Registering your Business Name

                Many people get confused of what really is a business name, and to make it easier to understand, a business name is simply a name or title under which a person, or other legal entity, trades. Your business name gives you a unique identity which makes it easy for your customers to distinguish you from other businesses. Having a one of a kind business name will give you the edge from your competitors and this can even be a good way for your customers to form an emotional bond to your business and brand. Business name registration is one the most important process that a business owner should do because the name of your business is considered as one of the most valuable asset.

                First time businessmen and seasoned business owners always undergo a process which is necessary when setting up a business. Whether you choose to operate as a sole trader, partnership or a trust, and not as a company, then you will have to undergo business name registration in the state or territory in which you’ll operate. However, if your business name includes your or your partner’s, first name and surname, then you don’t need to undergo business name registration. If you plan to start a business in several states, then you will need to do business name registration separately in each state.

                However when you register for a business name, you should always remember that this does not give you exclusive rights to that name because a trademark is the only thing that can give you the right to own and use a registered name, word or phrase. You will need to undergo a separate application for trademark when you want to have exclusive use of your name now and in the future throughout Australia.

The New National Business Names Registration System

                However, every business owners should be aware of a new National Business Names Registration System that is expected to commence on 28 May 2012. This new system will replace the current state and territory registers and the new system will be managed by The Australian Securities and Investments Commission (ASIC). Not only upcoming business owners but those persons with many business ventures should be aware of this event because under this new system, all business name registration will be administered by the Australian Securities and Investments Commission (ASIC).

                This new system can be very advantageous especially when having a couple of business chains around Australia. Under this new system, business name registration will be done only once instead of having to register your name in each state and territory you want to operate in.  The system will register your name nationally so no need to make different registrations.

                In order to complete a business name registration, you will be required to have an Australian Business Number (ABN) or be in the process of applying for one and not have been refused. If you do not undergo the ABN application, then you will not be able to continue the process of business name registration.  But don’t worry because ABN registrations will continue to be free.

                For those already existing businesses, don’t freak out as well because the new system will not affect your business. Just sit back and relax because you do not need to do anything to transfer your business name to ASIC when the new national business name system is launched. The transfer of your existing business name registration over into the new system becomes automatic so don’t worry about it but just don’t forget that the due date for your business name renewal will remain the same.

                For those business chains that have registered in multiple states and territories, keep your cool as well because the new system will transfer this as a single registration as long as you have identical business names. For example, if you have the business “Australian Photo Express” in 5 locations all over Australia, you will not need to re-register again for the 5 branches. The new system will transfer your multiple registrations as a single registration so that you will only need to pay one renewal fee for the name to be registered nationally, instead of paying for each state and territory. You will have to renew your business name registration on the last date of expiration listed on any of your business name registrations. Let’s say that you have different business names or have a registered company, you can make renewal easier because the new system will allow you to align the renewal dates for those registrations.

                Having many business all around Australia can be difficult especially when keeping tracks of documents but ASIC will make sure that you will be informed and will be receive all important documents. What they will do is to notify you of which address ASIC intends to use as the principal place of business for sending documents. If you do not agree with their choice of place, you could also nominate an alternative address for service once the new system is operating.

                It can’t be avoided to have identical names as with another business in another state or territory in Australia. This usually happens and in order for problems to be avoided, ASIC will provide additional information on the public register to differentiate affected businesses. The information can be the state or territory your business name was first registered in to help people to identify your business from the other one with a similar name. The public register is widely used by consumers to check details about business so it is important that your business gets distinguished from others especially if you happen to have identical names.

                To prevent misunderstandings and problems with these new guidelines, you can check the New National Business Names Registration System page or visit the ASIC website. But until the National Business Names Registration System begins to operate, you can continue to refer to the state or territory information for business name registrations. You can call the designated offices located in your state or territory or you can visit websites that will provide you information about the new system.