Business name registration is one of the most complicated parts of creating a business, and up until now its been managed differently across each state in the country, making it even more complicated. Very soon, however, this could all be changing with a national business name registrations system.
The new system will give the Australian Securities and Investments Commission (ASIC) national responsibility for registering, renewing and administering business names for all Australian businesses.
The new system will also be managed and hosted completely online. This will mean that businesses can submit business name registrations, search the database, and receive acceptance or denial of their application within a few minutes.
According to the Australian Government’s Department of Innovation, Industry, Science and Research, the program was under public review until the end of April, 2011. The progress since then remains unknown.
We are strong advocates of a national system, knowing how hard it can be to search multiple databases to find a business name, and the barriers which currently exist in lodging a physical business name application form. The new digital system will make checking for available names a breeze, and best of all, the digital system will reduce costs of name registration to the end user in most states.
We’ll keep you posted as more information is made available. For the time being, you can find out more here.