ASIC today published an overview of its Small Business Strategy 2017-2020 and the progress achieved to date.
Report 571 ASIC and small business (REP 571) explains ASIC’s Small Business Strategy and examines the ways in which ASIC assists, engages with and helps protect small business in Australia. It also provides key results for the period 1 July to 31 December 2017 in each of these three areas.
Commissioner John Price said, ‘The Commission continues to have a strong focus on promoting and acting in the interests of small business, which is ASIC’s largest customer and stakeholder.
‘ASIC’s Small Business Strategy details our vision to focus our efforts and initiatives to help small business succeed as a key driver of the Australian economy. In doing so, contributing to the financial well-being of all Australians.
‘ASIC has various programs and resources aimed at assisting, engaging with and helping to protect small business. Through our registry services, Innovation Hub and small business financial capability resources we assist our small business stakeholders. Our First Business App has had over 8000 downloads since it was launched in February last year.
‘ASIC’s Business Advisory Committee ensures we consult directly with the business community and provide a voice for small business through the representatives on that Committee. Most recently we published Report 565 Unfair contract terms and small business loans (REP 565). ASIC also continues to take strong action against illegal phoenix activity through our surveillance and enforcement work.’
Among the key results for the period 1 July to 31 December 2017:
- ASIC processed over 179,000 new business name registrations.
- We answered over 351,000 inquiries over the phone, by email, via social media and through our new web chat function.
- There were over 33,300 views of the ASIC Small Business Hub.
- ASIC’s small business enforcement team had 232 individuals/entites prosecuted for 476 criminal offences and 27 director disqualifications.
Small business is ASIC’s largest customer and stakeholder. Of all Australian companies and businesses registered with ASIC, approximately 96 per cent are considered small businesses with fewer than 20 employees.
In March 2017, ASIC established an Office of Small Business to focus ASIC’s efforts and initiatives to help small business succeed as a key driver of the Australian economy.
In August 2017, ASIC launched its Small Business Strategy 2017-2020. The Small Business Strategy explains that ASIC has the leadership and capabilities to engage, assist and protect small business in Australia to ensure a strong and healthy economy for all Australians. We do this by:
- assisting small business through our registry services and educational resources;
- engaging with small business and government bodies, to understand and respond to the challenges and opportunities faced by small business;
- protecting small business through working to level the playing field for small business so that everyone is playing by the same rules.