As part of its Digital Business Plan, the government has now announced its Modernising Business Registers (MBR) program. This program will establish a new Australian Business Registry Services (ABRS), and streamline how you register, view and maintain your business information with the government.
From November 1, 2021, the ABRS will be introducing and maintaining the Director Identification Number Regime.
What is a Director Identification Number?
The Director Identification Number (Director ID) is a unique, 15 digit identifier that you will apply for once, and keep forever. This identifier prevents the use of false or fraudulent director identities with the new registry services of the ABRS.
The Director ID will make it easier to trace director relationships across different companies, as well as identify and eliminate involvement in illegal activities such as phoenixing.
Once the scheme is up and running, directors will need their Director ID to interact with any government agencies.
Individuals who are currently a director or will be acting as a director in the future must apply for a Director ID, based on the transitional arrangements set out below: