ASIC pilot program frees up business names for registration
by Australian Securities & Investments Commission
ASIC will soon commence a pilot program to free up business names for registration.
ASIC will be contacting business name holders about its intention to cancel their business name registration. Business name holders will have two months to renew their business name if they wish to maintain their registration. Otherwise, businesses need take no further action and ASIC will cancel the registration.
ASIC Commissioner, Greg Tanzer, said the program was an important step in opening up the pool of business names for registration and ensuring the register of business names was accurate and up-to-date.
He added that the measures provided fairness in the system by requiring all businesses to pay their renewal fees to maintain their registration.
'We encourage businesses to be proactive about renewing their registration or, once the registration has expired, ensuring they respond to our intention of cancellation notice should they wish to maintain their registration. Renewing your business name is easy and can be done for one or three years', Mr Tanzer said.
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