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An ASIC ongoing service agreement (OSA) is a contract between a company and ASIC (Australian Securities and Investments Commission) to maintain their compliance with the Corporations Act 2001. The OSA is an annual agreement that ensures the company continues to meet its obligations under the Act and avoids any legal issues.

The OSA covers a range of services such as updating the company`s details, lodging annual statements, maintaining company registers, and lodging financial reports. It also includes notifying ASIC of any changes in company structure or ownership and disclosing any significant events.

The benefits of having an OSA are significant. By having a contract with ASIC, the company ensures that they are meeting all their obligations under the Corporations Act. This ensures that the company is compliant with the law and avoids any legal or financial penalties. Additionally, ASIC provides support and advice on compliance-related issues, which helps the company to stay updated on any changes to legal requirements.

The OSA is not only beneficial for the company but also for shareholders, investors, and creditors. It provides them with the assurance that the company is complying with the law and is financially stable. This enhances their trust in the company and increases the company`s reputation in the industry.

ASIC offers different types of OSAs depending on the size and complexity of the company. The fees for an OSA are determined based on the services required and the size of the company. ASIC also provides online services for OSA, which makes it easier for companies to manage their compliance requirements.

In conclusion, an ASIC ongoing service agreement is crucial for any company that wants to comply with the Corporations Act. It not only ensures compliance but also enhances the company`s reputation in the industry. The benefits of an OSA make it a worthwhile investment for any business that wants to maintain its legal and financial stability.