Proposed National Business Name Registration System
PDF DOWNLOADOn 11 March 2011, the Council of Australian Government released an exposure draft of the Business Names Registration Bill 2011 in relation to the proposed new national business name registration system (New System). Currently, business names are required to be registered in each state and territory that a business trades in (unless they are trading under their own personal name or their company name). Accordingly, there is currently different legislation, processes and, importantly, fees, in each state and territory in relation to the registration of a business name.
Under the New System, the Australian Securities and Investments Commission (ASIC) will be given the responsibility for registering, renewing and administering business names. Some of the key features of the New System are as follows:
- business names will be registered nationally with ASIC (as opposed to in each State and Territory);
- there will be lower registration fees ($30 for 1 year or $70 for 3 years);
- businesses will be able to apply for a business name online 24/7 and will receive confirmation (or rejection) immediately;
- businesses will be able to apply for a business name and an ABN at the same time (registering for an ABN is free);
- all business names which are current, and are registered under the relevant State or Territory regimes, will be automatically rolled over to the New System in due course;
- all new businesses will be required to have an ABN or be in the process of applying for ABN and not have been refused an ABN to register a new business name; and
- consumers will be able to conduct free searches of ASIC’s online database in relation to registered business names (such as the registered proprietor of the business name and its principal place of business).
It is anticipated that the New System will be implemented by the first half of 2012, however this is dependent on each State and Territory passing legislation referring its powers to the Commonwealth.
Melbourne
Dan Pearce, Partner
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Sydney
Darren Pereira, Partner
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Jon Cane, Partner
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Brisbane
Philip Vickery, Partner
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