How Easy Is It To Change Your Business Name On Your ABN?
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Are you a business owner and would like to open a new business?
Or perhaps you would like to extend your current business and open a second branch under a different name?
Regardless of your situation, it might be challenging to understand whether you need to apply for a new ABN every time you want to start a new venture or if you can keep your existing one.
The good news is that whether you'd like to change business name but still trade under the same ABN, or want to register multiple business names under the same ABN, you can. The only condition is that all the businesses registered under the same ABN operate under the same structure.
To help you navigate the process, we’ve put together this short guide. It’ll detail how to update a business name while keeping the same ABN and highlight the instances in which you’ll need a new ABN or simply update you ABN details.
How To Change Business Name Under An Existing ABN?
In Australia, business names are regulated by The Australian Securities & Investments Commission (ASIC). According to the ASIC, once you’ve registered a business name, you can’t change it, even if it’s just to incorporate a slight variation. However, you can register a new business name under your existing ABN.
All you need to do is hop onto the ASIC website, and click ‘’use the business registration service’’ to start your application.
You can also log onto your ASIC CONNECT account and follow the steps below:
- Click on the ‘’business name’’ tab
- Enter your ABN
- Type your proposed business name
- Choose the registration period
- Fill in the details about the business
- Confirm your eligibility
- Review your application and make a payment
Note that another option to register a new business name is to use a private service provider such as an accountant or solicitor.
When Do You Need To Apply For A New ABN?
While in many cases you can simply register a new business name under your existing ABN as discussed, there is one instance in which you’ll have to apply for a separate ABN, and that’s if your new business is operating under a different structure to your original business.
Here's an example to try make things clearer;
Let’s say that you’re running a cleaning business called ‘’Spick-and-Span’’. You’re currently registered as a sole trader and you have an ABN. Your business name ‘’Spick-and-Span’’ is registered under this ABN.
Now, you’re planning to open an online store selling cleaning supplies. You’ll be calling it ‘’Cleaning Supplies Online’’ and will register the business as a company and not as a sole trader. In this scenario, you’ll need to apply for a separate ABN because the structure differs from the one you used for ‘’Spick-and-Span’’.
If you decided to open "Cleaning Supplies Online" as a sole trader, you'd be able to operate under the same ABN.
Don’t Forget To Insure Your New Business
Once you’ve registered your new business name, don’t forget to insure your company to stay protected. And to save you time, don’t hesitate to use our instant quote generator, where you can get an estimate on market-leading insurance in seconds! Simply enter your occupation and expected revenue to get started.