Director Identified Number Law Passed

Introduced in late 2019, a bill has now been passed to amend various acts which will provide for a Director Identification Number system. Although passed, we do not yet know the exact commencement date of the new law, but it will be within two years of the date of royal assent.

The bill will require every company director to have a unique identifying number that will stay with the individual permanently. Directors will have to apply for the number and satisfy identity tests.

The bill is aimed at reducing illegal phoenix activity by company directors. It will also allow better transparency and tracking of director activity across multiple entities and prevent the use of invented names or variations of names. It should also make it harder for directors to sign up innocent parties to become a director without their knowledge.

We will publish more details on this bill once the enactment date, transition period and administrative details are known.