From 28 May 2012 all current state and territory business name registration services will be replaced by a single national business names register to be administered by ASIC.

When you must have a business name

If you are carrying on a business under a business name then you must register the name unless the following apply:

• the entity is an individual and the business name is the individual’s name;
• a registered company and the business name is the company’s name; or
• a partnership and the business name consists of all the partners’ names.

Any alterations to the legal name will require registration e.g. “John Smith & Co” is required to be registered because it differs from the individual’s legal name of John Smith.

Existing business name holders

All existing business names registered in each state and territory will be automatically transferred to the new register, so existing business name holders will not need to do anything.

If the business name is registered in more than one state or territory, then all registrations will transfer across to the new register. The business owner then has the choice of cancelling the registrations with the earliest expiry date and keeping the one business name record.

Identical existing names in different states or territories

Where there are two or more identical business names recorded on the register, ASIC will provide additional information on the public register to assist the public in differentiating between the identical names. This will be to allow the public to distinguish between the identical business names and assist in determining the business name holdre’s correct details.

New business name registrations

As a result of the changes, new business names can be registered online and in most cases, receive confirmation of the registration straight away. This will cut down the time for registration considerably, as well as making access to registration easier.

To register online you need an Australian Business Number (ABN), and payment is made by credit card.

Searches can also be performed on the new register by entering a name or business details.

The cost of registration is also significantly cheaper, with registration costing $30 for one year and $70 for 3 years.

Maintaining business name registrations

As the new register will be online, access will be available to business name registrants to keep their contact details and business details up to date. This will ensure that the register is kept current, and that the public can correctly determine who the owners of a business name are.

Renewing business name registrations

From 28 May 2012, ASIC will notify the business name owner well in advance of a business name expiring. As the notices will be sent to the existing address on the register, it is important that those details are kept up to date so that the notice can be received with adequate time to renew the registration.

For business names that expire on the commencement of the national register or shortly after, there will be an extended due date provided and the registration will not be cancelled until that extended due date.