Should I cancel my business name if I want to register a company using that name?
If a business name is cancelled by the holder, it will be unavailable to the public for a period of four months starting from the date of cancellation. Cancelling the business name is therefore not recommended if you are wanting to register a company using the name in a timely manner.
Can I register a company using an existing business name?
You can register a Company using an existing business name provided the owner of the business name is involved in the proposed Company as either an officer or member. Simply select ‘Yes’ to the question on our order form that asks whether the proposed Company name is identical to an existing business name and provide us with the ABN of the entity that owns the name.
The exact requirements will depend on the type of entity that owns the business name – the most common are below:
Sole Trader
If the business name is registered to the ABN of a sole trader, that individual will simply need to be an officer or member of the proposed Company.
Company
The business name owning company must be a member of the proposed Company (regardless of whether the directors of each company will be the same).
Trust
If the business name is registered to the ABN of a trust, we will require a copy of the trust deed as ASIC will need to view it in order to prove who the trustee of the trust is, and confirm that the trustee is involved in the proposed Company.
Partnership
If the business name is owned by a partnership, each member of the partnership must be involved in the proposed Company.
Is it best to register a business name before or after registering a company?
Business names are registered to an ABN however an ABN for a company can only be applied for once an ACN has been issued by ASIC, so this really depends on if you’re already trading or not. If you’re not already trading then we suggest waiting until you have registered your company. Outside of needing an ACN to have an ABN, there are three main reasons for this:
- It can be difficult to register a company (depending on who the business name holder is) with the same name as your business name.
- Transferring a business name from one entity to another comes with the same fees as registering a business name – this means you may end up paying double the registration fees.
- If you are registering a business name that is exactly the same as an existing company’s name, then only that company can register the business name (as it is already considered “taken” to ASIC) – this can save on registration fees as you may not need to register the business name.
If you are already trading, chances are you already have a business name registered. You can either use this name to register your new company (see article Can I set up a company with the same name as a registered business name?) or you can transfer the business name to the company’s ABN once obtained
Am I able to set up a company with the same name as a registered business name?
Yes, this is possible. The only ASIC regulation is that the holder of the business name be a part of the company at the time of incorporation. If the business name holder is:
- a sole trader, then this individual must be an Officer or Member of the company at the time of incorporation.
- a company, then the company must be a Member of the new registration.
- a trust, then the trustee of the trust must be a member of the company holding the shares non-beneficially for the trust. The trust deed will also need to be sighted by ASIC proving the trustee of the trust is who is listed; this can be emailed to Patricia Holdings who will forward on to ASIC with the 201.
- a partnership, then all members of the partnership must be Officers or Members of the company
- an incorporated association or any other organisation holding an ABN, then the association or organisation will need to be a Member of the company
The entity holding the business name does not need to be involved with the company beyond the point of incorporation and can be ceased as an Officer or Member of the company as early as the next day.
Will ASIC issue a business name certificate and do I need to display it?
ASIC will issue a record of registration following business name registration and each renewal. You do not need to display the record of registration by law, although you may wish to. You are still required to display the business name.
Can I appeal the decision if my proposed business name is rejected?
Yes, you can seek a review of an ASIC decision by lodging your request within 28 days of being notified of the decision. You should submit a copy of your application. If you are still not satisfied with their decision, you may apply to the Administrative Appeals Tribunal for further review.
How will ASIC determine if a business name can be registered?
ASIC provides a search function that allows the user to determine whether a business name is available for registration.
You are able to search your proposed names availability here
You will also find information about reviewing an ASIC decision on the link above.
How can I check whether the business name I want to register is available?
You will be able to check the availability of a new business name by searching the asic name availability register for existing names before progressing with an application for registration of a new business name.
Before registering a business name, you should conduct a trade mark search.
For more information you can search Australian trade marks at IP Australia Trade Mark Check (TM Check) and domain names at Domain Name Administrator(auDA).
Can ASIC send my ASIC key to another party, such as a registered agent?
Yes. You can ask ASIC to send your ASIC Key to your registered agent. You generally need to give your written authority for ASIC to provide your ASIC key to a third party (exceptions are made for large agents).
How can I update the details of my business name?
You will need to go to the ASIC Connect website and register yourself as a user and then link your business name to your login using the "Link a Business Name" function on the right hand side of the web page once you have logged in.
Once you have linked your business name to your login just follow the prompts to make any required changes.
Do I need an ABN before applying for a business name?
Yes. The individual or entity you are seeking to register a business name for must first have an ABN or an ABN application reference number before they can apply for a business name. While the business name will be reserved on the ASIC register, the business name will not be considered "registered" until your ABN application is approved and an ABN granted.
