Friday, January 21, 2011

Is the Certificate of Registration for a company you order online through Cleardocs sufficient to give a bank?

Christopher Balmford, MD

The Certificate of Registration for a company that ASIC sends to Cleardocs electronically — and that Cleardocs provides to its customers electronically — is the original Certificate. The only way ASIC provides its standard Certificates is electronically.

The standard Certificate is enough to open a bank account and is what most companies use.

(Apart from the standard certificate, you can order a hardcopy printed “commemorative certificate” direct from ASIC. These commemorative certificates cost extra, $39.95 each or $34.95 each for 2 or more. There are 12 different designs, for example: Australian birds, Australian icons, Agriculture, Classic, Commerce, and Technology. But ASIC makes a commemorative certificate for you only if you specifically order one direct from ASIC after your company is registered. ASIC will then send the commemorative certificate to the company. It doesn’t send them to Cleardocs.)

Bank rejection? Occasionally when someone is trying to set up a bank account for a company, the bank rejects the Certificate. A bank that does this — or at least, the relevant branch that does this — is several years out of date with ASIC’s systems etc.

If a bank rejects your certificate and asks “for the original certificate”, then the thing to do is to get the person at the bank to check the above information with ASIC. They can do that by:
  • calling ASIC on 1300 300 630;
  • when listening to the options, they should press 1, then 1 again; and
  • when they speak to the person at ASIC, they should explain that they registered the company through Cleardocs and the Certificate they have given the bank came electronically from Cleardocs.
ASIC will explain things to the bank.

You might like to call ASIC on the number etc. above to confirm all this for yourself.

You can order a company online through Cleardocs for $549.50

You can read an Overview of some things to consider when registering an Australian company

1 comment:

  1. Very Good Post. Thanks for sharing this post. So helpful.

    ReplyDelete