Legal requirements for companies 1.Set up a registered office, place of business and directors. 2. Create and maintain your business name. 3. Update ASIC on key changes. 4. Keep financial records. 5. Pay fees to ASIC. 6. Check annual statements. 7. Get professional advice if you need it. It’s important that businesses understand their responsibilities and obligations with complying to ASIC because failure to do so can lead to serious consequences. ASIC has the ability to take legal court action on those who do not comply with their laws.