1st Year set up a company- what I have to do?

This is the 1st year of set up a company for corporate trust. I have received annual statement from ASIC requiring me to pay Annual Company Statement and Review Fee.

May I ask if I have to send any reports or do anything else except for paying the review fee of $254 when recieving the Annual Company Statement and Review ?

Note the company has no trades or liabilities at all.

 

Review the details, pay the fee and let ASIC know if anything is incorrect or needs amendment.

 

Nothing is needed with the asic review / renewal (update any contact details maybe?)

However I had mine write a resolution / minutes to declare it wasn't insolvent.

 

Thanks Terry and DT. There has been no change relating to company since it was set up. So, I just pay the annual fee.

 

s374A of the Corporations Act requires a company make and retain in writing a positive solvency declaration within 2 months of the review date or it must lodge Form 485 to advise ASIC that the company is not solvent (s348C). Failing to make the resolution is an offence. A criminal offence.

Failing to pay the review fee by the due date will result in an automatic $79 penalty. After 30 days a further more substantial penalty is imposed. After that the company may be struck off or the Director may have a penalty imposed.

I believe both are equally important.

 

Thanks Paul. It is a good information I have given.