A new national business name registration system is expected to be up and running from middle 2012. All business names will be registered on a single and national database.
The Commonwealth Government has introduced new legislation on 17 August 2011 to set up the new registration system. The following are some key features of the new legislation:-
- ASIC will administer the new system and any decisions by ASIC will be reviewable.
Business names will be registered nationally.
- A person would be able to register for an Australian Business Name by using an online registration process.
- The proposed costs at this stage will be $30.00 per year or $70.00 for 3 years.
All current business owners will receive notice from ASIC upon implementing of the new system explaining the new system with specific reference to registration, renewals and fees.
If there exists similar business names in different states, the business names will be distinguished by adding the name of the state after the business name.
We will keep our business clients informed about the implementation date but should you require any further details in the meantime, do not hesitate to contact us.