NATIONAL BUSINESS NAMES REGISTRATION SYSTEM CLOSER TO REALITY

A series of consultation forums were held by the Department of Innovation, Industry, Science and Research in each capital city to discuss the proposed national business name registration system, expected to start in 2011.

The national system is a step closer to reality following the 28 May 2010 release for public consultation of the exposure draft of the Business Name Registration Bill and its related fees bill.

The new system is a Council of Australian Governments (COAG) initiative that will develop a seamless online registration process for ABNs and business names, including trade mark searching. The system will also include online business information services that will improve ongoing interactions between government and business (see Introducing A New Online Service For Business Article).

The Australian Securities and Investments Commission (ASIC) will assume responsibility for registering, renewing and administering business names for all Australian businesses. Businesses registered in multiple jurisdictions will be able to rationalise to one registration. Lower fees will be incurred for registration and renewal in the ACT and businesses will be able to register for an ABN and a national business name in a single integrated online registration process.

The Australian Government will deliver comprehensive communications to ensure the business community, business intermediaries, industry associations and consumer groups are aware of the changes.

The national system is expected to commence in April 2011, but depends on passage of legislation in all jurisdictions.

For further information including Frequently Asked Questions and Fact Sheets, or to comment on the proposed Bill, please visit Australian Business Number (ABN) Business Names Registration Project

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