The national business names registration service came into effect on 28 May 2012, replacing the state and territory business name registration services and making the Australian Securities and Investments Commission (“ASIC”) responsible for registering, renewing and administering business names for all Australian businesses.
To help business owners, ASIC has launched an online service on its website called ASIC Connect, which is used for searching the business names register, registering business names and cancelling, transferring and renewing business names.
Set up an ASIC Connect Account
To register a business name, you must first set up an account on ASIC Connect:
2. Click on the “Get Started” button and fill in the details before clicking “Create Account”
3. You should receive an email in your nominated email address. Click on the link in the email to activate your ASIC Connect account.
Registering a new business name
Once you have activated your account, you can log in and select “register a business name” on the right hand side of the webpage. The process takes an average of 15 minutes to complete. You will need to follow the steps below to register a new business name:
Step 1: Australian Business Number (ABN)
Enter the ABN or ABN application reference number of the entity that will hold the business name.
Step 2: Proposed Business Name
Enter the proposed business name and click “Check Name Availability”. Your proposed business name will result in either a red, amber or green circle. A red circle means that your proposed name is not available for registration as it may be identical or nearly identical to a name already registered. An amber circle indicates that your proposed name may not be available and will be referred to ASIC for a manual decision. You have the option to choose another name or continue with the application and wait for ASIC’s review. A green circle indicates that the name is available for registration.
Step 3: Registration period
You may register your business name for a period of 1 year for $30 or 3 years for $70.
Step 4: Business name holder details
Enter the proposed business name holder details and the addresses for the business.
Step 5: Confirm eligibility
You will need to confirm your eligibility to hold a business name.
Step 6: Review and submit
You should review the information and submit the application if the details are correct.
Step 7: Payment and confirmation
Enter your payment details and confirm your application. Once you have completed your registration transaction, a new screen will appear to confirm whether your business name has been successfully registered, or if it is pending subject to:
- payment of the registration fee;
- providing your ABN (to replace an ABN application reference number), or
- ASIC’s manual decision in relation to your proposed business name.
Confirmation of registration and ASIC Key
Once all outstanding matters (if any) have been finalised and ASIC has approved your application, you will receive an email to confirm your registration and an ASIC Key that links your business name to your online ASIC Connect account. The ASIC Key is a unique number that will act like a PIN used for bank accounts. As the business name holder, you may share the ASIC key with authorised agents to allow them to transact on your behalf.
Business Name Start Date
The start date of your successfully registered business name will be the date on which ASIC has finalised and approved your business name and received your registration fee.
ASIC will send reminders to the business name holders two months prior to expiry of your business name registration. However, business name holders should regularly check and update the register to ensure that its details are correct and perform searches to ensure that third parties have not registered an identical or similar business name.
For more information on the business registration process, or assistance with setting up a new business contact Peter Stewart or Jack Li on 9635 6422 or email email@example.com