Registering a business comes with its set of benefits that will invariably prove beneficial for the company’s future. From ensuring perpetual succession to attracting higher investments and capital, the list of advantages is endless. To register business name in Australia, one has to go through a long process, which is easier if one hires an expert team. Their experience and qualification can help finish the registration in no time.

As of 2019, 2,375,753 businesses exist in Australia, and the number is seeing progressive growth. So any new or pre-existing business needs to register its business name for several reasons. If a company is registered under a trading name (unregistered name) to continue, they have to register it as a business name.

The Australian Business Register has announced that they will remove unregistered names from their register and the Australian Business Number (ABN Lookup) from 2023. So it is best if businesses register it at the earliest.

Listed below are the benefits of registering a Business Name:

Registering a business name will help:

  1. Customers to identify and connect better with the company
  2. One business can have multiple names linked to the ABN.
  3. It aids easy transferability.
  4. It helps open bank accounts, and funding is much easier to obtain because financial institutions prefer lending to registered businesses.
  5. A registered business meets buyer criteria. It enables the company to participate in more tenders and meet the requirements of both customers and buyers.

The Process of Business Name Registration:

If a company wants to trade using a specific name, one must register it as a business name. One can make this registration with the ASIC- Australian Securities & Investments Commission.

It is unlawful to conduct a business using an unregistered name. It is an offence unless it is under a legal name or person’s name, for example, Thomas Jones. If one wants to trade under a different name, then one has to register it.

Check to Ensure The Proposed Name is Available:

One cannot file a business under a name that already exists. Identical names are not permissible for registration. Before deciding to register business name in Australia, check if the proposed name is available for registration in the first place. Be it a domain name or a business one; it has to be unique.

How to Protect a Business Name:

Just because a business has a registered name, it does not automatically give it exclusive rights to that name. To have exclusive rights, one should consider applying for a trademark. The trademark protects the name and stops other businesses from using the same name to trade.

A Trademark offers the following benefits:

  1. It gives exclusive trading rights to a business owning the trademarked name.
  2. It offers exclusive ownership and branding rights over that name. This move is beneficial to create an influential brand presence and image.

What is a Legal Name?

            It is a name that a business uses in all official or legal documents. It includes:

  • Legal Contracts
  • Property Leases
  • Registrations
  • Employment contracts, etc

A legal name can be a different name than a business name. Taking into account the business model/ structure, this name could be:

  • An individual’s name if he or she is the sole trader
  • A Proprietary Limited company
  • Name of a partnership
  • An incorporated association

A business lives on its reputation. By legalizing its status through registration and obtaining a business name, it will reap lasting benefits. Be it for customers or from a legal standpoint registering the name, has become a necessity. So doing it at the earliest with professional help is an ideal choice.