New National Business Names Register online

The new national business names register came online on 28 May 2012. Managed by the Australian Securities & Investment Commission its purpose is to enable the public to better identify the entity that is carrying on business using a particular name. The Register replaces the previous system requiring businesses to register in each State or Territory in which it wished to trade in. Now businesses need only register their business name with ASIC, with registration having effect throughout Australia.What happens to existing business names?

• Each State and Territory registration will be automatically transferred to the new Register - we can assist you to confirm this has been done.
• Your existing period of registration and renewal date will not change.
• ASIC will contact you 2 months before your registration is due to expire. The costs for renewal are $30 for one year and $70 for three years.
• For transitioning purposes only, if your renewal is due between 28 May 2012 and July 2012 (in or around) ASIC will start issuing renewal notices. If your renewal is due July, August or September you may receive your renewal notice one month after expiry of your registration. The renewal payment for these business names will be due approximately 2 months after the renewal notice is issued. ASIC will not cancel registration of these business names until expiry of the extended due date in the renewal notice - should you wish to register beforehand we can assist you.

How do I register a new business name?

• New registrations can be completed online through the ASIC website www.asic.gov.au
• You will be required to submit details such as your ABN, business address, and other business name holder details.

If you require assistance either with your existing business name or new registration please do not hesitate to contact Dr Joanne Redburn on 07 3160 0010.