Trading name retirement plans extended until 2023
In 2012 the Australian Business Register stopped collecting or updating trading names. This change was to be followed by all trading names being retired from 1 November 2018, having given businesses sufficient time to inform their customers and suppliers of any required changes to their name.
The removal of all trading names from ABN Lookup from 1 November 2018 has been postponed for a further 5 years. The impact of this extension to the transitional arrangements will mean businesses that have unregistered trading names, now have until 31 October 2023 to decide whether to register a business name with the Australian Securities and Investments Commission. From this time, businesses that trade under a different name to their company name, must register a business name and have an ABN.
In light of this change, it important to note that registering a business name does not give businesses an exclusive proprietary right to a name. In order to secure exclusive rights to a brand name in the marketplace, with the ability to stop others using the same or similar name, all businesses should consider applying for trade mark protection.This is a consideration we strongly recommend as it can be a business’ most valuable commercial asset that continues to add value as your business grows.
Macpherson Kelley is well placed to assist your business with these changes and to ensure your associated Intellectual Property rights are protected. If you have any questions about these changes and how they may impact you, please contact Belinda Sigismundi, Principal Lawyer – Commercial, Intellectual Property.