The Australian Securities and Investments Commission (ASIC) is administering a new online business name register from 28 May 2012.
The initiative sees that each state’s existing register will remain but all data copied over to the new national register. This means that the state databases will still be searchable but will only contain pre 28 May 2012 data.
The perceived benefit is that the new one stop register will better identify the entity owning a business name. For example it will detail whether it is owned by an individual, company, partnership or trust and their identifier details (normally by Australian Business Number (ABN)).
From 28 May anyone who is the holder of an ABN will be able to register an ABN and a business name in a single process via the ABR website. Sole traders who register a business name will also need to hold an ABN.
It is interesting to note that in the creation of this new register, some information will self populate and cross check other registers and Australian Taxation Office (ATO) records. When an ABN is entered for example, the owner’s entity details (personal or company name) will self populate.
We are glad to see that all information on the original registers will remain unlike with the migration of the information under the new Personal Property Securities Act (PPSA) registration database, which has created all manner of problems. In that case, with the migration of information to the new register caused as details of existing securities to be deleted. This copied approach should allow for a smoother transition and consistency.