How Do I Register a Business Name? What You Need to Know
Your business name serves several purposes. This name is the title your business trades under and how your customers identify you. It sets you apart from the competition, is the foundation for your lasting relationships with your customers and will be an asset to you over the years.
Do you need to register your business name?
Most businesses will need to come up with a unique business name and register it, but there are a few exceptions. If you are operating as a company, you don’t have to register your name. If the name of your business is your first and last name or your partner’s first and last name, then you don’t need to register it. However, if you are operating as a trust, partnership, or sole trader; then you are required to register your business name with ASIC.
How do I register a business name?
If you’re wondering how to register a business name, the process is simple. First, you’ll need an ABN (Australian Business Number). Choose a good name for your business, and then check to find out whether it is available. You can do this here. You don’t want to choose a name that is the same as another business because this could result in legal problems. Once you have selected a unique name for your business, you can register it at Top Business Name. This process is fast and easy, and you will receive confirmation a short time after registration. You will also receive notification a couple of months before it is time to renew.
What if my business name was previously registered in another state or territory?
When you register your business name, it will be registered nationally, so you don’t need to re-register in your new location. Should you register a name in multiple states or territories, the name is transferred to ASIC’s national register, and you may conduct business under the name anywhere in Australia. If you have registered more than one business name, you may use any of the registered names; to keep just one, just allow the other registrations to lapse by not renewing them. However, be sure to renew the registration for the name you wish to keep on time.
How do I renew my business name?
Once you know how to register a business name, you also need to know how to renew it. If you have registered your business name, you will receive notification from ASIC one to two months before your renewal date. Be sure they have your correct mailing address so that you will receive the notice. You will not incur any late fees for not renewing on time; however, your original registration will be canceled. If you do not wish to renew your business name, take no action. If you want to cancel your business name registration before the renewal date, you may do so.
To register a business name or learn more about the process, contact Top Business Name today.