New National Business Names Registration System

08 Sep 2014

EXCERPT:

As you may be aware, the registration and transfer of business names are now (since 28 May 2012) administrated nationally by ASIC’s online Business Names Registration System.

Key changes

  1. Prior to 28 May 2012, registration of a business name was required in each state and territory in which a business operated. Under the new national system, only one registration is needed to register a business name throughout Australia.

  2. ASIC has migrated all the previous state and territory Business Name registers to the national register.

  3. If there are businesses that use identical names across the states and territories, ASIC may differentiate them by using a distinguishing word (such as a geographical marker).

  4. Business owners are able to register and renew their business name online for a period of one or three years. Registering or renewing a business name will cost $34 for one year or $78 for 3 years.

  5. ASIC will usually notify a business owner two months before the expiry of the business name to renew the same. However business name holders should not rely on this notification and should regularly check the register to confirm when their Business Name is required to be renewed (i.e. on or before the date of expiry).

  6. Importantly, the registration of business names now requires that the business have an ABN. The business owners can apply for the ABN at the same time as registering their business name. This is to ensure that only businesses that are ‘genuinely’ trading are permitted to hold the business names.

  7. A business owner can amend, update access the details in respect of their business name on ASIC Connect. Any person can set up an account with ASIC Connect. https://asicconnect.asic.gov.au/login/login.html

  8. In order to make changes to your business name including transferring, renewal or cancellation, you must have the “ASIC Key”. This is a unique PIN for each registered business name. ASIC will post the ASIC Key to the registered address of business name holder.

  9. If your business name was migrated from the old system, you may not have the ASIC Key. ASIC will provide the ASIC Key close to the time that you are required to renew the registration. If you need the ASIC Key in the interim, you can request for it from ASIC via ASIC Connect or as an inquiry through ASIC Connect.

Click here to read the article on New National Business Names Registration System
 

For further information contact Murfett Legal by emailing one of the following directors:

 
Jason De Silva (Director):     jason.desilva@murfett.com.au
Kelly Parker  (Director):       kelly.parker@murfett.com.au
Peter Broun  (Director):       peter.broun@murfett.com.au


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