The Australian Securities and Investments Commission (ASIC) has simplified business registration procedures in the country by allowing online listing. Under the guidelines released on Thursday by ASIC, enterprises need to register online only once even if they have businesses in different Australian states.

Current businesses already registered with ASIC will be automatically included in a new national register expected to be unveiled in May 2012. The new register and procedures aim to cut red tape and costs for Australian businesses.

The one-time registration fee is $30 for one year and $70 for three years. A three-year registration under the old rules in every Australian state and territory would cost the applicant over $1,000, disclosed ASIC Chairman Greg Medcraft.

To improve transparency and accessibility, applicants could search for free for the contact and ownership details of any business name currently registered in Australia. They could also check if a business name is still available, and renew current business registrations online.

For publicly listed companies, ASIC has sought the assistance of shared registry services such as Computershare to find out if these firms are complying with new regulations on executive pay. The audit is being done amid reports that company executives increase their bonuses by using their families and related parties to influence vote at stockholders' meetings.

To address this problem, ASIC wants companies to mandate their officials to write and warn their kin against illegally voting their shares at such meetings.

ASIC recently reviewed 50 remuneration reports filed by Australian Stock Exchange 300 companies. The review discovered that some publicly listed firms failed to provide enough information on four key areas - the board's general policy for settling pay, use of non-financial performance indicators, reasons behind the selection of particular performance hurdles and terms of incentive plans.

Under ASIC regulations, companies must inform shareholders in their disclosure of incentive plans of any dividends reaped as a result of employee share plans. ASIC Deputy Chairman Belinda Gibson explained that the rationale behind such disclosure requirements is for shareholders to understand why executives deserve handsome incentive rewards.

The Age reports that among the companies described by ASIC as providing good examples of disclosure reports are Asciano, Wesfarmers and Abacus Property Group.