The new national business name registration system has now commenced, replacing the current state and territory registers. All Business name registrations are now managed by the Australian Securities and Investments Commission [ASIC] – Some of these changes may affect your business. Here are a few key facts provided by the Government that will answer some of the most obvious questions that you may have about the changes.
Affects on New Business
You will now only need to register your business name once, instead of having to register it in each state and territory you want to operate in. Once your name is registered, it is registered nationally. You need an ABN [Australian Business Number], or must be in the process of applying for one and not have been refused, in order to apply for a business name. ABN registrations continue to be free.
Affects on Existing Business
You will not need to do anything to transfer your business name to ASIC. Your existing business name registration has automatically been transferred over into a new system. The due date for renewing your business name will remain the same. Any identical business names currently registered in multiple states and territories have already been transferred over to the new system and are now seen as one single registration.
You will also only pay one renewal fee and will be able to align the dates of renewal if you have multiple companies under different names in the system.
For a more in-depth look at these changes head over to www.business.gov.au