Share Certificates in Australia: Relevance, Rules & Trends for 2025

In a world of digital trading and instant portfolio updates, the humble share certificate can feel like a dusty relic. Yet in 2025, these documents are more than just financial nostalgia. For some Australian investors and company founders, understanding share certificates is still crucial—especially as the regulatory landscape continues to evolve.

What is a Share Certificate?

A share certificate is an official document that serves as legal proof of ownership of shares in a company. Historically, receiving a share certificate meant you literally held a piece of the company in your hands—complete with the company seal and signatures. In Australia, most listed company shares are now held electronically via the CHESS system. However, physical or digital share certificates remain important for:

• Private companies not listed on the ASX
• Older shareholdings predating full digitisation
• Some off-market transfers or estate settlements

Each certificate details the shareholder’s name, number of shares owned, class of shares, and the issue date. For private or family-run businesses, issuing a share certificate is often the main way to formally record share ownership.

Why Share Certificates Still Matter in 2025

While digital platforms dominate, there are still scenarios where share certificates are required:

• Private company compliance: ASIC regulations require private companies to keep a share register and issue certificates unless shareholders opt for electronic alternatives.
• Proof of ownership in legal disputes: When contesting a will or dealing with family business succession, a share certificate can be critical evidence.
• Legacy assets: Some Australians still discover paper certificates from demutualised companies or pre-CHESS investments. These must be converted or validated to access their value.
• International investors: Some overseas jurisdictions recognise only formal share certificates as proof of Australian company ownership.

In 2025, the Australian government’s push for digital records continues. The Treasury’s ongoing corporate registry modernisation program encourages electronic record-keeping, but does not outlaw certificates. For many small and medium-sized enterprises (SMEs), issuing share certificates remains a practical way to satisfy both ASIC and investor expectations.

Recent Policy Updates and Trends

Several policy changes and technology trends are shaping how share certificates are used:

• ASIC’s Modernised Register (2025): The Australian Securities and Investments Commission now offers integrated digital company registers. Private firms are encouraged to maintain digital share registers, but certificates are still optional for those preferring paper records.
• Estate planning reforms: New 2025 probate guidelines in NSW and Victoria specifically address how digital and paper share certificates should be handled during estate administration, streamlining the process for heirs.
• Dematerialisation initiatives: The ASX and major brokers continue to phase out paper certificates for listed shares. Any remaining certificates must be converted to electronic holdings before trading or transferring.

Despite these changes, the Companies Act 2001 still recognises share certificates as valid proof of ownership for unlisted firms. Expect further digitalisation, but certificates won’t disappear overnight—especially for family companies, startups, or those dealing with legacy assets.

Practical Steps for Investors and Founders

If you’re dealing with share certificates in 2025, here’s what to keep in mind:

• For company founders: Use up-to-date templates, include all required details (shareholder name, number, class, issue date), and log every certificate in your share register.
• For investors: Secure your certificates in a safe place. If you inherit or find a certificate, contact the company or share registry to verify its status and arrange transfer or dematerialisation if needed.
• For estate executors: Check whether the deceased’s shareholdings are electronic or paper-based. Follow current probate guidelines for transferring or redeeming shares.

The Bottom Line

Share certificates may seem old-fashioned, but they remain an important piece of Australia’s corporate landscape—especially for private companies, estate settlements, and some international transactions. With regulatory updates and digital alternatives accelerating in 2025, now’s a smart time to review how your company issues and manages share certificates, or to check any legacy certificates you hold.