12 Jul New National System for Business Names
A new national business names registration system commences on 28 May 2012.
The national register of business names will replace the existing state and territory registers.
The new system will be administered by Australian Securities and Investments Commission (ASIC)
Benefits of the new national register
The national register will offer some advantages to Queensland business owners:
- The national system eliminates the need for registration in more than one state.
- The new system will allow for online registration and renewal. Online payment options will also be available.
- Business name registration will happen simultaneously with the registration of an Australian Business Number.
- There may be a reduction in fees in Queensland
Transistion to the new national register
The Queensland register will be discontinued from 5pm on Friday 25 May.
As a business name holder in Queensland, you do not have to do anything during the transition. All existing Queensland business names will automatically transition to the national register in preparation for its commencement on Monday 28 May.
If you have registered the same business name in multiple jurisdictions, all of your business names will be transitioned to the national business names register, meaning that you may have multiple identical business names registered to you.
Under the new system, you can choose to keep one of your business names and let the rest expire. If you prefer, you can speed up this process by cancelling any business name that you no longer require. There is no fee to cancel a business name.
If the same business name has been registered by different businesses in different jurisdictions, all of the business names will still be transitioned to the national business names register. An additional identifier (such as the word ‘Queensland’) will appear on the register to assist in differentiating between identical business names.
This additional identifier will not form part of your business name, meaning that you can continue to trade using the business name you have always had.
Renewing your business name
If your business name is due for renewal before 28 May 2012, you may have already received your business name renewal form from the Office of Fair Trading. You should renew your business name in Queensland, prior to the transition to the national register. If you haven’t already done so, please ensure that you lodge your form and appropriate fee as soon as possible.
If your business name is due for renewal on or after 28 May 2012, ASIC will send you a business name renewal form and you will renew on the national register.
If your business name is due for renewal between 28 May 2012 and mid to late June 2012, you may receive your renewal notice from ASIC a bit later than you would normally expect it. If you do, you will get an extension of time in which to renew, so that you are not disadvantaged.
Once the transition to the national register is complete, fees for Queensland businesses will be cheaper. Online payment options such as BPay and credit card payment will be available. Registering an ABN will remain free.
New application for registration of a business name for 1 year – $30
Application for renewal of a business name for 1 year – $30
New application for registration of a business name for 3 years – $70
Application for renewal of a business name for 3 years – $70
Note: Fees are current as at 23 November 2011. They are subject to change at the start of each new financial year.
If your business name is due to expire before 28 May 2012, you will need to renew in Queensland and pay the current Queensland fee.
You are entitled to renew for only one year in Queensland to reduce your costs.