A business name needs to be transferred if the person who owns the business changes. Importantly, when you transfer a business name you should be aware of the following things:
- Renewal periods aren’t carried over to the new business name holder
- The previous holder can’t request a refund of their renewal fees
- The transfer number is valid for four months and 28 days from the date of the transfer application
- You can stop the business name transfer if the sale of your business falls through or you don’t need to change ownership anymore
Steps to transfer
Transferring your business name is done via ASIC Connect. If you don’t have an account you’ll need to create one first. Once you are logged in to ASIC Connect you’ll also need to link you business name to your account with your ASIC Key (if you haven’t done so already). If you have completed these steps then;
| Step | Task |
| 1 | If you don’t have an ASIC Connect account you’ll need to create on first |
| 2 | Log into ASIC Connect |
| 3 | Link your business name to your account with your ASIC Key |
| 4 | Select the Lodgements & Notifications tab at the top of the ASIC Connect page |
| 5 | Select the business name you’re transferring |
| 6 | Select Cancel/Transfer business name |
| 7 | Select Go |
| 8 | Select ‘I would like to transfer the business name’ and select Next |
| 9 | Review your transaction |
| 10 | Complete your declarations |
| 11 | Confirmation |
After these steps, you’ll receive confirmation from ASIC via email within 24 hours. This confirmation will include your transfer number, this number needs to be given to the new business owner. They will need the transfer number to register the business name in their name. ASIC will cancel your registration within 28 days when the request to transfer is submitted.
Stopping the transfer
If the sale of your business falls through or you need to stop the transfer of the business name you will need to contact ASIC. ASIC will not be able to stop the transfer of the business name if your registration has been cancelled or the new owner has registered your business name.
Steps to register a business name with a transfer number
If you are the new business owner, follow these steps to register your new business name.
| Step | Task |
| 1 | If you don’t have an ASIC Connect account you’ll need to create on first, make sure to say ‘no’ to the ‘do you have a current business’ question. |
| 2 | Log into ASIC Connect |
| 3 | Select the Licences and Registrations tab at the top of the ASIC Connect page |
| 4 | Select you would like to register a business name from the drop-down box |
| 5 | Read the information and tick the boxes. Select Get started |
| 6 | Select the relevant ABN option, enter your ABN and select Next |
| 7 | Enter the proposed business name exactly as it appears on our register. You can search the business name to find this |
| 8 | Enter the transfer number in the format provided |
| 9 | Select the registration period. |
| 10 | Enter the proposed business name holder details |
| 11 | Enter the addresses of the proposed business name |
| 12 | Confirm the eligibility to hold the proposed business name |
| 13 | Review your application |
| 14 | Complete your declarations |
| 15 | Make your payment |
| 16 | Confirm |
