Australian Franchises

ASIC Announces New National Business Name Register

Written on the 1 March 2012 by Australian Franchises & ASIC

ASIC Announces New National Business Name Register

Today ASIC (The Australian Securities & Investments Commission) announced that commencing on 28th May 2012 the existing state based business names registries will be merged into one national register.

Person Wrapped In red tapeThe aim is to simplify the whole process by cutting through the red tape each states existing registry imposes and slashing the cost of nation wide business registrations. The current system requires businesses to register separately and pay separately in each state that they wish to operate in. The processes and costs involved vary from state to state.

ASIC Chairman Greg Medcraft said

"This new online service will simplify the registration process and reduce the burden on business by enabling them to register once nationally.

 

Under this system, businesses will also have the option of registering their business name at a cost of $30 for one year or $70 for three years. Currently, a business operatingand registering their business name in every state and territory faces a cost of more than $1,000 for three years registration"

Existing business names registered on the state based system will be automatically transferred over to the new register. New business owners and existing registered business owners can download a free copy of the RG 235 Regulatory Guide which outlines the changes involved and provides details on what existing business owners can do to verify their existing details. 

For more information about the announcement and how it may affect your business, please visit the ASIC media centre There you will find links to an FAQ section and the Business names reform update newsletter to assist business owners with the impending changes.

 


Author: Australian Franchises & ASIC

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