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Understanding The Importance of ACN/ACN Lookup
ACN/ACN Lookup basically stands for Australian Company Number. This refers to the
The ACN/ACN Lookup is primarily used for verification and monitoring of the company’s business transactions as it carries out its day to day operations, which includes the issuance and exchange of negotiable instruments. Having said this, the ACN/ACN Lookup is considered a critical and basic requirement that every Australian company must comply with.
While the government requires companies to publish their ACN/ACN Lookup in formal business document and negotiable instruments, there are a number of instances where it is not required. This includes the following:
All Australian companies are required to ensure that their ACN/ACN Lookup is clearly indicated in their official business documents. This is in strict compliance with the Corporations Act of 2001, section 153. Should a company be found to be in violation of the said provision, it will face a fine of $ 1,100 or 3 months imprisonment, or in some cases, both.
For new companies, the ACN/ACN Lookup is issued by the Australian Securities and Investments Commission or ASIC. This numerical identification number is printed in groups of 3 digits and is required to be indicated on all official business correspondence as well as invoices.