If you’re wondering how to renew a business name in Australia, this guide will walk you through the process using ASIC Connect, help you avoid penalties, and ensure your business name stays active and compliant.
Why Business Name Renewal Matters
Your registered business name in Australia is valid for either one or three years, depending on your original selection. Failing to renew on time means your business name could be cancelled by ASIC, making it available for others to register. Keeping your registration current is crucial for branding, bank accounts, and legal obligations.
When to Renew Your Business Name In Australia
You can renew your business name up to 30 days before the expiry date. ASIC usually sends a renewal notice to your registered email or postal address, so it’s important to keep your contact details up to date in ASIC Connect.
How to Renew Business Name via ASIC Connect
Follow these steps to renew your business name:
- Go to ASIC Connect and log in using your account details.
- Navigate to the “Lodgements & Notifications” section.
- Find your business name and select “Renew.”
- Choose the renewal period (1 year or 3 years).
- Review your details and pay the renewal fee securely online.
- Once complete, you’ll receive a confirmation of renewal via email.
Fees for Business Name Renewal
- 1-year renewal: $42
- 3-year renewal: $98
Fees are current as of 2024 and are subject to change. Payment can be made by credit card, BPAY, or using an ASIC account.
What Happens If You Miss the Renewal Date?
If you miss your renewal date and do not act within 28 days of expiry, your business name will be cancelled. After cancellation, the name becomes available for public registration. You would then need to re-register the business name, which could create legal and branding complications.
How to Check Your Renewal Due Date
To check your business name renewal date:
- Log into your ASIC Connect dashboard
- Select your business name to view its details
- Look for the current expiry and renewal status
It’s a good idea to set up calendar reminders or email alerts for your next renewal cycle.
Tips to Stay Compliant
- Update your contact details in ASIC Connect to avoid missing notices.
- Use reminders or automation tools to track renewal dates.
- Store digital and printed copies of your renewal confirmations.
Conclusion: Renewing Your Business Name
Knowing how to renew a business name is essential for every business owner in Australia. The process is simple through ASIC Connect and helps keep your branding, reputation, and compliance intact. Renew on time, avoid late fees, and protect your business identity.