Press release
Australia to Reform Business Name Registration Process
In accordance with the Business Names Registration Act 2011 (Cth), from May 28, 2012, the Australian Securities and Investments Commission (ASIC) will maintain a new business names register on a centralized database.
The current process requires business names to be registered in each state and territory where the business operates (with certain exceptions).
Process for Existing Business Names
For companies with registered business names before the commencement date, ASIC will have it transferred automatically to the new Register on the start date. Entities that wish to continue business under the existing name after the start date will need to renew it before it expires.
Registering a Business Name After the Commencement Date
The process for registering a business name after the start date involves creating an 'ASIC Connect' account with ASIC and completing an online application.
Information Displayed on the Register
Certain details of the business name such as the name, ABN and period of registration will be available to public via online search, once applications have been submitted successfully.
Multiple Business Names
Businesses with names registered in more than one state will find all the names transferred to the new Register on the commencement date. This could result in a business name holder having multiple business names. In such cases, the owner would be allowed to keep one name and cancel the others at no cost.
Identical business names with different business name holders will be distinguished by providing additional information.
Additionally, ASIC has the authority to cancel identical business names provided that it can confirm that the same holder owns multiple identical names.
Please call/email for more details.
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Nair & Co.
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