ASIC has launched a new online hub aimed at helping Australian small business owners understand their legal obligations, as well as the regulator’s role.
“With small business accounting for 96% of all businesses registered with ASIC, it’s important we provide information these customers need,” says ASIC commissioner, Greg Tanzer.
In 2012, ASIC consulted key stakeholders and conducted an online survey with small businesses to better understand their needs and expectations. The survey found that ASIC needed to engage more with small businesses because small businesses tend to have limited knowledge about ASIC and what it does and have little understanding of their compliance obligations.
It also found that information provided by ASIC is often difficult to understand because it’s written in legal jargon.
“Whether you're dealing with the everyday pressures of running a business, or looking to start up, you want information that is accessible, practical and easy to understand,” says Tanzer.
“This hub is an information gateway and is designed to improve small business experiences with ASIC and help them better understand our role and how we can help.”
The hub, which is available at www.asic.gov.au/small-business, features information on starting and closing a small business, legal requirements for small business operators, one-minute guides on popular topics and access to ASIC’s new quarterly small business eNewsletter.
“We’ve invested considerable time in making our hub relevant and user friendly and look forward to receiving feedback during ASIC’s next small business stakeholder survey in 2014,” says Tanzer.