Previously, each State and Territory operates its own business name registration system, meaning that eight separate registrations are needed if you want to register a business name nationally. Thankfully, a streamlined national business name registration process has replaced these separate systems, writes commercial lawyer DEAN FRITH.
The new system commenced on 28 May 2012 and is managed and administered by the Australian Securities and Investments Commission (ASIC). Some of the key changes include:
• The cost of registration is lower – down from $160 to $70 for a three-year registration.
• The system is predominantly online, meaning access to the system will be available 24/7, and response times should be quicker.
• Any applicants for new business names will need to have an ABN or be in the process of acquiring one.
Did you know that simply registering your business name does not allow you to prevent other traders from carrying on business under that name, nor from registering an identical trademark or website domain name?
With the introduction of the new system, now is a good time to consider whether registering your business name is sufficient to protect that name.
