A new national business names registration service will soon be up and running, saving local businesses time and money.
South Australia’s Commissioner for Consumer Affairs Paul White said the new national register - to commence on 28 May 2012 - would replace existing state and territory systems and be managed by the Australian Securities and Investments Commission (ASIC).
”With more than 1.5 million business names registered across Australia at any one time, and some 250,000 registrations each year, the new national business names registration service is welcome and timely,” Mr White said.
“A business operating and registering in every state and territory currently faces a cost of more than $1,000 to register a business name for three years.
Registering a business name in South Australia alone currently costs around
$159 for three years.
“Under the new system, businesses will only incur one fee of around $70 to register for the same period across Australia,” Mr White said.
People with business names which expire before 28 May 2012 will receive a renewal from Consumer and Business Services. This renewal must be paid for as usual, so that their business name can be transferred to the new national register.
People with business names that expire on or after 28 May 2012 don’t need to do anything. Their business names will be automatically transferred to the new national register and they will receive a renewal from ASIC.
Existing business name registrations due to expire shortly after the national system commences will be extended for a period to ensure that their registration remains current during the transition period.
“Once the new register starts, all correspondence and enquiries regarding business names should be directed to ASIC,” Mr White said.
To ensure a smooth transition to the new national register certain South Australian business name services will change from 14 May 2012.
Consumer and Business Services has produced a postcard titled ‘New national business names register is coming’, directing business people to more information about the new system.
For more information contact Consumer and Business Services on 131 882 or visit www.cbs.sa.gov.au/NBNR