Do you have a brilliant name for your company that you plan on using but not ready to incorporate as yet? Or maybe you have a company already and intend to rename it but have not reached the stage of name change? If yes, then you can reserve the company name that you have in mind with ASIC. This means that no one else can claim this name before you are in position to register your company or rename it. This article will detail how to book or reserve a company name so that you can secure a name you plan on using in future.
Content Outline
Can the name be used?
Search ASIC Registers
You need to ensure that the name you wanted is available for registration. A good place to start is to look at the registers of ASIC.
- From here, click on the drop box beside ‘Within’ located at the top right-hand corner of your screen.
- Then go to ‘Organisation and Business Names.’ In the search field directly underneath, type in the name you would like to use.
- This will display all company names and business names matching (or similar) to the name you inquired. Of course, if the name which you want to reserve is already a registered business name or company name.
- That there is already a company or business with such name that has been registered does not necessarily mean it is no longer available. Look at the ‘Status’ column to see if it says “Registered” or “Deregistered”. The name could also be available for reservation if the company or business is deregistered.
Search the Australian Business Register (ABR)
You can also search the ABN Lookup to check if an existing enterprise has already named itself after what you have thought about. You can enter the name you want to use on their website in the search bar. This will result in a list of businesses, companies and other organizations using your searched name.
Looking up information on IP Australia
Lastly, search IP Australia to see if anyone has a registered trademark with the name you plan to use. A trademark is a particular type of IP protection given to the owner, allowing them the exclusive right to use a name or logo.
There is no need to book the name if there is a registered trademark over it even though another business or a company has not taken that name you intend to use. Also, if the other person or business works in a similar industry from you, do not spend time to researve the name. Even though ASIC will reserve the name and you could actually incorporate the company with that title, in case some day they discover it , the trademark owner has a legal right to demand from you to cease using that name.
You can go to the IP Australia website and key in your desired name in their search bar. If you have already registered a trademark on the name that you desire and operate in the same field as your company, then reservation of this company name would not be advisable.
Trademark rights cover terminologies that are misleadingly similar – not only alike. If you want to use a name that is registered as a trademark, you cannot avoid this by altering just one letter.
The name is Available. Next?
Assuming that the name you want to use is available, you can make an application to ASIC to reserve the company’s name. The process will vary depending on whether you are reserving a name for a new company or an old one.
New Company
You could be in the process of reserving a company name for a company that does not come into existence as yet. In this instance, download a Form 410 and fill in the details. In section 3, ‘Purpose of reservation’, tick the following:
- new registration;
- Australian company; and
- Chapter 2A – Part 2A.1, a new Australian company.
In addition, print a physical copy of the filled form and sign it by hand along with the date in the ‘Signature’ field on page 3. You should then mail the original, signed copy of the form to ASIC at:
Australian Securities and Investments Commission
PO Box 4000, Gippsland Mail Centre VIC 3841
You must attach the form with payment of $51 either by cheque or money order.
Existing Company
Now, let’s say that you are registering a company name for an existing company whose name you wish to change. Either you can follow the same process described above for new companies but select ‘Change of name’ in section 3 instead of ‘New registration’.
Alternatively, a simpler way is to log into ASIC, connect with your company’s corporate key and lodge a form online. ASIC has created a useful user’s guide that walks you through this step-by-step, even providing screenshots for clarification.
How FastLane Group can help?
ASIC allows you to reserve a company name if:
- You have a plan to apply the name for a brand new company but are not ready at this stage to incorporate it.
- You have an operating company and you don’t want to change its name yet.
It is necessary to check with ASIC, the ABR and IP Australia before reserving a company name to make certain that no one else already owns the name or has some rights over it. If the name is available, you can reserve it by filling up Form 410 to ASIC. To know about starting a company and more in-depth regarding the processes to be followed, contact FastLane Group.