Changes to Business Name Registration in Australia

4 March 2011
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From July 2011, the Australian Securities and Investments Commission (ASIC) will assume responsibility for the registration of business names and existing State and Territory business name registrations will be streamlined into a single national business name register. There will no longer be a requirement to register separate business names in each State and Territory. Existing business name holders do not need to take any steps to consolidate business name registrations into the national business name register. This will occur automatically in July 2011.

Key Changes

The key changes to the Business Name registration system are as follows:

• New applicants will be required to have an ABN or be in the process of applying for an ABN (which can be done at the same time as applying for the business name) and not have been refused an ABN to register a business name;
• Applications for business name registrations can be made online with instant confirmation as to whether a business name may be registered;
• Applicants will be able to search existing business names and access links to Australian trade mark and domain name searches from the online registration facility;
• The fees for registration and renewal will be decreased except in the Northern Territory where there will be a slight increase in fees;
• Registrations may be renewed for a one or three year period;
• Certain contact details of the business name holder will be freely accessible by the public from the online business names register.
  

Renewals

Existing business name registrations still need to be renewed at the end of the original registration period but business name holders will be given an option to rationalise their business name registrations and choose to renew only one of the registered names. ASIC will communicate with business name owners as to the various options.

If you have any questions concerning your business name registration portfolio or the implications of the changes that will occur in July 2011 on your business, please do not hesitate to contact us.