Do you have a business name?
A business name is simply a name or title under which a person or entity conducts a business. You must register your business name if you trade under a name other than your own.
On 28 May 2012, the previous state and territory registers became a national register of business names and is now looked after by the Australian Securities and Investments Commission (ASIC).
The ASIC’s public register allows a business to be easily identified and how they may be contacted using publicly accessible information on ASIC’s website.
The online register allows you to:
quickly determine if a business name is available;
register and renew a business name; and
make changes to details relating to your business name.
Most business name holders should by now have received an ASIC Business Name Key which is a unique number for your business name that allows you to log in online with ASIC. This number is unique to your business name and ensures that only you and those you have authorised can update your business information.
You will need your ASIC Business Name Key to initially set up your ASIC Connect account which is the online service that allows you to update your details, renew your business name or transfer your business name.
If you are looking to sell your business, you will need to log in to your ASIC Connect account and notify ASIC of the pending transfer. ASIC will then send you a “Consent to Transfer Number” to hand over to the buyer at settlement in exchange for the purchase monies so they can transfer the business name into their own name.