Business Name Registration is a key step every business owner should take to protect their brand and personal name. A registered business name ensures that no other company or individual can use the same name in the same territory, thus protecting your valuable trademark and allowing you to expand your brand without fear of duplicates.
Upfront cost: $317.10
Business Name Terms and Conditions: A new business may apply for up to three (3) business names each year at no additional cost after the original registration fee. If you also want to register domain names using your business name, it’s an extra $80 per domain name per year. If there are any changes made to the details of a registered business name during this time, e.g., if you want to change its address or phone number, this is an additional $53.30.
Renewal cost: $317.10 + $80 per domain name every year after the first free 3 years
A business name can be registered for a maximum of ten (10) years, and you must renew the registration before this expires. If you do not renew your business name registration within 60 days of expiration, you lose all rights associated with the name and someone else may choose to register it instead. After such time has passed, you’ll be required to re-register your business name and start from scratch under a new company name if you wish to continue using the same identity in another territory of Australia.
Transferring a business name: The transfer fee is $180.55.
You can move a registered business name from one legal entity to another, i.e., from an individual to a corporation or the other way around, if you would like to continue using your business name. When you change who legally owns the rights to use the name, you will need to pay for this service (which includes transferring any registration data associated with previous names).
Change of details: $53.30 every time updated
You must notify ASIC of any changes in your company’s details within fourteen (14) days of the change occurring; otherwise, there may be some issues when it comes time for renewal or transfers later on down the line.
The easiest way to update your business name registration details is by using the online form on ASIC’s website. If the changes you need to make aren’t that significant, then a letter sent through snail mail should be sufficient, but otherwise, it’s best to have an expert handle this for you so nothing gets lost in the process.
WHY REGISTER MY BUSINESS NAME?
There are many benefits of registering your business name with the Australian Securities and Investments Commission (ASIC). A major benefit is increased protection against competitors using similar or identical names. However, this isn’t the only reason you should register your business name with ASIC – here are just some of the other key reasons to do so:
• Helps to establish your company as an entity in its own right.
• Raises no questions about ownership of the company because ASIC will have all relevant details on file.
• You have a legal obligation to update ASIC when there are changes made to your company’s name or address. Failure to do so may result in monetary penalties being levied by ASIC.
• Stops other people using your company’s name
• Helps to ensure that customers are able to contact your business easily with accurate information.
• Can be used as evidence of your company’s existence.
If you have any questions or concerns about Business Name Registration in Australia, feel free to check: registry business name. They will gladly help get your problem sorted out!