One National Stop for Registering your Business Name
What you should know
As part of a growing trend for legislation to be nationalised, each State has agreed to refer their power to administer business name registration to the Federal Government. The Australian Securities and Investment Commission (ASIC) will be responsible for administering the new system. This initiative is designed to reduce red tape, save time, cut costs and give more certainty to Australian businesses when registering and dealing with registered business names.
The new National Business Names Registration Service is expected to go live on 28 May 2012, dependent on the passage of legislation through the state parliaments.
How will the new system affect you?
There will be many positive changes for you as the consumer when the new system is in place, including:
- Registration fees under the new system will be less than the current fees payable in most States and Territories
- An applicant will only have to make one application for the business regardless of how many States or Territories the business operates in
- An application can be done in conjunction with an application for an ABN
- An application can be done 24 hours a day, 7 days a week
- You will be able to undertake due diligence investigations into the holder of the business name for free, with a small fee payable for additional information, similar to undertaking a company search through ASIC
Will the new system protect your trademark?
No. The registration of a business name does not protect a business owner’s trademark. It is very important for business owners to register their trademark so they have the exclusive right to use the brand connected to their business.
What happens if you already have a registered business name?
All names currently registered in various States will automatically be transferred to the new system at no cost. Of course, renewal fees will be payable of approximately $30 for one year renewals and $70 for three year renewals.