Business Name

A business name is a name or title under which a person or entity conducts a business. In Australia, unless you fall within an exemption (refer to ASIC Regulatory Guide 235), you must register your business name with ASIC. It is a legal obligation if you plan to carry on business or trade in Australia using a name other than your own.

Exceptions to this include:

• if you are operating as an individual and your operating name is the same as your first name and surname;
• if you are in a partnership and your operating name is the same as all of the partners' names; and
• if you are an already registered Australian company and your operating name is the same as your company's name.

In order to register your business name with ASIC you must have an Australian Business Number (ABN) or an ABN application reference number and you must make sure the proposed business name is available to register. Registration periods are for either one year ($33) or three years ($76).

Registration doesn't provide exclusive ownership of your business name or preventing other people from being able to register and use similar names. Generally, the only way to get exclusive use of a particular business name is to register it as a trade mark.

CANCELLING YOUR BUSINESS NAME

If you've got a business name that you don't use, you should consider cancelling it. Cancelling your business name removes your current details from the Business Names Register and will make it available for others to use and in addition avoid reminder notices being sent from ASIC.

You need to be aware that when you cancel your ABN, the business name is not automatically cancelled by ASIC and you still need to cancel your business name through ASIC.

If you've sold or handed over your business to a new owner, and the business name was part of the agreement, you'll need to transfer it. Transferring the business name reserves the name for the new owner, so no one else can register it.

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