If you are the owner of an apartment or any land, you would be aware of the term owners’ corporate. Owners corporate is nothing but a group of individuals who manager either residential, commercial, or any other sort of property unit. An owner corporate was formerly known as body corporate until the year 2007 when a change of laws was introduced. Let’s take a look at the life of owners corporation managers in Victoria.
Who is a corporate manager?
A corporation manager is a person who is formally appointed by other individuals of the owners’ corporation to take up the responsibility of managing day to day duties of the common property. These may be overseeing maintenance related work, managing financial records, and keeping track of insurance.
However, being the manager comes with a catch, any person who wishes to be an owners corporation manager in Victoria has to be registered with the BLA. BLA stands for the business licensing association. To be eligible for registration, you must tick all boxes in the eligibility criteria. A person registering can be a person or a company and as such the criteria will vary accordingly.
Requirements for an individual:
You cannot register if:
- You are below 18 years of age.
- You are bankrupt or have debts.
- You are represented under the guardian and administration act of 1986.
- You do not hold indemnity insurance with a coverage of $2 million.
Requirements for a company:
Your company does not qualify for registration if:
- Your company is under the administration of an external jurisdiction.
- Any of the directors in your company are bankrupt or have debts.
- Any of the directors of your company come under the Guardianship and administration act of 1986.
Applications are normally for over one year. The cost of applying for 1 July 2020 to 31 June 2021 is around $211. Aspiring applicants are requested to post their correct details. The BLA will be verifying all the details to check if it is legit. If any sort of false details is found, serious action will be taken and a hefty fine will be imposed. If you or ownerscorporation managers in Victoria continue duties without completingregistration, serious penalties will be imposed. So do your best to take time to complete the process and avoid such unnecessary scenes!
Post application process:
Once you have submitted your application, you can expect the process to take around 17 days. Do note that applicants are strongly advised to not take up manager duties until the process has been complete. The BLA may also approach you to ask you to provide further documents or delays and as such you must co-operate.
As long as you follow guidelines, you should not worry about your application being rejected. Good luck!