Many business owners carry on business using a registered business name. Registered names need to be renewed from time to time. Private company service providers now have access to the business names register information, and some offer “renewal services”. Unfortunately, some of these service providers are sending business owners “renewal notices” which look very much like official renewal notices or invoices from the registry, and call for payment more than double the fee to renew directly with ASIC. No doubt they hope that businesses will simply put the “renewal notice” into their payment systems without question.
You do not have to pay for renewal through these service providers.
It is cheaper and just as easy to renew through ASIC.
Renewing your business name through ASIC is cheap, easy and quick. You can visit their website at asic.gov.au.
ASIC sends a business name renewal notice at least 30 days before your renewal is due. We recommend that you bin all other renewal notices received from anyone other than the ASIC.
ASIC provides the option of renewing your business name for either:
- one year, which costs $36.00; or
- three years, which costs $85.00.
Other service providers charge more than double the amount required by ASIC. Please contact us if you are uncertain whether an invoice from a service provider is legitimate or not.
Do you need a business name?
You are required to register a business name if you are trading under a name that is different from your own name or your company’s name.
It is important to have a business name which is currently registered. Carrying on business under a name which is not your own name, and not registered as a business name, is an offence. It is also possible that someone else might register the name which you are using, leading to confusion and disputes.
If you have any questions concerning the operation of your business, please do not hesitate to contact our experienced team on 07 4036 9700.
Wishing you all the success for your business!