Have you recently decided to register a company? Do you have an existing registered business name under your sole trader ABN?
If your business has recently changed from a sole trader structure into a company structure, any existing name registrations under your ABN as a sole trader will remain under this structure. To retain ownership over these businesses you will need to transfer your business name from your sole trader ABN to your company ABN. This can be easily done on the ASIC website and involves a two-step process.
How to Transfer a Business Name from a Sole Trader to a Company
1. Preparing Your Business Name to be Transferred
To authorise the transfer of the business name you will need to log into ASIC Connect and link your business name to your account, if you haven’t already done so. You can also login with your AUSkey. Once logged in, you must select the option to ‘Cancel/Transfer business name’.
Once confirmed, this will generate a secure 13 character transfer number (e.g. 1-12347564652), which will be sent to your email address. The transfer number is valid for four months.
2. Registering the Business Name to the New ABN
After your receive the transfer number you will need to log into the ASIC Connect account for your new company. In the Licences and Registrations tab, select the option to register a business name. To find your business name you must enter it exactly how it is listed in the ASIC register. Unfortunately, the registration period of your business name will not carry over, so you will need to select a new registration period. ASIC charges for business name registration vary. Once confirmed, the registration will complete in 15-20 minutes.
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