When it comes to must-do activities for entrepreneurs, business name renewal is right up there, alongside paying taxes and financial forecasting.
Renewing your business name allows you to continue trading under your preferred name. But that’s far from the only reason to make timely renewal a priority.
Why you need to renew your business registration
- Continue trading under the established name
- Ensure business details are up to date
- Remain compliant with ASIC business name requirements
- Pay required business name registration fees
It’s also a good reminder to refresh your marketing, check in with competitors and reach out to loyal customers or shareholders.
So, how does business name renewal work? When should you renew? What are the consequences if you fail to renew in time?
Keep reading to get all the answers, including a step-by-step guide to renewing business registration online.
Legal requirements for business name renewal in Australia
ASIC, the Australian Securities and Investment Commission, is the body in charge of regulating business name registrations – and therefore renewals. Entrepreneurs must renew in time to actively trade under their ASIC-approved name and avoid cancellation.
On the anniversary of your business’s registration with ASIC, you will receive a notification to renew your registration. You have the option to renew your registration for 1 or 3 years, depending on your preference and plans.
However, the window to renew business name registration is tight. To keep your business name active, it’s important to act within the renewal window.
When do you need to renew a business registration?
Thirty days before your business name renewal is due, ASIC sends a reminder to pay the requisite fees and update any outdated information.
It’s important to look out for the notification. Missing the renewal deadline can attract penalties, including business name cancellation.
The best way to ensure you never miss a notification is to work with Registry Australia. We receive notifications on your behalf and renew your business registration, so you can focus on growing your business.
Our team will contact you 6 weeks before ASIC’s reminder arrives to ensure you’re prepared.
What happens if you forget to renew your business registration?
Failing to renew your business name registration puts you in a bit of a grey area with ASIC.
After a grace period (typically 60 to 90 days), they will begin the process of cancelling your business name. This takes another 60 to 90 days.
In the event your business name is cancelled, you will have 6 months to reinstate the name before it becomes available for re-registration.
How to renew business name registration online
Registry clients don’t need to do a thing. We notify you when your renewal is due to let you know your business name is secured for another 1 or 3 years.
If you’re more inclined to go it alone, ASIC makes it possible to renew business registrations online.
The process is more cumbersome. You’ll need to spend time gathering documents and tracking down information, so it’s worth weighing up the time you’ll save by working with Registry.
DIY business name renewal through ASIC’s online portal
- Receive and review your reminder
- Head to ASIC’s online payment portal
- Enter your ABN and business name
- Select your renewal period (1 or 3 years)
- Review the information to ensure everything is correct
- Pay your renewal feeComponents
- Wait for the confirmation message
Tips for making business name renewal easy and affordable
Partner with an ASIC Registered Agent to renew business name registration
With Registry Australia, a private renewal partner and ASIC Registered Agent, entrepreneurs can save time and reduce their administrative load. We take care of the entire process on your behalf, ensuring you stay compliant and avoid cancellation risks.
Budget for business name renewal fees
Business name renewal with Registry costs $99 for 1 year and $189 for three years. This includes ASIC’s registration fees.
Set a reminder for a month before the due date
You don’t need to wait for ASIC to send your reminder. Business name renewal is possible up to 30 days before the registration anniversary. To save our clients stress, time and money, we start the process early and renew business registrations within the 30-day window, so you are good to go without interruption.
Registry Australia makes business renewal easy for entrepreneurs
Business owners have a lot on their plate. Staying on top of your business name renewal is crucial, but it’s not something you need to worry about when you partner with Registry.
Our registration specialists take care of the renewal process, ensuring your business stays compliant and competitive. For peace of mind and low-cost business name renewal, enter your business name and hit “Renew”.