Australia's eight business names registers are being combined into one national online register, significantly reducing red tape and the cost of conducting business.
For an annual $30 fee or $70 for three years, a business name can be included on the new national register without the need to pay up to $1000 to maintain registration in eight jurisdictions. All current business names are being moved to the national register. When they are due for renewal, people will have the option of retaining multiple listings but will be able to retain only one.
The Australian Securities and Investments Commission is managing the new register and will conduct an information seminar in Canberra on Wednesday from 10am to noon at the Novotel Canberra, 65 Northbourne Avenue. To register, visit asic.gov.au/asic/asic.nsf/byheadline/Business+names+roadshow+timetable?openDocument.
ASIC deputy chief operations manager Kath Morgan-Wicks said its website would now show the names and physical addresses of the holders of business names.
People could also search for available business names and register a business name online. Under the changes, people must have an ABN to register a business name.