1. What is a Business Name and Why Do You Need One?

A business name, or trading name, is the name your business operates under. It's the name that appears on your shopfront, your website, your marketing materials, and what your customers will know you by.

It's important to understand that a business name is different from your legal name. For instance, if you are a sole trader, your legal name is your own personal name. If you want to trade under a different name, say "Melbourne Coffee Co.", you must register that name.

Registering your business name is a legal requirement under the Business Names Registration Act 2011. If you are conducting business in Australia under a name that is not your own legal name (or the legal name of your company), you must register it with the Australian Securities and Investments Commission (ASIC).

Failure to do so can result in penalties and legal complications down the line. More importantly, registration gives you the right to trade under that name and prevents others from registering an identical name in Australia.

2. Business Name vs. Company Name

This is a common point of confusion for new entrepreneurs.

• Business Name: This is a trading name. It doesn't create a separate legal entity. A single entity (like a sole trader or a company) can have multiple business names. For example, a single company could own and operate "Melbourne Coffee Co." and "Sydney Tea House" as two separate business names.
• Company Name: This refers to the legal name of a company that has been registered with ASIC. Registering a company (e.g., "Melbourne Coffee Holdings Pty Ltd") creates a separate legal entity. This company can then trade under its own name or register one or more business names to operate under.

If you are a sole trader or in a partnership, you will almost certainly need to register a business name if you don't want to trade under your personal names.

3. Your Step-by-Step Guide to Business Name Registration

The process of registering your business name is managed through the ASIC Business Names Register. Here's a breakdown of the steps involved:

4. Step 1: Get Your Australian Business Number (ABN)

Before you can register a business name, you must have an Australian Business Number (ABN). An ABN is a unique 11-digit number that identifies your business to the government and community. If you don't have one yet, the team at Tax Savers can assist you with your ABN registration as part of your business setup.

5. Step 2: Choose Your Business Name

This is the creative part! Your business name is a core part of your brand identity. A good name should be:

• Unique: To avoid confusion with competitors.
• Memorable: Easy for customers to recall.
• Relevant: Gives an idea of what your business does.
• Available: Not already taken as a business name, company name, or trademark.

It's also wise to check if a corresponding website domain and social media handles are available to ensure a consistent online presence.

6. Step 3: Check for Name Availability

Once you have a name in mind, you must perform a business name availability check. You can do this using ASIC's 'Check business name availability' search tool on their website. This search will tell you if the name is already registered or if it is too similar to an existing name. ASIC has specific rules to prevent names that are identical or nearly identical from being registered.

It's also a smart move to search the trademark register (IP Australia) to ensure your chosen name doesn't infringe on someone else's registered trademark.

7. Step 4: Register Your Business Name

Once you've confirmed your ABN is active and your chosen name is available, you can proceed with the registration. This is done online via the ASIC Business Names Register. You will need to provide:

• Your ABN.
• The business name you wish to register.
• The registration period (you can choose between one year or three years).
• Your contact and address details.
• Payment for the registration fee.

ASIC Business Registration Fees: Please note that these fees are subject to change.

• Currently (until 30 June 2025): The fee is $44 for one year or $102 for three years.
• From 1 July 2025: The fee will be $45 for one year or $104 for three years.

After you've completed the registration and paid the fee, ASIC will send you a record of registration. You must display your business name on any public-facing documents, such as invoices and receipts.

8. Renewing and Maintaining Your Business Name

Remember that your business name registration is not permanent. You will need to renew it before it expires. ASIC will send you a renewal notice about 30 days before the due date. It is your responsibility to ensure your details are up to date and that you renew the name on time to avoid it being cancelled and potentially registered by someone else.

9. How Tax Savers Can Help You Get Started

Setting up a business involves more than just a great idea; it requires careful planning and execution of these crucial foundational steps. At Tax Savers in Tarneit, we specialise in small business setup and can provide the expert guidance you need.

We can help you:

• Decide on the right business structure (sole trader, partnership, company).
• Apply for your ABN and any other necessary tax registrations like GST.
• Guide you through the business name registration process.
• Provide ongoing accounting, bookkeeping, and tax advice to ensure your business remains compliant and prosperous.

Don't let the administrative hurdles of starting a business slow you down. By partnering with a local and experienced Tarneit business advisor, you can navigate the setup process with confidence and focus on what you do best – building your business.

10. Ready to turn your business dream into a registered reality?

Contact the friendly and professional team at Tax Savers today. Let us handle the complexities of business registration so you can start your journey on the right foot.

Call Tax Savers on 0387210365 or visit our website at taxsavers.com.au to book a consultation. Your success story starts here.