Get Legit: How to Register a Biz Name Down Under
Starting a business in Australia is an exciting venture, but before you can begin operating, you need to ensure your company is registered properly. This not only secures your brand identity but also ensures you’re complying with Australian laws. Here’s a step-by-step guide to help you navigate the process of registering your business name Down Under.
Step 1: Choosing Your Business Name
The first step is to choose a unique and memorable name for your business. It’s important to select a name that reflects your brand and adheres to the Australian Securities & Investments Commission (ASIC) naming guidelines:
- The name must not be identical or too similar to an already registered business or company name.
- It should not contain any offensive or restricted words.
- The name must not suggest a false connection with the government, the Royal Family, or ex-servicemen’s organizations.
Tip: Use the ASIC’s Check Name Availability search tool to see if your desired name is available.
Step 2: ABN Before Business Name
Before you can register a business name, you need to have an Australian Business Number (ABN). This unique 11-digit number identifies your business to the government and community. You can apply for an ABN online at no cost on the Australian Business Register (ABR) website.
Step 3: Register Your Business Name
Once you have your ABN, you can register your business name through the ASIC website or a third-party service provider. Here’s what you need to do:
a. Register on ASIC Connect
First-time users will need to create an account on ASIC Connect. You can do this by selecting the 'Sign up' link on the login page and following the prompts to register.
b. Link Your ABN
Log into your ASIC Connect account and link your ABN to your profile by selecting 'Link a business/Request ASIC key' after you log in.
c. Apply for Business Name Registration
Select the 'Register a business name' link from within ASIC Connect. You’ll be prompted to fill in details such as your chosen business name and the period you want to register it for (either one or three years).
d. Review and Submit Your Application
Check that all the details on the application are correct. ASIC will also provide a summary of the fees associated with the registration.
e. Pay the Registration Fee
You will need to pay a fee to register your business name for either one or three years. The fees are subject to change, so check the current fees on the ASIC website.
Step 4: Confirmation and Renewal
After submitting your application and payment, ASIC will review it. If approved, you’ll receive a record of registration and your business name will be added to the national Business Names Register. Keep in mind that you’ll need to renew your registration at the end of your chosen period if you wish to continue using the name.
Legal Requirements and Best Practices
- Display Your Business Name: Once registered, you are legally required to display your business name wherever you are doing business open to the public.
- Trademark Your Business Name: Consider trademarking your business name to protect your brand’s identity further. This is a separate process handled by IP Australia.
- Maintain Accurate Records: ASIC requires you to keep your business name details up to date. Notify them promptly of any changes.
Registering your business name in Australia may seem daunting at first, but by following this guide and ensuring you comply with ASIC guidelines, you’ll be well on your way to launching your Australian enterprise. Don’t hesitate to contact a professional for guidance, and remember, securing your business name is the first step in establishing a strong and legitimate presence in the competitive Australian market. Take this step seriously, and set your business up for success.