The national business names register in Australia became a reality one year ago today.
Eight separate state and territory business name registers have made way for a single online register which today holds more than 1.7 million names.
In the last 12 months ASIC has facilitated the online registration of over 260,000 new business names, 120,000 updates to the register, more than 14 million business name searches and issued close to 500,000 business name renewals.
The largest challenge ASIC has faced has been to assist small business customers transition from a largely paper-based service in the states and territories to renew their name online. Benefits of the new national register can be summed up as:
- one-stop convenience online to create, maintain and cancel a business name – 30% of registrations done after business hours making it more convenient for small business
- only one registration needed Australia-wide, instead of multiple registrations state-by-state
- cheaper, especially for customers with multiple business names. The national business names register has saved business – $34 million in the last year in reduced fees to register or renew a name, and
- increased transparency as a result of more information available online for free so that the general public can search to find out who ‘stands behind’ a business name.
ASIC Commissioner Greg Tanzer said, ‘While over half a million of our online customers have been able to register or update their business name without a hitch, there have certainly been frustrations for some people using the new online technology or trying to ring us for help’.
‘During the year we have heard the feedback and worked hard to enhance our systems, and also to offer alternatives to encourage our customers online. We have increased the number of staff working in our client contact centre in order to better help our customers, and we are grateful to receive increased funding over the next two financial years to help us continue to improve this valuable service’.