Considering a company name renewal in Australia? Here’s what you should know;
In Australia, a company can use a name different from its legal name in business if that name is registered as its business name. If you have a registered business name, you will get a reminder 30 days before the renewal of your registration is due, either by email or regular mail. Online renewal of business names is available for periods of one to three years.
How Do I Renew My Expired ASIC Business Name?
A company’s name is crucial to its success. Your company’s name is the first thing people will notice about your business, so it should reflect the tone in which you want to be perceived.
It needs to be something that can be used for everything from your website to your marketing to your packaging to your signs; it needs to be unique, memorable, timeless, simple, and uncontroversial. However, it must also be original for obvious legal reasons.
In this article, you’ll find all the details you need to know for reregistering your Australian company name. Details such as how much it will cost to renew your business name, how long your renewal term might be when reminders will be sent, and what happens next once you renew are all covered here.
By registering a business name, you can do business under a name other than your own. If you want to do business under that name, you must register it with the government.
There is a chance that a third-party service provider will reach out to you to offer assistance in renewing your company’s name. Service providers such as accountants, lawyers, and others can use our web tools to renew a company name on their client’s behalf.
Things You Must Have
- your renewal notice’s account number, or
- account number (if it is recorded on your business name details)
- your financial information.
The Procedure For Making An Application
- To renew your subscription online, click the link provided.
- Input your ABN or account number.
- Simply choose the company name that you’d like to keep using.
- Decide on the length of the renewal.
- Please review the information displayed to confirm your approval.
- The due date for payment is now.
- Be sure to send in your data.
If you receive a renewal notice, the fee must be paid by the date specified therein. You risk having your company’s name revoked by ASIC if you fail to renew it on time.
The Various Methods Of Payment
Your online payment options are:
- a bank-issued plastic card (only Visa or Mastercard)
For those who would rather not use electronic payment methods, we also accept:
- ask for a bill to be sent to you, or
- BPAY is accepted for payment.
There will be a record of registration emailed to the business email address once ASIC has received payment.
When Do I Have To Renew My Company Name?
You should renew your company name every year or every three years.
To renew your business name with ASIC, you must first get a renewal notification. Thirty days before the renewal date, the renewal notice is made available.
If your business name is still “registered” after the renewal period has passed, you can renew it. If the renewal fee is not paid within 2 months of its due date, ASIC will send a warning that the business name will be revoked unless payment is made.
Cancelling a business name will make it unavailable for registration for six months. After 6 months, you will be able to apply to have your company’s name changed back.
Business License Renewals Late: What Happens?
Keeping a business license current and in good standing requires regular upkeep. Depending on the license, this usually means that the license needs to be renewed every year or at regular intervals. Penalties for operating a business without a valid license are common across jurisdictions and agencies, and they tend to increase the longer the license has expired.
If a company’s renewal application is even one day late, the license could be declared invalid. In many of these situations, the company has to shut down for a short time. one
Advantages Of Company Registration
You’ll Reduce Personal Liability.
When you run your firm as a sole proprietor or in partnership, you take full responsibility for its successes and failures. Also, you will be held fully responsible for any damages that result from the sale of a flawed product or any mistakes that you make. When a business is run like this, the owner’s resources are just as likely to be in danger as the company’s.
In contrast, when you form a corporation, which is its legal entity, you can protect your assets from the results of your business decisions. You won’t have to pay for the company’s debts on your own, so you can focus on growing the business.
You’ll Reduce Taxes.
With a corporation structure, your tax burden may be lighter depending on the size of your business’s annual sales. In Australia, the maximum personal tax rate is higher than the current rate for enterprises and small businesses. If you are a sole proprietor, your business gains are just another part of your income in the eyes of the tax man.
Your company can deduct the costs of advertising, training employees, and maintenance and repairs from its taxable income.
Avoid Disagreement With Founders.
If a dispute arises with your cofounder, registering your business is a huge help. To a large extent, the number of shares an owner has in a firm determines how much sway they will have over its management.
The shareholders will be aware that they are not investing in the company based on any pre-registration verbal or written guarantees. The allotment of shares will also determine who has the most say in the event of a disagreement.
In a similar vein, formal corporate structures permit you to separate ownership from operational duties. You may, for instance, have several shareholders yet employ non-shareholders as managers. Because of this, the company may be run by specialists with a singular focus: increasing the company’s bottom line.
Brand Awareness And Legitimacy
Let your mind wander to some of today’s most ubiquitous companies, like Google, Nike, and Facebook. In other words, these are all legitimate businesses. A well-defined corporate framework is important for a business to grow as much as it can.
It’s good for business and public perception if your company is officially recognized. A corporation exists independently of its owners and management. You’ll also need to sign up for an Australian Company Number (ACN) and report to the Australian Securities and Investments Commission (ACN).
Having a company registration is also useful for future interactions with other parties since some companies will only work with those that have one. This implies that from now on, all commercial contracts you enter into will be in the name of your corporation rather than your own.
Capital Is Available.
Your firm will have an easier time luring capitalists and raising funds. It is possible to sell shares and raise equity capital after registering a company, as well as to borrow money and incur debt. If your business is not set up like an S-Corporation, you will still have to report business income and expenses on your tax return, even if the money is going back into the business.
To grow and expand, you may need to raise capital. Many investors would rather put their money into a formal business structure like a corporation than a less formal one like a sole proprietorship or partnership.
Conclusion
Getting a business recognized as a legal entity is one of the best ways to help it grow and protect its future.
As a bonus, you’ll be able to put all your energy into making your business successful rather than worrying about potential legal repercussions. it keeps your company active in the eyes of the corporate affairs commission, assures customers that they are dealing with a legitimate enterprise, and gives you an advantage over competitors who haven’t taken the time to register.
What are you waiting for? Click on “renewing a business name” and renew your business now!