New Requirements for Directors under the Corporations Act – Director Identification Numbers
What is a director identification number (DIN)?
A DIN is a 15-digit identifier given to a director who has verified their identity with the Australian Business Registry Services.
You will only ever need one director ID.
Who needs a DIN?
All directors under the Corporations Act will need a DIN. This means if you're a director of a:
company, which has an ACN;
registered Australian body, which has an ARBN; or
registered foreign company, which has an ARBN.
You don’t need a DIN if you are a company secretary only.
Why?
As of 1 November this year, these are now requirements under the Corporations Act.
The purpose is to prevent fraud and to eliminate other unlawful activity.
How to apply?
You need to apply for your own DIN.
The application is free.
There are 3 ways to apply:
Through myGovID app. Follow instructions here to set up.
By phone. See here.
Through this ABRS downloadable form.
When to apply?
If you were a director prior to 1 Nov 2021 you have until 30 November 2022 to apply.
If you became a director after 1 Nov 2021 or become one before 4 April 2022 you need to apply within 28 days of appointment.
From 5 April 2022, you need to apply before becoming a director.
If you can’t make the timeframe to apply, you can apply for an extension here.
Boring legal stuff: This article is general information only and cannot be regarded as legal, financial or accounting advice as it does not take into account your personal circumstances. For tailored advice, please contact us. PS - congratulations if you have read this far, you must love legal disclaimers or are a sucker for punishment.