A new service that allows businesses to register their names nationally in one simple online process begins today.
The National Business Names Registration Service is an online 'one-stop shop' and a key reform under the Council of Australian Government's Seamless National Economy Agenda.
"This is an historic change which will cut costs and red tape for small businesses across the nation," Minister for Small Business Brendan O'Connor said.
"Previously, businesses had to register their names separately - with different fees, forms and processes - in each State and Territory they traded in. This meant that a business could pay more than $1,000 to register their name for three years.
"Under this new service, all it will take is a single online registration process and a low fee - $30 for one year or $70 for three years. Existing business names will be automatically brought across to the new system. Put simply, it's easier, cheaper, faster and it's online."
With more than 1.5 million registered business names across Australia at any one time, and some 250,000 new registrations each year, the new National Business Names Registration Service will cut red tape and save Australian businesses time and money.
Details of the new online renewal process will be included in renewal notices sent by the Australian Securities and Investments Commission (ASIC).
"To help new businesses, the processes for registering business names and Australian Business Numbers (ABN), the two most common registrations when starting a business, will be linked as part of an online one-stop shop," Parliamentary Secretary to the Treasurer Bernie Ripoll said.
"Businesses will also be able to follow links to TM Check, the simplified Australian trade mark search, and also domain name searches, which could help in choosing their business names.
"All up, with other upcoming complementary initiatives that form part of this COAG reform, like the Australian Business Licence and Information Service due to be released later this year and the Australian Business Account, the new service will provide benefits of up to $1.5 billion over eight years to business, government and consumers."
This initiative is a part of the Government's broader deregulation agenda aimed at cutting business red tape, and will be a boon for small business in particular.
Enhancements to the national business names registration service will be delivered progressively between 28 May and November 2012.
For more information on the new National Business Names Registration Service, or to register a business name, visit the Australian Securities & Investments Commission website [www.asic.gov.au/business-names].
28 May 2012