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April 22, 2013

The Australian Business Register and business names

Treasury has released for comment an Exposure Draft of A New Tax System (Australian Business Number) Amendment Regulation 2013 (No. A).

The proposed regulations would ensure that unregistered business names that were on the Australian Business Register (ABR) before 28 May 2013 (when the transition period ends) can continue to be publicly disclosed by the Registrar of the ABR until 30 June 2014 giving them additional time to register on the Business Names Register.

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Posted 22nd April 2013 by David Jacobson in Business names, Tax

October 15, 2012

Rules for names of financial businesses

ASIC has updated its guidelines for words which require APRA consent in order to be included in a proposed name for a company or business name.

Names relating to financial businesses for use of which consent is required from APRA include:

  • ADI (except where "adi" is used as part of another word eg traditional);
  • Authorised Deposit-Taking Institution;
  • Bank;
  • Banker;
  • Banking;
  • Building Society;
  • Credit Society;
  • Credit Union;
  • Friendly Society (in relation to the conduct of a financial business).

APRA's guidelines for use of words under section 66 of the Banking Act can be downloaded here.

APRA has previously obtained court orders preventing unauthorised financial businesses from calling themselves and acting like a 'bank’.

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Posted 15th October 2012 by David Jacobson in Business names, Corporations Act, Financial Services

May 28, 2012

New national business name register commences

The new ASIC national business name register has commenced (check it out here).

If you are a business name owner you should do a free search now to check that your business name has been transferred and to see if there are identical business names registered in different states and territories, by you or different people.

If you own identical names in multiple states you should get advice on a strategy to reduce the number of registrations to simplify your administration and fees.

According to ASIC, approximately 1.6 million business names have been transferred to the new register from the 8 current state and territory registers.

ASIC 's register may contain different information than previous state and territory registers. For example:

  • ASIC will not collect or display details of all of the trading places for a business name. It will show one principal place of business, and a service address, and
  • Some states and territories only permitted legal entities to hold a business name, whereas ASIC will allow unincorporated entities that are entitled to hold an ABN, including partnerships, trusts and joint ventures.

Some data transferred to ASIC was of poor quality or missing and may not appear in its register, or may appear in an unexpected fashion. For example, there are some missing dates and address fields, and some data has been notionally assigned by ASIC.

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Posted 28th May 2012 by David Jacobson in Business names

May 18, 2012

National Business Names Register commencement and transition

In preparation for the commencement of the National Business Names Register on 28 May, it is expected that State Business Name registries will start scaling down acceptance of applications for new business names from 21 May in readiness for closure on 25 May.

Invoices from State Business Name registries for renewal of business names that expire before 28 May should be paid to the State offices.

You can view a webcast of an ASIC seminar on the new register (about 1 hour) here.

ASIC's FAQ page has helpful information.

UPDATE 20 May 2012: The Business Names Registration (Availability of Names) Determination 2012 was registered on 18 May 2012. It sets out the rules regarding the determination of whether business names are identical or nearly identical, undesirable names and words or expressions that are restricted.

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Posted 18th May 2012 by David Jacobson in Business names

Quick trade mark checks

In conjunction with the new National Business Names Register, IP Australia has introduced TM Check to help Business Name applicants more easily identify pending and registered trade marks which may be similar or identical to their proposed business name.

TM Check is a simplified search for trade marks that have been applied for or registered with IP Australia. It is intended to provide the user with an indication only - It is not a substitute for the comprehensive ATMOSS database search.

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Posted 18th May 2012 by David Jacobson in Business names, Intellectual Property

April 20, 2012

National Business Name commencement date proclaimed

The Business Names Registration Act 2011 Proclamation provides for the commencement of two dates for the National Business Names Registration System under the Business Names Registration Act 2011 – 20 April 2012 as the day that transitional provisions commence (to allow for data transfer and other transitional activities), and 28 May 2012 for the main provisions of the Act (to allow for the commencement of the National Business Names Registration System).

Background

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Posted 20th April 2012 by David Jacobson in Business names

April 2, 2012

ASIC searches changes

ASIC has relaunched its register search services as "ASIC Connect".

ASIC's National Names Index and Identical Name Check searches have been replaced by Check Name Availability which provides results for identical as well as similar names. The search remains free.

Other register searches or requests for copies of dicuments which incur a fee may now be purchased from ASIC online.

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Posted 2nd April 2012 by David Jacobson in Business names, Corporations Act

March 2, 2012

ASIC guide on registering national business names

ASIC has published Regulatory Guide 235 Registering your business name (RG235) explaining procedures under the new National Business Names Register which will commence on 28 May 2012: when you must register your business name, how to register your business name and how to maintain your business name after it is registered.

If, on commencement of the national business names register, a business name was registered in a state or territory, it will not have to be registered again with ASIC. The business name will be automatically transferred to the business names register. The period of registration will also transfer from the state or territory business name systems.

If a renewal date falls on the commencement of the national business names register or shortly after, ASIC may send the renewal notice after the date the business name registration expires. ASIC will not cancel the business name until the extended due date provided on the renewal notice.

If the same business name is registered in more than one state or territory, all the business names will transfer to the ASIC business names register on commencement. If one person owns the multiple names they may choose to keep one business name record (e.g. the business name with the latest registration expiry date) and cancel the registration of the other remaining business names. There is no fee to cancel a business name.

If the same business name has previously been registered by different businesses in different states and territories ASIC will provide additional information on the public register to assist the public in differentiating between identical business names transferred from the states and territories (such as the state or territory the business name was first registered in or the state or territory business name registration number).

The fee to register a national business name online will be $30 for 1 year or $70 for 3 years. An ABN will be required to register a business name.

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Posted 2nd March 2012 by David Jacobson in Business names

February 13, 2012

National Business Names register to start on 28 May

ASIC has announced that the new ASIC business names register is expected to go live on 28 May 2012. From that date ASIC will nationally register and maintain business names and provide search facilities.

Business names will no longer be required to register separately in each state and territory they operate in. The registration fee will be $30 for one year or $70 for three years.

All existing registrations will be transferred to the new business name service automatically.

Following the start of the new service on 28 May 2012, ASIC will issue renewal reminders to all existing businesses with registered business names.

As registration of a business name will require an Australian Business Number (ABN), a joint online application for an Australian Business Number (ABN) and national business name registration will need to be completed.

The registration of a business name under this legislation will not give rise to any proprietary rights over that name; that will still require registration of a trade mark.

More information

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Posted 13th February 2012 by David Jacobson in Business names

November 24, 2011

Business Names Regulations

The following Regulations have been made to implement the National Business Names scheme when it commences in 2012:

Background

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Posted 24th November 2011 by David Jacobson in Business names
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