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Industry Bodies

Renew and maintain your business name

19 Aug 2015
From

ASIC is urging business owners to renew their business name or risk it being cancelled.

The reminder comes after ASIC cancelled more than 95,000 business names in the first half of 2015 after business name holders failed to pay their renewal notice.

ASIC Commissioner Greg Tanzer said, ‘Renewing is a simple process and we encourage business owners to go online where they will find guidance on business name renewal fees, what the renewal period options are, how you will be notified of an upcoming renewal as well as an outline of what happens after you have renewed.’

A registered business name can be renewed with ASIC for either one or three years.

Since ASIC took over the Business Names Register in 2012, Australian businesses have saved $120.7 million in reduced fees to register and renew a business name.

Mr Tanzer added, ‘ASIC’s role includes ensuring that small businesses understand what is expected of them and providing them with tools to make that understanding easier to obtain.’

Business name holders can check the next renewal date by searching their business name on ASIC Connect Search.

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