How to register your business name for the first time
ASIC Connect is the online system used to manage your business name. In this tutorial, we’re going to look at the steps involved in registering a business name. The example we’ll use is for an individual business name holder, or sole trader.
It’s important to note that before you can apply for a business name, you must have an Australian Business Number, also known as an ABN, or an ABN application reference number.
You’ll also need to pay a registration fee as part of the application process. This can be paid online with a credit card, by BPAY or by requesting an invoice.
To get started, you’ll first need to visit our website at www.asic.gov.au. In the top-right corner of the page you’ll see the ASIC Connect box. Simply select Log in/Sign up to go to the ASIC Connect part of the website.
You are now at the ASIC Connect Welcome page. In the blue ASIC Connect box, you can log in with a username and password, sign up, or enter an AUSkey to log in.
In this tutorial, we’re going to select Sign up to create a new account.
At this point, you’ll be presented with information about business names and self-managed superannuation fund auditors, also known as SMSF auditors.
Take a moment to read through the information and when you’re ready, select the Sign Up button at the bottom of the page to create a new ASIC Connect account.
The sign up process is quite simple. All you need to do is:
- Enter your email address – this will become your username
- Enter a password – this must be at least nine characters in length and consist of three of the following: lowercase alphabetic characters, uppercase alphabetic characters, numeric characters or special characters. Your password cannot contain any two consecutive characters that appear in your username, first name or last name, and it must not be one of your previous eight passwords
- Enter your personal details – this includes your given name, family name and phone number
- Select a security question from the drop-down box and enter the answer in the next field
- Select the link to the ‘ASIC Electronic Lodgement Protocol’ to review the terms and conditions – this will open in a new tab and finally,
- Tick the box to confirm you have read and accept the terms and conditions.
When all details have been entered correctly, you can select Create account to finalise the sign up process.
Once you have created an account, we will send an activation email to the address you provided. This can take up to 15 minutes to reach you, depending on your email provider.
When you receive the email, select the Activate ASIC Connect Account link. If this doesn’t work, you can copy and paste the link into a browser window.
At the log in screen, you can log in using your email address and the password you created as part of the sign up process. Then simply select the Log in button.
When you log into ASIC Connect for the first time, you’ll be asked if you have a business. This tutorial assumes that you are registering a business name for the first time, so the answer to this question should be no.
If you do have an existing business that you would like to link to your account, you can select Yes and follow the prompts. For guidance, you may like to complete the How to link business names to your account tutorial.
If you don’t have an existing business name, select No and then select the Licences and registrations link to continue.
When you arrive at the Licences and Registrations page, use the drop-down box and select Business name registration, then select Go to continue.
Here you are prompted to review important information about applying for a business name. At the bottom of the page is a series of check points entitled Things to be aware of, which you should read carefully.
Tick the boxes to confirm you understand each point and then select Get started to begin your application.
To apply for a business name you must have either:
- an ABN or
- an ABN application reference number.
On this page, you’ll need to select the relevant option and enter your associated ABN or ABN reference number in the field provided. You can then select the Next button to continue.
The next step in registering your business name is checking name availability. To do this, enter your proposed business name in the field provided and select Check Name Availability.
The system will advise whether the name is available or not.
If it isn’t available, you’ll need to try a different name.
If it is available, you will be shown a list of existing business names that are similar to the one you have proposed and it’s recommended that you review the list before you continue.
When you’re happy with your proposed name, you’ll need to select your preferred registration period – either 1 year or 3 years. You can then select the Next button to continue.
Once you’ve selected a business name, you’ll be asked to enter your details as the business name holder.
Enter all the required details in the fields provided. When you’re done, simply select Next to continue.
Next, you’ll provide relevant addresses for your business name. You must provide an address for service of documents, a principal place of business address, and an email address. An SMS address is optional.
The far-right column next to each address type allows you to perform different actions. When you select Add, a new area will appear where you can add the relevant information for the address type you selected. You’ll need to complete all required fields. Once you’re done, you can select Save Address and the details will appear in the centre column. If you need to make any changes, you can select Edit beside the relevant address.
Once you’ve finished entering all addresses, you can select the Next button to continue with the registration process.
Before you go any further, you’ll need to confirm your eligibility. Carefully read through the requirements of a business name holder and then tick the boxes next to the eligibility statements to declare that they are true.
When you’ve ticked all boxes, you can select the Next button to proceed.
At this point, you’ll have the opportunity to review the details you’ve provided.
Read through the information that is displayed and check that it’s correct. If there are any errors, select Edit in the appropriate area and update the appropriate details. When all details are correct, select Submit to continue.
The final step before payment is to declare your agreement with the conditions of the transaction.
Read the declaration carefully and, if you agree, tick the boxes to confirm your agreement. Under Authority, select the relevant option – you’re either the applicant or you’re lodging the application on behalf of the applicant. When you’re done, select the Next button to proceed to payment.
There are various options for paying the fee for registering a business name.
You can choose to pay now by credit card, or pay later by BPAY or invoice. First let’s look at the option to pay now by credit card, then we’ll return to this screen to look at how to pay later.
To pay now, you‘ll need to select the Pay Now radio button at the bottom of the screen and then select the Pay Now button.
On the next page, you can enter your Card Number, Expiry Date and CVV number. Then to process the payment, select Submit.
If the payment is successful, your payment receipt will be displayed. Make sure you don’t close the browser window at this point, because you need to return to ASIC Connect to finalise the transaction. Instead, select the Close button within the Pay Now window. Now, let’s look at how to pay later.
When you select the Pay later radio button at the bottom of the screen, you will be able to choose either BPAY or Invoice.
If you select Invoice, the invoice will be sent to the email address you provided. If you select BPAY, you’ll need to print or make a note of the BPAY details, so that you can process your payment through your bank.
To confirm, you will select Pay Later.
Once you have chosen a payment method and completed the appropriate steps, you’ll be taken to a final confirmation screen. Here you can:
- select Print the transaction to download a printable PDF version of the payment
- select one of the links under What else can I do? for more information about other services or
- select Home to return to the ASIC Connect Home page.
You should now know the basic steps involved in registering a business name.
Further assistance using ASIC Connect can be accessed be selecting the Help button at the top-right of the screen. You can also take a look at any of the other helpful tutorials available.