ASIC launches revamped strategy for small businesses

ASIC chair Sarah Court said there are more than 2.7 million small businesses nationally and their success is vital to communities and the broader economy.

"ASIC is committed to helping small businesses by providing clear, practical guidance, making it easier for them to interact with us, and taking targeted action against misconduct that harms small businesses," said Court.

The new strategy sets out how ASIC is supporting small businesses and their directors through four key areas: educate, simplify, engage and collaborate, and protect and enforce.

"We have developed practical new resources to help small business directors understand and meet their obligations throughout the life of their company, from becoming a director and running a company through to the end of a company, and moments in between such as responding to financial difficulty," said Court.

"We are also improving the clarity, usability and accessibility of our registers, portals and digital services, making it easier for small businesses to interact with ASIC and meet their regulatory requirements."

Court said improvements to guidance and enhancements to digital touchpoints would be informed by ongoing engagement and collaboration with small-business stakeholders and government agencies to share insights, strengthen regulatory coordination, and reduce unnecessary burden on small businesses.

ASIC, she said, would use its regulatory and enforcement tools, where appropriate, to address misconduct that harms small businesses, creditors and consumers.

"We will take action against companies and directors involved in illegal phoenix activity and other practices that undermine those doing the right thing," she said.

Alongside the launch of its new strategy for small business, the corporate regulator has also introduced a new digital resource to help small business directors understand and meet their obligations.

The hub brings together practical guidance, learning modules and tools in one place, making it easier for directors to access information at key stages of running a company – from planning and setting up, through to operating, restructuring or closing a business.

ASIC commissioner Kate O’Rourke said the new resources deliver on a key initiative under ASIC’s Small Business Strategy and regulatory simplification program, helping small business directors better understand their obligations under the Corporations Act and access practical guidance and learning resources in one place.

"Directors of small businesses are operating in an increasingly complex environment. Many are managing competing responsibilities, responding to changing business conditions and trying to keep up with their legal obligations," said Court.

"The new Small Business Director Essentials hub provides directors with a single place to access clear, practical, and targeted resources to help them understand and meet their obligations with ASIC as a director."