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.
