9 May 2012, by Tina Chu at Saal & Associates Lawyers
The new National Business Name Register established by the enactment of the Business Names Registration Act 2011 is schedule to commence operation on 28 May 2012.
The objectives of the new National Business Name Register are to “maximise convenience, reduce complexity and minimise cost to businesses and consumers”.
From 28 May 2012, business name registrations will be a national endeavour and the overseeing body will change-hands from the Office of Fair Trading to The Australian Securities & Investment Commission (ASIC).
If your business name is due for renewal before 28 May 2012, you are required to contact the Office of Fair Trading of your state.
If your business name is due for renewal after 28 May 2012, no action is required as ASIC will be responsible for the migration of existing business names registered under state laws and you can continue to operate under your current registration until the next renewal date. However, it is advisable that businesses check their names on the new Business Register once it becomes operative to ensure that their business names and details have been migrated accurately.
For new registrations and renewals after 28 May 2012, ASIC encourages online registrations via ASIC Connect and provides online support for businesses as they transition to online services. ASIC Connect is a user-friendly web service, facilitating businesses to:
Business or individuals with no internet access may apply for new business names via mail or submit their applications at an ASIC service centre. ASIC has published a series of Frequently Asked Questions (FAQ) for the new business name service.
For national businesses, you may wish to consolidate identical business names in different states into one registration to save costs and reduce paperwork.