Renew and maintain your business name
ASIC is urging business owners to renew their business name or risk it being cancelled.
The reminder comes after ASIC cancelled more than 95,000 business names in the first half of 2015 after business name holders failed to pay their renewal notice.
ASIC Commissioner Greg Tanzer said, “Renewing is a simple process and we encourage business owners to go online where they will find guidance on business name renewal fees, what the renewal period options are, how you will be notified of an upcoming renewal as well as an outline of what happens after you have renewed.”
A registered business name can be renewed with ASIC for either one or three years.
Since ASIC took over the Business Names Register in 2012, Australian businesses have saved $120.7 million in reduced fees to register and renew a business name.
Mr Tanzer added, “ASIC’s
role includes ensuring that small businesses understand what is expected of them and providing them with tools to make that understanding easier to obtain.”
Business name holders can check their next renewal date at www.connectonline.asic.gov.au.
Updated Business Names Registration Rules
Updates to the Business Names registration rules were introduced on 20th July 2015, as part of an ongoing commitment to ensuring Australia is a global leader in facilitating small business start-ups.
An existing business may be devastated by a new entrant mimicking its name. Equally, a new business that inadvertently echoes the name of another may incur great costs unwinding confusion.
The new Business Names (Availability of Names) Determination 2015 and accompanying Guidelines will ensure small businesses can rely on the integrity of their business name registration and that new business name applications are appropriately vetted.
Under the changes, the list of expressions considered ‘nearly identical’ will be expanded and rules around common name terminologies will be clarified and simplified.
These changes reduce the risk of business names being registered where the public may be misled by nearly identical business names.
They will also ensure ASIC is still able to maintain fast and efficient processing of new business name applications.
Currently 98 per cent of business names applications are registered within one business day, ensuring that entrepreneurs are able to start a business quickly and with minimal regulatory burden.
The National Business Names Register, which has been in operation for over three years, delivers a single online national registration point for the registration of business names. Since its commencement, over half a million new names have been registered, taking the total number of registered business names to over 2 million.
These changes are in addition to the Government’s streamlining business registration measure announced as part of the $5.5 billion Growing Jobs and Small Business package in the 2015-16 Budget. As part of this, the Government is simplifying business registration processes by developing a single online registration site for all businesses.