As foreshadowed in our update of 9 May 2011 , the way in which business names are registered and maintained is about to change.
Australian Securities & Investment Commission (ASIC) has announced that from 28 May this year it will (subject to the passage of legislation through the state parliaments) become the central point for the registration and searching of business names throughout Australia.
What does this mean for your business?
If you already have a registered business name under a State or Territory regime, this name will be automatically rolled into the new national system upon its commencement (You can review your details online with ASIC), you don't have to do anything during the transition.
Duplicate names
If you have the same business name registered in several States or Territories, those registrations will be consolidated into one registration on the national register.
If identical business names are currently registered to different registrants in different jurisdictions ASIC may, in migrating the business names to the national register, include a distinguishing mark or expression with each registration to ensure that they can be differentiated. For example, where a business name (say, Tony's Smash Repairs) has been registered in Victoria and South Australia to different business operators, ASIC may include a geographic identifier with each registration so that the register would include Tony's Smash Repairs (Melbourne) and Tony's Smash Repairs (Adelaide). The inclusion of the distinguishing mark or expression is not a variation of the business names itself, and therefore the businesses will not need to change their business name on their branding or stationary.
Renewals
If your registration is due for renewal before the start of the new provisions, it must be renewed through your relevant State or Territory body. If renewal is due after the start of the new provisions, renewal should be made through the ASIC administered national register by paying the applicable renewal fee.
Following the start of the new service on 28 May 2012, ASIC will issue renewal reminders to all existing businesses with registered business names.
New registrations
For those who do not have a registered business name, on commencement of the new system businesses will need to register for an Australian Business Number (ABN) and a national business name through the one site with Australian Business Registry. Registration can also be made by post or in person. From 28 May 2012, registration of a new business name, or renewal of an existing name, will cost $30 for a one year period or $70 for three years whilst registration of an ABN will continue to be free.
It is important to note that, as with the current business name registration system, the national register will not provide the registrant with a proprietary interest in a name. Registrants would therefore need to seek trade mark registration if they wish to exert or obtain ownership rights over the name, as is currently the case.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
