither be used as the registered office nor can be used as the personal contact details of a director.
- The financial, transaction and other records of the company should be kept up to date. The financial position of the company shall be observed through these records.
- All the relevant fees of ASIC should be paid by the company. These fees could either be for registering the company or lodging any documents.
- In case the company goes through any specific change, ASIC must be informed about it.
- The company should ensure that its details on the ASIC register are complete and accurate whenever the company receives its annual statements.
- The company should be able to pay its debts whenever they are payable.
- Your priority should always be the bests interests of the company, and not yourself.
- Any information or credentials of the company should never be used for any direct or indirect personal gain.