My business name is identical to another business name, can I still transfer it to a new holder?
Yes, you can still transfer a business name to a new owner if it is identical to another business name.
Why do I have to cancel my business name to transfer it? Can't I just change the proprietor?
The Business Names Registration Act 2011 does not allow you to transfer or assign a business name to another holder. However, if you are a business name holder and you want to transfer ownership to someone else, you may choose to cancel the business name and notify us of your consent to transfer the business name to another holder.
This can be done in the same transaction. When you submit a request to cancel the business name, select the option to ‘cancel and transfer’ the business name.
You will be sent a transfer number via email. Once you provide this number to the new proposed business name holder, they can apply to register the business name. If this does not occur within three months from cancellation, the transfer number will expire and the name will become available to other applicants.
How do I cancel my business name?
Log in to ASIC Connect, select the Business names tab and select 'Cancel/transfer business name'. Once you submit the transaction, we will send you a notice of intention to cancel your business name via email. We will cancel the business name 28 days after we issue this notice. We will issue a confirmation notice to all holders of the business name. After five months, the name will be publicly available for others to register. If you cancel a business name before its registration is due to be renewed, you will not receive a refund on your registration fee.
Why is ASIC cancelling my business name?
We can cancel your business name if you:
• don’t pay your renewal fee
• provide incorrect information when you register
• aren’t carrying on business
• don’t get approval or continue to meet the requirements for using a restricted business name, or
• are disqualified under the Business Names Registration Act 2011.
Link Business Names Registration Act 2011 to – Eligibility to register a business name (start link on page 24/26) to document – Business name content for www.asic.gov.au document).
ASIC has cancelled my business name and I still require it. What should I do?
If we intend to cancel the registration of a business name, we will give you 28 days notice. If we have cancelled your business name and you would like us require us to review our decision, you may seek a review. For information on why you can apply for a review of an ASIC decision, see Section F of Regulatory Guide 235 Registering a business name.