Now, let’s say that you are registering a company name for an existing company whose name you wish to change. Either you can follow the same process described above for new companies but select ‘Change of name’ in section 3 instead of ‘New registration’.
Changing your company’s name may seem like the most natural thing in the world when growing your business. It is, however, not an easy process. This article will help you navigate through the main steps of renaming your company.
When thinking about changing a corporate name in Australia one should follow the rules and regulations provided by the ASIC. To begin the process you must pick an entirely new name that is not already taken and does not use restricted words or imply a deceptive link or criminal conduct. To avoid conflicts with existing names or trademarks, searching ASIC’s registers and visiting IP Australia is recommended.
After choosing an appropriate name, one then proceeds to get the company’s members together in a meeting and passes a special resolution. First of all, unlisted companies need to issue at least 21 days’ notice prior to the meeting while listed ones – at least 28 days’ notice. So, a special resolution of the company needs at least 75% of votes cast in favor.
Once the special resolution is passed, you must to fill in Form 205 Notification of a resolution – attach a copy of an adopted special resolution and pay the required fee. It is important to file the form within 14 days after the resolution has been passed in order not to have late fees applied.
ASIC will review your application and either accept or reject the name change. If accepted, you will receive a certificate of registration through your online services inbox or by mail.
Your application will be reviewed by ASIC, either approve or reject the name change. If approved, you will be notified through your online services inbox or by mail with a certificate of registration.
Inform all stakeholders, like employees, clients, suppliers and relevant government bodies regarding the name change. Make sure company documents including contracts, agreements and marketing materials reflect the new name.
Update the company’s website, social media profiles and online directories to reflect the new name. Change marketing materials, such as business cards, brochures, signage and advertisements to suit the new name.
Pay attention to the market for possible infringements or illegal use of the new name. It is advisable to register for trademark so that the new name is protected and no one else can use it without permission.
Market Positioning: By choosing a name that is deliberately crafted and appeals to your company’s values, vision, and target audience you are in a position to strategically position yourself amongst the competition which enhances your market presence.
Increased Customer Appeal: Captivate potential customers and spark curiosity by using a vivid, engaging name that inspires engagement, boosts brand recognition levels, and urges them to spend money at your business.
Competitive Advantage: Being a unique name that represents innovation, credibility and a strong association helps stand out in the sea of competitors by crafting an identifiable personality that conveys all this and more.
Adjusting to changes in business evolution: Understand change as your business grows and develops. A name change is a sign of improvement so that to align your brand with the new direction, increased range and leading edge solutions you are about to offer meaning growth for your valuable customers.
Comply with the law and protect your intellectual property: A well-thought-out company name change will help safeguard your business from legal entanglements and trademark conflicts. By being proactive and navigating through the regulatory landscape, you reduce risks and strengthen your intellectual property rights, thereby laying a solid foundation for sustainable success in the future.
It is not a difficult task to set yourself up as a sole trader and it usually does not even cost you anything except in case you use third party. To become a sole trader you will need to take the first step, which is registering for an Australian Business Number (ABN) that is a unique 11 digit number issued to all entities registered in the Australian Business Register.
When you get an ABN, then you can use the ABN to start doing business or freelance jobs. A registered ABN however doesn’t prevent you from working as an employee (PAYG) or a contractor if you wish to do so or operate under a trading name. Being a sole trader registered with an ABN number you will only have to complete one tax return that is more or less like the PAYG employee. When you are comparing between the choice of registering as an ABN sole trader and setting up a company (ACN), it can be helpful to read How To Start A Business In 11 Steps (2024 Guide).
If you are an individual trader who earns more than $75,000 in self employment each year then it is compulsory for you to have both the ABN and also to be registered under GST . However, even if you earn less than $75,000 a year it is worthwhile to apply for an ABN as well.
Obtaining an ABN also simplifies the identification of your business making it less likely to be confused with other businesses having similar names. Furthermore, if you want to register your business name nationally, an ABN is required and it will guarantee that no one will come up with the same business name. Furthermore, if you do not have an ABN, any payment from other business that required to withhold 47% of the payment. But an ABN makes you free from this requirement.
Hong Kong Work VisaTo set up your Sole Trader ABN, you need to meet the following criteria: You are the sole owner of the business and therefore legally accountable for all facets of the business including liabilities. This will not prevent you from hiring other workers but you cannot employ or hire yourself as the employee.
The application is done online via the website of the Australian Business Register , which isn’t hard or long if you know all your data sput to answer questions provided. Below, we’ve compiled a handy list of items you’ll need. However, you may not possess or require all of this list as it might not apply to your business.
The date you expected to start use of your ABN to do business and it must not exceed more than 6 months from the day of application
For business contact information, it should include your physical address, postal address, email and phone number. Make sure that your email contains your name and does not start with such prefixes as ‘admin@’ or ‘hello@’.
FastLane Group provides specialized business setups, maintenance and accounting services for your company registration needs. Let us take the hassle of complex accounting off you while you soar on the entrepreneurial plane. Get in touch with us today for efficient and trustworthy company incorporation services coupled with the best business solutions. This is the beginning of your business growing with FastLane Group.
A business name is just a name or title being used under which an individual, or some other legal entity, carries on his or her trade. Apart from identifying you to your customers, it enables you differentiate yourself from your competitors and allows your customers to connect with you on an emotional level with regard to how they perceive both the business and brand. The name is often the most valuable asset for many businesses.
In case you decide to run your business as a sole trader, partnership or trust and not the form of a company then registering the name of your business should take place with Australian Securities and Investments Commission ASIC. You do not need to register your business name if this is your first and surname, or your partner’s.
In case you decide to run your business as a sole trader, partnership or trust and not the form of a company then registering the name of your business should take place with Australian Securities and Investments Commission ASIC. You do not need to register your business name if this is your first and surname, or your partner’s.
In registering a business name, you are not getting any exclusive rights over the use of that name—only the trade mark can give you this kind of protection. Make sure that your name is the only one available to you both now and in future across Australia by registering it as a trade mark. We can register it if needed.