Focus: Business Names Registration Act
Services: Commercial, Intellectual Property &
Technology
On 28 May 2012, subject to the passage of legislation through the state and territory parliaments, the Australian Securities and Investments Commission (ASIC) is set to take over responsibility for the registration, renewal and administration for all Australian business names under the Business Names Registration Act 2011.
ASIC will maintain an online national register of business names (the Business Names Register), which will replace the current system that requires businesses to register their business names separately in each state or territory in which they wish to operate.
In the same way that persons wishing to use a trade mark can search the Australian Trade Marks Register online to determine whether the particular trade mark is potentially available for registration, the Business Names Register will allow persons wishing to commence a business to determine if a business name is available as well as to attend to registration, renewal and common administrative changes.
The appointment of ASIC marks a significant and long overdue federal consolidation in administration which was previously administered by individual Australian states and territories.
ASIC has helpfully posted a FAQ page and issued a regulatory guide that addresses and answers many of the questions that are sure to be at forefront of mind for owners of existing business name registrations and people wishing to run a business in Australia using a business name.
According to ASIC:
- businesses that already have existing and separate business name registrations in different states and territories will have these existing registrations grandfathered into the Business Names Register with their granted term of registration. If a business has multiple identical business names registered, it may choose to keep one business name record (for instance, the business name with the latest registration expiry date) and cancel the registration of its other business names
- if the same business name has been registered by different businesses in different states and territories ASIC will provide additional information on the Business Names Register that will not form part of the business name but will assist the public in differentiating between the otherwise identical business names
- if a business name registration is due to expire before the commencement of the Business Names Register the owner should receive a renewal notice from the state agency responsible for business name registration in the relevant state or territory before the new national service commences. If the business wishes to continue carrying on a business under the business name after the expiry date it will need to renew the business name registration and pay the appropriate fee to the state or territory under that state or territory business name system.
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.
