How to register a business name for the first time

How to register a 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.

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