Further to Addisons focus paper of 2 March 2012 entitled Whose Business (Name) is it Anyway? – Implications of the National Business Name Registration System, the National Business Names Register has today been launched. This will simplify the registration of business names in Australia.
The Australian Securities and Investments Commission (ASIC) is now responsible for registering business names throughout Australia.
National Business Names Register
Under the new regime, all business names will be registered at the national level. All existing business names registered under the old regime at a State or Territory level have been migrated automatically to the new national business name register.
The register is accessible via ASIC's new online service portal, ASIC Connect at www.connectonline.asic.gov.au. ASIC Connect provides options to search, register, view the status of, transfer, cancel and renew, business names.
ASIC Key
As part of the new regime, all individual business name owners will be issued with an ASIC key. The ASIC key will link a business name to the owner's ASIC Connect account. After the business name is linked, transactions such as renewals can be completed. A business name owner can share this key with authorised agents in order to allow them to transact on their behalf.
ASIC will provide business name owners with an ASIC key upon registration of a business name. If a name was registered prior to 28 May 2012, ASIC will issue an ASIC key as part of the renewal process. Alternatively, business name owners or their agents can at any time request that an ASIC key be issued to them.
An Important Reminder for Business Owners
It is important to remember that the registration of a business name does not create a proprietary interest in the name. In order to secure exclusive proprietary rights in respect of a name, business owners should ensure that the name is registered as a trade mark in respect of the goods and services for which it is used. The advantage of registering a business name, other than to comply with legislation, is to prevent another person from registering an identical business name.
The assistance of Ashleigh Fehrenbach, Clerk, of Addisons in the preparation of this article is noted and greatly appreciated.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
