The new National Business Names Register will streamline business name administrations and reduce registration costs. Businesses should now find it easier to register names and to check whether a particular name is registrable.
On 28 May 2012, the new National Business Names Register came into force, replacing all current state and territory business names systems. Under the new system:
- users will be able to register, renew and search business names through ASIC’s online service, ASIC Connect;
- business names will cover the whole of Australia under a single registration;
- users will be able to check in advance whether a particular business name is registrable; and
- users will enjoy reduced registration fees, with fees reduced to $30 for 1 year or $70 for 3 years for a national business name.
Existing State and Territory business names have been migrated across to the National Business Names Register and given national effect. Businesses which have registered business names in multiple States and Territories may now wish to only renew one of their existing registrations (to reduce renewal costs and streamline business name administration).
See the article by G+T released on 24 May 2012.
See also ASIC’s InFocus newsletter for May 2012.