The Department of Innovation, Industry, Science and Research has released public exposure drafts of the Business Names Registration Bill 2011, Business Names Registration (Transitional and Consequential Provisions) Bill 2011 and the Business Names Registration (Fees) Bill 2011 for consideration. The deadline for stakeholders to provide submissions is 24 April 2011.
At present, businesses that are not trading under their own company name are required to register a business name in each State or Territory in which their business trades. This can be quite complicated and time consuming as each State or Territory has its own application form and fees vary dramatically.
The suite of Business Names Registration Bills aim to simplify business name registration in Australia procedure by:
Management and administration of the centralised business name registration system will fall to the Australian Securities and Investments Commission (ASIC).
Businesses that already have existing and separate business name registrations in States and Territories will have these existing registrations grandfathered into the new national system.
It is anticipated that the revised national business name registration system will “go live” in mid-2012 but this will largely depend upon the passage of legislation in each state.
Should you have any queries regarding any of the proposed reforms or queries about how the proposed reforms are likely to affect your business please contact DibbsBarker’s IPT team.
Stuart Green | Associate
T +61 2 8233 9586
