There are many reasons why it may be useful for you to obtain a company extract. Whether you’re considering investing in a company or need a company’s legal details, extracts contain valuable company information. In this article, we’ll explain what you can expect to find in a company extract and how you can obtain one.
What is a Company Extract?
A company extract provides basic but crucial information on registered ASIC entities. Extracts are a useful way of checking the validity of these companies and to make sure you also have the correct company details. The information is sourced from ASIC’s database.
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What does a company extract contain?
The extract will provide information including but not limited to:
- The entity’s ABN and ACN
- The organisation’s details including name and address
- Officeholder details (directors, secretaries, administrators, auditors etc.)
- Share information
- Financial reports
- Annual returns
- AGM details
Why is a company extract useful?
A company extract gives you instant information about a company. This allows you to:
- Check the validity of a company
- Understand the history of the company and also its operations
- Understand the people behind a company
- Uncover any information that may make a company undesirable
- Ensure you understand the risks of a potential venture with another entity
Further, company extracts are useful when commencing legal proceedings. Having this information on hand will ensure that you serve the right entity if you commence proceedings. Similarly, Courts may require you to provide a company extract when commencing winding up proceedings.
Current and historical information
Beyond current details, you can also access historical information. Historical information will include details on former directors, former company names and former company addresses. A good example of this would be where you’re considering investing in a new entity named ‘McMaster’s Fishing Operations’. You recall that a company entered administration a couple of years ago named ‘McMasters Fishing Co.’ You suspect that these could be the same entity, but you want to make sure first. It would be wise for you to check that these are not the same entity, by checking all the previous names of the current company.
Cost
The extract is provided instantly in exchange for a small fee. You can choose to receive historical information about the entity in addition to current details. A current company extract costs $9 to access online, or $19 if you wish to also include historical information. A brief summary extract is available for free, but does not contain exhaustive information. The other types of extracts you can get (for different fees) are:
- Roles and relationship extract
- Certificate of registration of a company
- Current Australian registered body extract
- Current and historical Australian registered body extract
- Foreign company extract
- Current and historical foreign company extract
- Managed investment scheme extract
- Current and historical managed investment scheme extract
An extra fee also applies if you wish to have the extract mailed to you. Otherwise, you can access it instantly online.
Access
To access your company extract or obtain an extract from another company, use the ASIC Connect search function. These extracts are updated by ASIC within two weeks of a company’s annual review so the information is current.Company extracts are generally used by businesses making low-risk decisions. However, it is always advisable to talk to a business lawyer when making decisions that relate to external companies.
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