Quick Guide: Biz Name Renewal with ASIC

Renewing your business name with the Australian Securities & Investments Commission (ASIC) is essential to maintaining your business's legal compliance. Timely renewal prevents potential penalties and ensures your business can continue operating under its registered name. Follow this step-by-step guide to renew your business name swiftly and effortlessly with ASIC.

Step 1: Check Your Renewal Due Date

Factual Information: Every business name registered with ASIC has a specific renewal due date. This could be annually or every three years, depending on the registration period you initially chose.

Actionable Step: Log in to the ASIC Connect portal and check the due date in the 'Business Names Index'. Alternatively, look for the renewal notice sent by ASIC, which typically arrives 30 days before the expiration date.

Step 2: Sign In to ASIC Connect

Factual Information: ASIC Connect is the online service that manages business name registrations and renewals.

Actionable Step:

• Visit the ASIC Connect website.
• Click on the 'Sign in to ASIC Connect' link.
• Enter your username and password to log in. If you do not have an account, you must create one by clicking 'Sign up now!'

Step 3: Select Your Business Name

Factual Information: You will see a list of your businesses if you have more than one registered business name.

Actionable Step: From your ASIC Connect dashboard, select the business name you wish to renew.

Step 4: Initiate the Renewal Process

Factual Information: ASIC provides an online renewal service that can be processed quickly.

Actionable Step: Click on the dashboard's 'Renew business name' link. You will be directed to the renewal application.

Step 5: Review and Update Details

Factual Information: It's important to ensure that all business details are current before renewal.

Actionable Step:

• Verify the pre-filled information.
• Update any details if required.
• Confirm that your contact information is current so you can receive all correspondence from ASIC.

Step 6: Choose Renewal Duration

Factual Information: There are options to renew the business name for either one or three years.

Actionable Step: Select the desired renewal period for your business name.

Step 7: Payment

Factual Information: Renewing your business name with ASIC incurs a fee that varies depending on the renewal duration.

Actionable Step:

• Enter your payment details into the secure payment gateway. Payment methods typically include credit cards or BPAY.
• Proceed to pay the required fee.
• ASIC does not accept payments via cheque or cash for business name renewals.

Step 8: Submit and Confirm

Factual Information: After successfully completing payment, you'll receive an acknowledgement of your renewal.

Actionable Step: Review your application and submit it. You will receive a confirmation email once the renewal process is complete, including the receipt and your business name renewal certificate. Save these documents for your records.

Step 9: Maintain Records

Factual Information: Retaining business records for seven years is legally required.

Actionableuctor Step: Store your renewal confirmation and receipt safely. You should also note the next renewal date to avoid future lapses.

Step 10: Stay Informed

Factual Information: ASIC may update their renewal process or fees. Staying informed on these changes can help you plan accordingly.

Actionable Step:

• Visit the ASIC website periodically.
• Subscribe to ASIC updates.
• Attend any relevant ASIC seminars or webinars that may help you with future renewals.

Staying compliant and keeping your business name registration current is vital to your company's success. By following this guide, you can ensure a smooth and efficient renewal process with ASIC, avoiding any penalties or issues that could arise from an expired business name.