Transferring a business name - video transcript
Video transcript Transferring a business name
A few years ago, I owned a small café in my home town, but when I decided to move to the city, it made sense to sell it.
Part of selling a business involves transferring the business name from your name to the new owner’s name. You also have to do this if the ownership of your business changes, for example you take on a new partner, or if you pass your business on to someone, like a relative, for example.
Luckily it’s not that hard. You can do it all online on the ASIC website.
The first thing you need to do is to set up a free, ASIC Connect account if you don't already have one, and link it to your business name.
If you have an AUSkey, use it to log into ASIC Connect, you don’t have to worry about linking your business name if you use your AUSkey.
Then you complete an online application to transfer the business name. Be careful that you apply to transfer your business name and not to cancel it.
ASIC will then send a secure transfer number to the email address you gave them when you registered your business name. If you didn’t give them an email address, they’ll send it to your service of documents address.
The new owner will need the transfer number to register the business name in their name, so you should give it to them once the sale of the business has gone through.
If you have a solicitor or someone else managing the sale for you, make sure you let them know when you receive the secure transfer number. They'll need it from you to complete the sale of your business.
And that’s it. The new owner can start trading once they’ve registered the business name.
Oh, and if the sale of the business falls through, you can ask ASIC to stop the transfer. Check their website to find out more.
So, you can see that it’s a pretty simple process. But, if you get stuck, just check out the user guides on ASIC’s website. They’re very helpful. You should also check out ASIC’s other videos on YouTube.