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Monday, 1 July 2013

How to transfer a business name

You are required to notify ASIC in situations involving the change of a business name, including: 
  • Change in the entity's structure that holds the business name;
  • Sale of a business to another entity; or
  • Handing over the business to a relative.
An application must be lodged to cancel the previous business name before transferring the business to the new entity. Upon receipt of the application, ASIC will issue a consent to transfer number.
The current business holder will need to provide the proposed business holder the consent to transfer number to proceed with the transfer of the business name. The proposed holder will also be required to provide a new ABN to ASIC.
The basic steps for current business name holders (in chronological order) include:
  • Logging into ASIC Connect;
  • Getting an ASIC key;
  • Using your ASIC key to link your business name to your account;
  • Completing a 'Cancel/Transfer business name' transaction;
  • Obtaining the consent to transfer number; and
  • Giving the consent to transfer number to the proposed business name holder.
For proposed business name holders, the steps include:
  • Obtaining the consent to transfer number; and
  • Registering the new business name.
If the business name was changed due to a sale transaction, the names of both the old and new business will be displayed on the national register for a period of 28 days after the transfer application is completed. Upon expiry of this period, the register will be updated to display only the details of the new business name holder.
To access the guide on how to transfer a business name, click here.