Company Registers are now being stored electronically
Background
In recent years, rapid technological advancements and the impact of COVID-19 lockdown measures have prompted a modification to the Corporations Act 2001. This alteration, specifically to section 9 of the Corporation Act 2001 (Cth) (the Act), led to the decision that various records can now be stored electronically, including in cloud storage, albiet with certain compliance requirements.
It's important to highlight that these records have been categorized as 'books' within the Act and as a result they can be maintained electronically, provided they are secure and can be reproduced in written form when required. Records include: registers, recorded information, financial reports, financial records and documents.
Our Response
Based on our firm’s continuing priority to digitise both incoming and outgoing documents, and the recent update to the Act, Perrier Ryan has made the decision to convert all currently held paper Company Registers to digitally stored files. Thus, we have notified ASIC that we are a Digital Registered Office.
In the upcoming months, our Corporate Compliance team will be scanning all Company Registers onto a secure drive within our server. This will allow all future Corporate Compliance matters to be digitally dealt with and records to be delivered through a secure online system. Our obligations, as mandated by the Corporations Act, remain that we must ensure and take reasonable measures to prevent any harm, loss, or tampering of **any** segment or entirety of the book. Consequently, the electronic duplicates (scanned copies) will faithfully replicate the 'books' without any modifications or interference.
The digitisation of the books (i.e. Company Registers) is phase one of the transition. Phase two will be establishing secure online access to the registers for directors.
Please be assured that the transition will not affect the integrity or availability of your company's records.
If you would like any further information please call our office on 3391 7566 and ask to speak to Adrienne in Corporate Compliance, Margaret or Bridgette.
