A Founders Guide to Navigating Corporate Compliance Updates
Australian startups face overwhelming amounts of regulatory changes, which if not monitored can result in substantial fines, penalties,
lawsuits, loss of reputation or court action for your venture. Startup, corporate or business compliance is the process of ensuring that
your venture and team members follow the correct laws, standards, regulations, and ethnical practices. Many ventures develop a ‘compliance
program’
– a set of internal policies, procedures, and training modules – to identify and reduce their risk of breaching mandatory corporate
compliance practices.
Deciphering the constant influx of corporate compliance updates can be a headache for many founders. Yet, it is extremely important that you
understand and enforce these regulatory measures, regardless of your startup’s industry. At Allied
Legal,
we continuously assist startups in mitigating corporate compliance risk and provide preventative solutions that will save your startup in
the long run.
Fintech Compliance
If you are a fintech startup, you may be facing necessary licensing from the Australian Securities and
Investments Commission (ASIC),
such as AFS and credit licences. Luckily, ASIC provides several resources to assist fintechs with navigating this process. This includes ASIC’s
Innovation Hub initiative,
designed to support fintech startup businesses with navigating and complying with the licensing process. To learn more, you can follow
the link.
ASIC also offers Enhanced Regulatory Sandbox (ERS)
to make it easier for fintech startups to test their offering. You can check your eligibility here.
Property Transactions Changes to GST Laws
On 29 March 2018 GST laws in relation to property transactions were amended. The changes were made as some developers were failing to
transfer the GST collected from the purchasers to the Australian Taxation Office (ATO). The new laws
require the purchasers of new residential premises or subdivisions of potential residential land to withhold the GST due and pay this
directly to the ATO. The payment must be made on or before settlement. To read more about these changes, you can follow
the link.
Directors ID Now Required for Australian Directors
From 1 November 2021 new rules will require Australian directors to apply for a Director ID if they are the director of a company, a
registered Australian body, or a registered foreign company under the Corporations Act 2001, or an Aboriginal or Torres Strait
Islander corporation registered under the Corporations (Aboriginal and Torres Strait Islander) Act 2006. The changes were
introduced to prevent the use of fraudulent director identities. To find out more about Director IDs, you can follow
the link.
At Allied Legal, we are up to date with all new legislative changes that may affect your
startup. If you would like to speak with one of our commercial lawyers, you can connect with us on 03 8691 3111 or send us an email at hello@alliedlegal.com.au.
Superannuation and fintech stand as two pillars of Australia's financial ecosystem, each playing a vital role in shaping the nation's
economic landscape.
The landscape surrounding blockchain technology and cryptocurrency regulations in Australia is evolving rapidly. Allied Legal Commercial
Lawyers can assist you in navigating the regulatory maze surrounding cryptocurrency-based businesses.
Companies with good corporate governance practices and documents (primarily, shareholder agreements and constitutions) are well placed to
navigate internal conflict effectively. However, not all conflict can be easily managed and one area that can put a company in serious hot
water is oppressive conduct.
Find out the key legal issues associated with establishing a fintech startup in Australia, and how a Melbourne-based startup law firm can
help you navigate this complex landscape