How to register your business name in Australia

Starting up your own business and becoming your own boss is often a fulfilling, rewarding and liberating journey. But before you begin trading officially, there are a few things you need to take care of – like registering your business name. This guide will take you through the first few steps to register your business name, as well as other helpful tips on getting started as a small business.

Choosing the right business structure

One of the first steps you need to consider before you register a business name is to see if you actually need to come up with one. If you choose your business structure as a sole trader and you trade under your own name (e.g., Jane Smith), then you don’t actually need to register a business name. However, if you trade under a name that is different from your own, you are legally required to register it.

Your business structure will also determine your legal and tax obligations, so choosing the right one is essential. There are four main types of business structures in Australia:

• Sole trader: Simple to set up and operate, but you are personally liable for debts.
• Company: A separate legal entity, offering limited liability but more regulation.
• Partnership: Two or more people share income, losses, and control.
• Trust: A structure where a trustee holds assets for the benefit of others.

For more on this, read BizCover’s guide to choosing a business structure.

Do you need to register a business name?

Now that you have decided on your business structure, it’s time to register your business name.

First off, it’s important to find out if your chosen business name is available. You can do this by searching the ASIC register to see what is available.

Another thing to consider is whether your ideal domain name and trade mark are available to use. You don’t want to register your business name and find out later that you can’t use the same thing online.

Applying for an ABN vs. Registering a business name

An Australian Business Number (ABN) is a unique 11-digit identifier that all businesses need for tax and invoicing purposes. You can apply for an ABN for free via the Australian Business Register (ABR). Registering a business name is a separate step that legally allows you to trade under a specific name.

These steps can often be done at the same time through the Business Registration Service (BRS).

Choosing your business name

Your business name should be clear, memorable and, of course, legally available. Choose something simple, descriptive and distinct from your competitors. Avoid overly vague names, acronyms, or names that sound too similar to existing businesses.

Make sure to check if the name is available using the business.gov.au business name tool. Also consider how scalable the name is, especially if you plan to expand your product or service offerings in future.

Applying for and registering your business name

You can register your business name through a number of options:

• ASIC Connect: The official government portal.
• Business Registration Service: Allows you to apply for an ABN, business name, and other registrations in one place.
• Private service providers (PSPs): Third-party platforms that may charge additional fees for handling the process.

When registering your business name, you’ll also need to nominate your business structure.

During the registration process, you may also need to apply for other key identifiers like your ABN, ACN (for companies), PAYG withholding, or GST if applicable.

How much does it cost to register a business name?

When you register a business name, you register it nationally with ASIC. This means you can operate your business in any state or territory in Australia.

The cost of registering your business name with the Australian Securities & Investments Commission (ASIC) is $45 for 1 year or $104 for 3 years.

There are different fees involved with different types of companies. You can view current fee information directly at ASIC’s official website.

Protect your business with a trademark

Registering your business name doesn’t automatically give you exclusive rights to that name. To protect your brand identity, consider applying for a trademark through IP Australia. This gives you exclusive legal rights to use the name, logo, or slogan in connection with your goods or services.

Other small business considerations

After registering your business name and ABN, ensure you also understand your tax obligations. If your business turnover exceeds $75,000 annually, you must register for GST. You may also need to register for PAYG withholding and other taxes depending on your structure.

Lastly, consider what small business insurance you may want to help safeguard your business. Having a claim made against your business can be a stressful and expensive situation, and not having protection in place could spell disaster for your small business.

BizCover has a range of business insurance options to suit the needs of Aussie small business owners. The BizCover online platform makes it easy to quote, compare and buy insurance policies in minutes.

Compare quotes today or call our friendly team on 1300 249 268. For on the go cover, go BizCover.

Frequently asked questions

1. Can I change my business name after registering?

You can’t edit a registered name, but you can register a new one and cancel the old registration through ASIC Connect.

2. When do I need to renew my business name?

Business name registrations last for either 1 or 3 years, depending on what you paid for. ASIC will send reminders before your renewal date.

3. What happens if my business name is already taken?

You’ll need to choose a different name. ASIC won’t allow identical or nearly identical business names to be registered. Use the ASIC register to check for availability.

4. Can someone else register a name similar to mine?

Yes, unless you’ve registered a trademark for your business name. A trademark gives you stronger legal protection and exclusive rights to use the name in your industry.