A new national business name registration service is to replace
the State/Territory registration system currently in place.
Under the new service, to be administered by ASIC, a business
will only need to obtain a single national business name
registration, regardless of the number of States/Territories in
which it is conducting business. A business will be able to file an
online national business name application and receive confirmation
of the registration at the same time. The business names (and other
details of each business) will be recorded by ASIC in a single and
publicly available Business Names Register. It is proposed that it
will be possible to apply for both a national business name
registration and an Australian Business Number
(ABN) in a single online application (a paper
based application will also be available). Under the new service,
registration and renewal of a national business name will be for a
period of one or three years and the fees for both will be lower
than those currently charged.
This streamline national service should reduce the cost, time
and inconvenience currently involved in obtaining a business name
registration in more than one State/ Territory.
At this stage, it is anticipated that ASIC will assume
management of the new service in mid-2012. Draft legislation on the
new national business name registration system has been released
and, once public consultation has been concluded, the draft
legislation will be considered by the States/ Territories who have
agreed (under the regulatory reform agenda of the Council of
Australian Governments (COAG)) to refer their
powers in this area to the Commonwealth.
Remember that a registered business name does not provide you
with proprietary rights and, unlike a registered trade mark, a
business name registration does not entitle you to take action
against another trader.
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.
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