ASIC Form 408 Sets 14-Day Notice Requirement for Foreign Company Share Register Changes

Key Takeaways

• ASIC's Form 408 is the notice that registered foreign companies must lodge when they open, move, or discontinue a share register in Australia under section 601CM of the Corporations Act 2001.
• The form carries a 14-day lodgement period and late fees, so compliance teams at affected entities need controls to meet the deadline.
• The document appears to be an existing form and guide (dated 2011 and 2016), not a new regulatory change.

Deep Dive

ASIC's Form 408 is the notice that registered foreign companies must lodge when they open, move, or discontinue a share register in Australia under section 601CM of the Corporations Act 2001. The form carries a 14-day lodgement period and late fees, so compliance teams at affected entities need controls to meet the deadline. The document appears to be an existing form and guide (dated 2011 and 2016), not a new regulatory change.

The form must be lodged when a registered foreign company opens a share register, changes the address of a register, or discontinues a register. Required content includes the lodging party's contact details, the corporation name and ARBN, whether the company was formed outside Australia and its external territories, the state or territory where the register is kept, and the relevant event date. If the register is opening or moving, the form must also state whether its address is the company's registered office and, if not, give the full address. A director, secretary, or local agent must sign it, or a director or secretary of a company appointed as local agent.

The key deadline is 14 days. Late lodgement triggers ASIC late fees, which are published at www.asic.gov.au/forms. A form is not treated as lodged until ASIC receives it and accepts it as complying with s1274(8) of the Corporations Act. ASIC does not issue a receipt unless one is requested, so teams should request one and keep it as evidence of timely lodgement. Annexures must meet formatting rules: A4 paper, company name and ACN, consecutive page numbers, an identifying mark, the prescribed endorsement, and a signature and date from the same signatory as the form.

Recommended actions include:
- Add share register events to the corporate secretarial calendar, with internal triggers set well inside the 14-day window.
- Assign clear ownership and authorized signatories, and confirm that local agent appointments are current.
- Keep lodgement receipts and records.
- Review privacy handling, since the form may contain personal information.
- Check ASIC's current lodgement channels, as the form lists a postal address.

The risk impact is low to moderate. The main exposures are late fees, inaccurate public register records, and weak corporate governance evidence. Repeated late or defective lodgements could attract regulatory attention to a foreign company's Australian compliance culture.

Source: Australian Securities and Investments Commission