Australia’s new national Business Names Register, a new online system to register, renew and search business names that’s aimed at cutting red tape and compliance costs for businesses, was officially launched yesterday by ASIC.
As we’ve previously reported, the national Business Names Register replaces eight state and territory systems, simplifying business registration by offering a single online service. Under the new streamlined service, businesses only need to register their name once to have national effect and have the option of registering their name at a cost of $30 annually, or $70 for three years. Previously, a business operating and registering their business name in every state and territory incurred a cost of more than $1,000 for the same period.
“The national Business Names Register will provide genuine time and cost benefits for Australian business, particularly small business where every bit counts,” ASIC Commissioner Greg Tanzer said at the launch. “Instead of trawling through several sites to check a business name, register and then maintain a registration, Australian business owners will be able to do all this business on one national site.
“Our new Business Names Register is all about making it easier to do business. For the first time, businesses trading in more than one state or territory will only need to register once nationally – removing the inconvenience caused by registration of business names under the law of more than one jurisdiction within Australia.”
ASIC’s Business Names Register contains over 84 million migrated data records previously held by state and territory agencies across Australia. This includes over 1.6 million existing business name registrations which have been automatically transferred to ASIC’s national register. ASIC says it will contact current business name holders when it is time to renew their business name. Under the new system, future business owners can also look up the availability of a business name through a real-time automated check. Before choosing a new business name, business owners can search ASIC’s register to make sure that a similar name, or an identical one, is not being used by another business.
ASIS says further enhancements to the national Business Names Register will be delivered progressively between now and this November, including a joint ABN and Business Name registration transaction for new businesses to access from the ABR website. For more info visit the ASIC Connect website now.
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