Public exposure drafts of the Business Names Registration Bill 2011, Business Names Registration (Transitional and Consequential Provisions) Bill 2011 and the Business Names Registration (Fees) Bill 2011 have been released for consultation. Public consultation is open until 24 April 2011.
If passed, the Bills will implement an online national searching and registration process for ABNs and business names. There will no longer be a need to register in each State a business trades in.
It is proposed that the fee for registering a new business name (and subsequent renewal) will be $30 for a one year registration period and $70 for a three year registration period. Registering for an Australian Business Number will remain free. The system will be managed by ASIC.
Subject to passage of Commonwealth and State legislation the new national system for business names registration will start in the first half of 2012.
The registration of existing State or Territory business names will be transferred into the national system at the introduction of the new national service. After commencement all renewals due after the change-over date will occur through the national system.