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.