There is a new National Business Names Registration System to commence on 28 May 2012.
While the date is mooted to start on that day, it is subject to passing of the relevant legislation in all States and Territories.
Currently, business names are registered in each State or Territory where the business is located. The National Business Names Register will totally replace the State and territories Registers. The main purpose of the change is to afford protection to consumers, by allowing them to identify the people or companies behind the business or trading name.
From 28 May 2012, the Australian Securities & Investments Commission (ASIC) will take over the responsibility for the new National Business Names Register.
Many advantages will be available to Queensland businesses as a result of the National Business Names Register, being:
- The elimination of the need for businesses which trade across State borders to register in multiple States;
- Businesses will be able to register and renew their national business name on line;
- Business name registration will be combined into a single online transaction with the registration of an Australian Business Number (ABN); and
- It is anticipated that there will be a reduction in the current Queensland business name registration fees.
Transition to the New Register
As an existing business name holder in Queensland, you will not have to do anything in particular during the transition. As and from 28 May, existing Queensland business names will automatically transition to the new National Register. All the existing details will transition to the National Register including existing expiry date. If your current business name expires after 28 May, this is the date that ASIC will record as the expiry date on the new National Business Names Register.
Obviously there will be many situations where there will be multiple names across the various jurisdictions. All these names will be transitioned to the National Business Names Register. If you own multiple business names in each State, you will have the ability to deregister or cancel those other names at no cost.
If there is a similar business name to one you are currently conducting, it will be differentiated by the word “Queensland” or the respective State beside the name. This will not form part of the business name so if your business was trading as “ABC Smash Repairs”, it will continue to trade as that name in the future.
If your business name is due to be renewed after 28 May, ASIC will send you the renewal form to renew on the National Register.
If your business name is due for renewal before 28 May, you will need to renew in Queensland with the Office of Fair Trading and pay the Queensland registration fee.