ASIC has released RG 235 Registering your business name (RG 235) to help businesses prepare for its new national register of business names.
Commencing on 28 May 2012 (subject to the passage of legislation through state parliaments), ASIC said the new business names register will allow businesses to register their name nationally through a simple and easy to use online service. Businesses will only need to register their name once and will no longer be required to register separately in each state and territory they operate in. Existing business names currently registered in a state or territory will be automatically transferred to the new register.
ASIC Chairman Greg Medcraft said that under the new service, consumers will be able to search online free of charge for contact and ownership details of any business name currently registered in Australia, resulting in greater transparency and accessibility. In addition, businesses will be able to check the availability of a business name and register, maintain and renew that business name with ASIC.
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