What is a business name
A business or trading name permits your customers to make a distinction between yourself & your business rivals by way of an emotional attachment to your business brand. A business name, once/if registered, will be linked to your Australian Business Number (ABN)
When you must register a business name
You will be required to register your business name with ASIC if you decide to operate as a sole trader, partnership or trust when you establish your business. If you are thinking of trading using your name, or your partner’s, given name & surname, you will not be required to register. If you decide to add an additional word or words to your trading name, for instance, Joe Sixpack Brewing, you must register the name.
How you can register a business name
ASIC manage all business name registrations, which you can lodge through this link, http://www.asic.gov.au/for-business/registering-a-business-name/. You need to either have an ABN or be in the process of applying for an ABN & not have had that application denied. The is no fee to register for an ABN, with multiple business names linked to your ABN permitted. You now only need to register for a business name with ASIC once & it is registered nationally. If there is a business name or company registered with ASIC which is identical or very similar to the one you wish to, you will not be able to register the business name. However, a business namedoes not give you legal rights to the name. This means if someone else uses your business name for their business, you don’t have any rights to stop them.
Fees for business name registration
Business name registration fee are as follows:
For information on how to pay your fees, here is the relevant ASIC website link http://www.asic.gov.au/for-business/payments-fees-and-invoices/payment-options/business-name-fees-and-payment-options/
Renewing a business name, the fees are the same as registration, i.e. $35 for one year, $82 for three years.
Updating details of a business name, no fees are applicable.
Cancelling a business name, no fees are applicable.
Transferring a business name, no fee applicable for the Transferer, but for the Transferee once their details are registered the fees are the same, I.e. $35 for one year & $82 for three years.Related Tags: How To Register a Company | Register a New Company in Australia