Business name or trading name uniquely identifies your business from other rivals in your area. With a unique business name, your customers can easily identify your business and even have an emotional attachment to your brand. During registration, a business name is linked to Australia Business Number (ABN).
Is it always a must to register your business name?
When you establish a solo or partnership business and give a unique name that is different from your names, it is a must to register. However, if your newly established business carries your full names, you are not required to register. Note that, even if you are using one of your names or add a word to your full name to form your new business name, you are required to register the business name.
How to register a new business:
Business registration in Australia can be done online through ASIC (http://www.asic.gov.au/for-business/registering-a-business-name/). ASIC is a body that manages all business registration in Australia.
Before registering a business name, you must have an ABN or in the process of acquiring an ABN. No fees are required to get an ABN, and a single ABN can be linked to more than one business. Once you have ABN, you can now register your business with ASIC. The registration is done once, and the business registered with ASIC can operate anywhere nationally. Your business name must be unique, and if there is another business or company that carries a similar name that you wish to register, you will not be able to register the name. Note that you don’t have a legal right to the name you wish to register. This means that you will not be able to stop another using the business that you wish to register. All you have to do is to just choose another unique name and register it with ASIC.
How much does it cost to own a business name:
In Australia, you can register a business name for one year or three years. One year registration is $35 while three-year registration is $82. The information on how to make the registration payment is available on the ASIC website. The fees for renewing your business name are the same as that of registration, i.e., $35 for a year and $82 for three years.
Updating the details of your business name or canceling the business name does not involve any fees. Furthermore, transfer of business name is also free. However, once the name has been transferred, the transferee will have to meet the business name renewal fees.