New Business Name Registration Regime with ASIC
A business name also known as a trade name or trading name, is the name which a business trades under for commercial purposes, although its registered, legal name, used for contracts and other formal situations, may be another. The name of your business is one of its most important assets. Once you’ve done the hard work of choosing your name and making sure that it’s available for your use, you’ll want to protect it in every way you can.
Any business that doesn’t use its legal or entity name (the official name of the person or entity that owns the business) as part of its business name must comply with fictitious or assumed business name requirements. This means registering the name in each state in which you are trading to enable the public find out who is operating the business.
Effectively on the 28th of May 2012, ASIC had started taking over the registration of business names from the states and territories. ASIC business names registration service allows you to register business names nationally, online. You can register your business name through ASIC Connect, the ASIC online service portal. If your business name is currently registered in a state or territory, it will be automatically transferred to ASIC’s Business Names Register and you do not need to register with ASIC.
These are the following steps in Registering Business:
Step 1: Enter the Australian Business Number (ABN) or ABN application reference number of the entity that will hold the business name.
Step 2: Enter the proposed business name and select a registration period.
Step 3: Enter the proposed business name holder details, including representative details (if required).
Step 4: Enter the addresses for the business.
Step 5: Confirm eligibility to hold a business name.
Step 6: Review and change the information if required.
Step 7: Declare and submit.
Step 8: Pay the registration fee.
Step 9: Confirmation.